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The laboratory information management system market size is forecast to increase by USD 1.63 billion at a CAGR of 13.46% between 2023 and 2028. The expansion of the laboratory management system sector is influenced by various factors. Adherence to regulatory compliance and government regulations is a significant driver, as is the increasing prevalence of chronic diseases and an aging population. In this context, LIMS, a type of software, play a crucial role in managing vast quantities of samples and data in contemporary laboratories. By implementing standardized workflows, LIMS enhance the productivity of laboratories, which is vital for clinical trial support services. Consequently, laboratories benefit from improved work efficiency.
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The LIMS market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
During the forecast period, the on-premise segment is anticipated to experience substantial growth in the laboratory information management system (LIMS) market. On-premise LIMS solutions offer enhanced data security and greater control compared to their cloud-based counterparts. This advantage is expected to drive the expansion of the laboratory information management system market in the coming years.
It is important to note that on-premise LIMS systems provide a higher level of data security and control due to their local installation. This is a significant consideration for laboratories handling sensitive data. The on-premise deployment model allows organizations to maintain direct oversight of their data, ensuring compliance with industry regulations and internal security policies. This level of control is not always possible with cloud-based solutions, making on-premise LIMS an attractive option for many organizations in the laboratory sector. Therefore, the on-premise segment's growth in the laboratory information management system market is a trend that is expected to continue during the forecast period. This trend is driven by the need for enhanced data security and control in the laboratory sector, which on-premise LIMS solutions are uniquely positioned to provide.
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The on-premise segment was valued at USD 670.20 million in 2018. The on-premises model for business systems necessitates substantial investments in infrastructure. However, this approach lacks flexibility, which is a crucial factor for staying competitive in today's market. Additionally, the significant costs of maintaining this system have led companies to seek alternative solutions. These factors are predicted to decrease its demand in the market during the forecast period. Nevertheless, owning and managing a server provides a perceived heightened level of data security, making it an attractive option for larger firms with ample resources.
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North America is estimated to contribute 41% to the growth of the global LIMS market during the forecast period. Technavio's research analysts have meticulously outlined the regional market expansion and key trends shaping the industry for laboratory information management systems (LIMS) in North America. The robust infrastructural capabilities of companies in the US have fueled the adoption of LIMS in laboratories, as these systems have become essential components of advanced research and observation facilities.
Technological advancements and the growing preference for digital solutions and tools have significantly influenced the integration of information management systems into modern research and testing centers. Furthermore, the emergence of artificial intelligence (AI) and machine learning (ML) has streamlined the decision-making process, leading to increased efficiency and productivity. These factors are expected to significantly contribute to the growth of the laboratory information management system market in North America throughout the forecast period.
The laboratory information management system (LIMS) market is experiencing significant growth due to the rising demand for advanced data integration solutions in research facilities across the globe. With an increasing volume of research data, experiments, and tests, laboratories need efficient methods for managing research findings and making data-driven decisions. Compliance with regulations such as 21 CFR Part 11 and the Clinical Laboratory Improvement Amendments (CLIA) is driving the adoption of LIMS solutions in the pharmaceutical and biotechnology industries. Furthermore, the emergence of medical cannabis and cannabis testing is broadening the market's scope.
However, implementing and maintaining LIMS solutions requires a skilled IT workforce, particularly in academic institutions like the University of Minnesota. Ensuring data security and compliance with regulations while improving operational efficiency, sample tracking, data analysis, and result reporting pose significant challenges for LIMS providers in the face of evolving industry trends and the increasing popularity of cloud-based solutions. Our research team analyzed the market with 2023 as the base year, taking into account key drivers, trends, and challenges. A comprehensive understanding of these factors will enable companies to refine their marketing strategies and gain a competitive edge.
Compliance with government regulations is a significant factor fueling the growth of the laboratory management system market. In industries such as food and beverages and healthcare, strict regulations demand adherence to ensure proper laboratory procedures. To mitigate risks related to data misuse and inaccurate analysis, laboratories are automating data handling through laboratory automation systems. These regulations also require simple data accessibility and secure long-term storage.
