Laboratory Information Management System (LIMS) Market Size to Grow by USD 907.08 million from 2023 to 2027, Market growth at 9.08% CAGR expected during the forecast period, Technavio

NEW YORK, March 26, 2024 /PRNewswire/ -- The Laboratory Information Management System (LIMS) market is estimated to grow by USD 907.08 million, at a CAGR of 9.08% between 2022 and 2027. 

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Vendor Analysis
Vendor Landscape - The global laboratory information management system (lims) market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer laboratory information management system (lims) in the market are 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. and others.

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• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong

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Vendor Offerings -

• Abbott Laboratories - The company offers a LIMS that promotes health and well-being for people in all stages of life where one can search by all products, business areas, or pharmaceutical therapy areas.

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Segment Overview
Technavio has segmented the market based on type, Deployment (On-premise and Cloud-based), Component (Software and Services), and Geography (North America, Europe, Asia, and Rest of World (ROW)). 

• The on-premise segment's significant growth in market share is driven by LIMS, known for its enhanced data security and control over cloud-based alternatives. However, its high infrastructure investment and lack of flexibility pose challenges, potentially reducing demand. Yet, for large firms, the perceived data security advantage may deter shifts to other solutions.

Geography Overview
By geography, the global laboratory information management system (lims) market is segmented into North America, Europe, Asia, and Rest of World (ROW). The report provides actionable insights and estimates the contribution of all regions to the growth of the global laboratory information management system (lims) market.

• North America is projected to contribute 41% to global market growth. The region's strong vendor infrastructural capabilities are fueling LIMS adoption in US laboratories. Technological advancements and increased use of digital solutions, including AI and machine learning, enhance efficiency and productivity, driving market growth.

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Market Dynamics

Driving Forces in the LIMS Market:

Stringent compliance and governmental regulations propel the growth of the Laboratory Management System (LIMS) market. Industries like food, healthcare, and more are mandated to adhere to strict regulations, necessitating automated data handling to mitigate risks. Regulatory standards like ISO 17025 and Clinical Labs Improvement Amendments further drive market expansion.

• The emergence of Saas-based LIMS is the major trend driving the growth of the market. 
• Increasing data security and privacy concerns are the major hindrances to the growth of the market. 

Driver, Trend & Challenges are the factor of market dynamics which states about consequences & sustainability of the businesses, find some insights from a

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What are the key data covered in this Laboratory Information Management System (LIMS) Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Laboratory Information Management System (LIMS) Market between 2023 and 2027
• Precise estimation of the size of the Laboratory Information Management System (LIMS) Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Laboratory Information Management System (LIMS) Market industry across North America, Europe, Asia, and Rest of World (ROW)
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Laboratory Information Management System (LIMS) Market vendors

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Analyst Review:

The Laboratory Information Management System (LIMS) Market is experiencing significant growth, driven by the adoption of cloud-based solutions and the increasing efficiency demands of laboratories worldwide. Cloud-based LIMS offers benefits such as reduced total cost of ownership, improved technical expertise, and enhanced interoperability, addressing efficiency challenges faced by laboratories.

Biobanking applications and biosamples management are driving the demand for LIMS solutions, particularly in translational research and regulatory compliance. Biobanking modules enable paperless informatics, streamlining validation, documentation, and compliance processes.

Small and medium-sized biopharma companies are increasingly turning to LIMS solutions to optimize laboratory operations, supported by versatile software platforms and seamless integration with ERP systems. Hardware configurations, including barcode scanners and label printers, further enhance efficiency and data management.

The adoption of LIMS solutions is particularly pronounced in emerging countries undergoing industrialization, where healthcare infrastructure and research and development activities are expanding. Quality control adoption in various sectors, including healthcare, food and beverage, and industrial laboratories, is driving market growth.

As LIMS solutions continue to evolve, advancements in analytics, workflow automation, and instrument tracking are expected to further improve data integrity, integration standards, and maintenance processes. Overall, the Laboratory Information Management System market is poised for significant growth, driven by the increasing demand for efficient data management and automation across various industries and economies.

Market Overview:

The Laboratory Information Management System (LIMS) Market is witnessing substantial growth driven by the adoption of advanced technology and the increasing demand for efficient data management solutions in laboratories. LIMS facilitates cloud-based data management, offering laboratories a comprehensive platform to streamline operations, enhance productivity, and ensure data integrity. Biobanking applications play a crucial role, enabling the efficient management of biosamples and supporting translational research endeavors. Paperless informatics and validation processes are becoming standard, especially for small and medium-sized biopharma companies seeking cost-effective solutions. LIMS encompasses software platforms and hardware configurations, including barcode scanners and label printers, to optimize laboratory workflows and improve efficiency. Adoption of LIMS solutions is particularly prominent in emerging countries, where industrialization and advancements in healthcare infrastructure are driving research and development activities. Quality control adoption is on the rise, with a focus on data security, integration standards, and automation to meet the evolving needs of laboratories across various sectors, including healthcare and beverage industries. As demand continues to grow, LIMS solutions are expected to play a pivotal role in enhancing laboratory operations and driving innovation in data management and analytics worldwide.

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