The Global Laboratory Information Management Systems Market is projected to reach USD 3.3 billion by 2028 from USD 1.6 billion in 2023, at a CAGR of 14.6% during the forecast period.
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Laboratory information management systems Market Dynamics
Drivers: Increasing focus on improving the efficiency of laboratories
With the increasing number of biobanking applications, organizations face immense pressure to manage the ever-increasing number of biosamples (blood, tissue, and DNA samples) and comply with regulatory requirements. The growing focus on translational research has greatly impacted biobanking as a source of samples for researchers. The value of these repositories lies in the samples and the metadata associated with each specimen. Biobanking modules help researchers efficiently use biorepositories to understand complex diseases and facilitate their integration with LIMS. As research activity and data generation grow, researchers have begun looking for systems that can help them reduce manual intervention. In this regard, the adoption of LIMS for various database applications can help researchers collect, organize, and track information, increase productivity, and reduce errors in accessing research information. Currently, LIMS is being adopted in biobanks, academic research institutes, and CROs to manage laboratory processes better.
Restraints: Limited adoption of LIMS in small and medium-sized companies
The shift to paperless informatics involves various stages of validation and complex documentation with high purchase and maintenance costs. Hence, it becomes challenging for small and medium-sized biopharma companies to implement such informatics solutions. Implementing informatics solutions requires information related to the proper software platform, integration with ERP, specific hardware configurations, and other necessary devices such as barcode scanners and label printers. Small and medium-sized companies lack such prerequisites for the implementation of informatics solutions. Also, most small and medium-sized companies do not have a dedicated budget allocated to purchasing these solutions. As a result, the adoption of LIMS solutions is low among small and medium-sized companies.
Opportunities: Significant growth in emerging markets
The significant growth of emerging countries presents a promising opportunity for the LIMS market. Emerging countries are experiencing rapid industrialization, advancements in healthcare infrastructure, and increased investment in research and development activities. These factors create a favorable environment for the adoption and growth of LIMS, opening up new avenues for market expansion. One of the key drivers for the LIMS market in emerging countries is the rising demand for improved quality control and regulatory compliance in various industries. As emerging economies witness growth in sectors such as pharmaceuticals, biotechnology, food and beverage, and environmental testing, there is a growing need for robust data management systems like LIMS to ensure accurate tracking, traceability, and compliance with regulatory standards. This demand creates a significant market opportunity for LIMS providers to offer their solutions in these regions.
Challenge: A dearth of trained professionals
With the growing shift towards digitization, the adoption of IT solutions has increased significantly in the healthcare industry over the last decade. As a result, the demand for skilled IT professionals and personnel with advanced analytical skills to interpret data from HCIT solutions, including LIMS, is increasing; however, there is currently a huge demand-supply gap in the industry. This shortage of trained and skilled personnel may limit the adoption of LIMS, especially in pharmaceutical, biotechnology, and medical device companies, which account for over 50% of the LIMS market.
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“North America dominated the laboratory information management systems market in 2022”
North America accounted for the largest share of the laboratory information management systems market. The large share of North America can be attributed to the developed infrastructure and growth in the demand for digitalized technologies across North America drive the implementation of different analytical solutions among industries, and a growing number of laboratory information management system companies catering to the healthcare industry in the region.
Key Market Players
Prominent companies in this market include LabWare (US), LabVantage Solutions Inc. (US), Thermo Fisher Scientific (US), Thermo Fisher Scientific Inc. (US), Agilent Technologies (US), LabLynx, Inc. (US), Dassault Systèmes (France), Labworks LLC (US), Autoscribe Informatics (a wholly owned subsidiary of Autoscribe Limited) (US), Accelerated Technology Laboratories (ATL) (US), CloudLIMS (US), Computing Solutions, Inc. (US), GenoLogics Inc. (an Illumina Company) (Canada), Siemens (Germany), Novatek International (Canada), Ovation (US), Clinsys (US).
TABLE OF CONTENTS
1 INTRODUCTION
1.1 OBJECTIVES OF THE STUDY
1.2 MARKET DEFINITION
1.3 INCLUSIONS AND EXCLUSIONS
1.4 MARKET SCOPE
1.5 CURRENCY
2 RESEARCH METHODOLOGY
2.1 RESEARCH APPROACH
2.2 MARKET SIZE ESTIMATION
2.3 DATA TRIANGULATION APPROACH
2.4 MARKET RANK ANALYSIS
2.5 ASSUMPTIONS FOR THE STUDY
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
6 INDUSTRY INSIGHTS
6.1 INTRODUCTION
6.2 INDUSTRY TRENDS
6.3 TECHNOLOGY ANALYSIS
6.4 PORTER’S FIVE FORCES
6.5 PRICING ANALYSIS
7 LABORATORY INFORMATION MANAGEMENT SYSTEMS MARKET, BY TYPE
7.1 INTRODUCTION
7.2 BROAD-BASED LIMS
7.3 INDUSTRY-SPECIFIC LIMS
8 LABORATORY INFORMATION MANAGEMENT SYSTEMS MARKET, BY COMPONENT
8.1 INTRODUCTION
8.2 SOFTWARE
8.3 SERVICES
8 LABORATORY INFORMATION MANAGEMENT SYSTEMS MARKET, BY DELIVERY MODE
8.1 INTRODUCTION
8.2 CLOUD-BASED
8.3 ON-PREMISE
9 LABORATORY INFORMATION MANAGEMENT SYSTEMS MARKET, BY DELIVERY MODE
9.1 INTRODUCTION
9.2 ON-PREMISE LIMS
9.3 CLOUD LIMS
9.4 REMOTELY HOSTED LIMS
10 LABORATORY INFORMATION MANAGEMENT SYSTEMS MARKET, BY INDUSTRY
10.1 INTRODUCTION
10.2 LIFE SCIENCES
10.3 FOOD & BEVERAGE AND AGRICULTURE
10.4 PETROCHEMICALS AND OIL & GAS
10.5 CHEMICALS
10.6 ENVIRONMENTAL TESTING
10.7 FORENSICS
10.8 OTHER INDUSTRIES
11 LABORATORY INFORMATION MANAGEMENT SYSTEMS MARKET, BY REGION
11.1 INTRODUCTION
11.2 NORTH AMERICA
11.3 EUROPE
11.4 ASIA-PACIFIC
11.5 LATIN AMERICA
12 COMPETITIVE LANDSCAPE
12.1 INTRODUCTION
12.2 KEY PLAYER STRATEGIES/RIGHT TO WIN
12.3 REVENUE SHARE ANALYSIS OF THE TOP MARKET PLAYERS
12.4 MARKET SHARE/RANKING ANALYSIS
12.5 COMPANY EVALUATION QUADRANT
13 COMPANY PROFILES
13.1 KEY PLAYERS
14 APPENDIX
14.1 INSIGHTS OF INDUSTRY EXPERTS
14.2 DISCUSSION GUIDE
14.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
14.4 AVAILABLE CUSTOMIZATIONS
14.5 RELATED REPORTS
14.6 AUTHOR DETAILS
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