IT spending increases and regulatory compliance are not the only drivers. Additional regulations, including ISO 17025, ISO 17020, ISO 15181, Clinical Labs Improvement Amendments, and Good Automated Manufacturing Practice, are essential for laboratories to follow. These regulations aim to maintain the highest standards in laboratory operations. The aforementioned factors are expected to fuel the growth of LIMS throughout the forecast period. The above factors are crucial to the expansion of the LIMS market. Regulations ensure that laboratories follow proper procedures and maintain data security and accessibility, leading to increased adoption of LIMS.
In the current landscape, the increasing adoption of software-as-a-service (SaaS) laboratory information management systems is a significant development propelling market expansion. The substantial need for bio-banking is another crucial factor fueling the market's growth. Bio-banks are essential for research applications and necessitate a reliable LIMS solution and SaaS to manage and monitor data quality, bio-species positioning, security, regulatory compliance, end-user billing, and patient demographics.
Moreover, the implementation of these systems streamlines data sampling across various laboratories, regulatory bodies like the Food and Drug Administration (FDA), and collaborating organizations. These factors will contribute to the expansion and trends of the laboratory information management system market throughout the forecast period.
Laboratory information management systems (LIMS) market expansion is being hindered by escalating concerns regarding data security and privacy. Many corporations are opting for cloud-based solutions over on-premises alternatives due to their cost-effectiveness and convenience. The cloud's integration into IT infrastructure in government healthcare agencies further underscores its importance. Cloud-based LIMS offer several advantages, such as lower initial investments, simplified software management, enhanced security, superior reliability, and seamless integration with existing systems and processes. However, the implementation and storage of data in the cloud pose potential risks, as they may be susceptible to leaks, thereby impeding the growth of the LIMS market.
Despite these challenges, cloud-based solutions' cost-effectiveness and agility make them an attractive option for businesses seeking to optimize their laboratory operations. Their ease of accessibility and ability to streamline processes enable organizations to respond more efficiently to changing requirements and enhance overall productivity. Moreover, cloud providers often offer advanced security features, such as encryption and multi-factor authentication, to mitigate potential risks. In conclusion, while data security and privacy concerns pose a challenge to the growth of the LIMS market, the benefits of cloud-based solutions, including cost savings, ease of access, and improved integration, make them a compelling choice for organizations seeking to modernize their laboratory operations.
The laboratory information management system market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the LIMS market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Abbott Laboratories - The company offers a LIMS that promotes health and well-being for people in all stages of life where one can search for all products, business areas, or pharmaceutical therapy areas.
The LIMS market forecast report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The laboratory information management system market is experiencing notable expansion due to the heightened requirement for laboratory automation and digitalization in numerous sectors, such as academic institutions, biotech firms, and clinical research organizations. Professionals specializing in LIMS and drug discovery informatics are essential for system installation, integration, and staff training, with technical assistance and adherence to regulatory guidelines.
Advancements in real-time analytics are a significant market trend, enabling pharmaceutical and biotechnology companies to accelerate drug discovery and personalized medicine. Data accessibility, scalability, and real-time analytics are facilitated by cloud-based IT solutions from data center companies and software developers, bolstering initiatives for personalized healthcare. Financial investments in software licenses, hardware infrastructure, and analytical instruments are crucial market growth factors, underlining the increasing significance of data analytics and regulatory compliance in healthcare laboratory informatics.
Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.46% |
Market Growth 2024-2028 |
USD 1.63 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
11.6 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 41% |
Key countries |
US, Germany, UK, China, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Accelerated Technology Laboratories Inc., Agile Frameworks LLC, Attune Technologies Pvt. Ltd., Autoscribe Informatics, Benchling Inc., Broughton Software Ltd., Comp Pro Med Inc., Computing Solutions, Eusoft Ltd., Illumina Inc., LabLynx Inc., LabVantage Solutions Inc., LabWare Inc., Labworks LLC, Nous Infosystems Pvt. Ltd., Novatek International, PerkinElmer Inc., Shimadzu Corp., and Thermo Fisher Scientific Inc. |
Market dynamics |
Parent market growth analysis, Market Forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our laboratory information management system market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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