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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.
The growth of the laboratory management system industry depends on several factors, including adherence to compliance and government regulations, the rise in chronic diseases and the aging population, and the high demand for bio-banking. LIMS, a type of software solution, is used to manage large quantities of samples and data of a modern laboratory. The LIMS can effectively reduce the workload of modern labs by enforcing standard workflows. The market is known for its vibrant atmosphere and bustling energy. Therefore, it improves the work efficiency of the laboratory.
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Analytics is a crucial solution in the laboratory industry, enhancing automation and efficiency. It manages sample tracking and ensures compliance and quality. Through seamless integration with instruments, it streamlines workflow and facilitates data analysis. LIMS plays a pivotal role in improving productivity by optimizing technology utilization and providing robust informatics capabilities. As laboratories strive for higher standards, a reliable LIMS becomes indispensable for driving advancements and maintaining competitiveness in the ever-evolving laboratory landscape. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Adherence to compliance and government regulations is the major driver affecting the growth of the laboratory management system (LIMS) market. Industries, such as food and beverages and healthcare, need to comply with strict government regulations. This has resulted in laboratories automating the handling of data to remove the risks associated with misuse and erroneous analysis of data. The regulations also demand easy accessibility and secure storage of data for a long period of time.
This increases IT spending in laboratories and boosts the adoption. Other such regulations include ISO 17025, ISO 17020, ISO 15181, Clinical Labs Improvement Amendments, and Good Automated Manufacturing Practice. Such regulations are put in place to ensure that a laboratory is following all the proper procedures. The above factors will increase the market growth during the forecast period.
The emergence of Saas-based LIMS is the major trend driving the growth of the market. The high demand for bio-banking is another major factor supporting the market share growth. The bio-bank plays a critical role in research and requires a LIMS solution to effectively manage and track data quality, bio-species location, security, compliances, end-user billing, and patient demographics.
This helps in improving the sampling of data that involves different laboratories, FDA, and partner organizations and in integrating research information. These factors will facilitate market growth during the forecast period.
Increasing data security and privacy concerns are the major hindrances to the growth of the market. Many business organizations prefer cloud-based solutions to on-premises solutions because of their cost-effectiveness and ease of accessibility. Thus, cost-effective cloud deployment with better features and agility is the best option for such organizations. The cloud has become an integral part of IT in government healthcare agencies.
The benefits of cloud-based solutions include low upfront costs, simplified management of software maintenance and upgrades, effective security, high reliability, and integrative capabilities to connect functional gaps in existing systems and processes. Thus, the implementation and the data stored in the cloud are likely to be leaked, which, in turn, hampers the growth of the market.
The market share growth by the on-premise segment will be significant during the forecast period. LIMS, generally deployed on-premises, provides better data security with high control compared to that of cloud-based deployment. This will facilitate market growth during the forecast period.
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The on-premise segment was valued at USD 582.54 million in 2017 and continued to grow by 2021. The on-premises model requires large investments in infrastructure. Further, this system lacks flexibility, which is one of the major factors for a product to be competitive in the market. Moreover, owing to the high cost associated with its maintenance, firms are looking for an alternative solution. Such factors are expected to reduce its demand in the market during the forecast period. However, owning and maintaining a server increases the perceived level of data security. Hence, large firms with enough resources are less likely to shift to other solutions.
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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The infrastructural capabilities of vendors in the North American market are driving the adoption of LIMS across laboratories in the US. Due to technological advances and an increase in the use of digital solutions and tools, information management systems have become an integral part of modern research and observation centers. Further, the evolution of artificial intelligence and machine learning has increased efficiency and productivity by smoothening the decision-making process. Such factors will increase the market growth during the forecast period.
This market growth and trends 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 market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Global 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 by all products, business areas, or pharmaceutical therapy areas.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
This market is experiencing significant growth driven by the adoption of cloud-based LIMS solutions, which offer enhanced flexibility and scalability while reducing the total cost of ownership.They increasingly relied upon by organizations to manage data effectively, requiring technical expertise to address interoperability issues and ensure seamless integration. Solutions are instrumental in improving the efficiency of laboratories and streamlining processes for biobanking applications and the management of biosamples. Compliance with regulatory requirements and support for translational research are critical features of modern LIMS platforms, which often include dedicated biobanking modules and enable paperless informatics. With a robust software platform and flexible ERP integration, can accommodate various hardware configurations, including barcode scanners and label printers, to meet the needs and budget constraints of diverse laboratories.
Validation and documentation are crucial aspects for small and medium-sized biopharma companies, especially with the adoption of ERP (Enterprise Resource Planning) systems. The implementation solutions are becoming increasingly prevalent among these companies, particularly in emerging countries undergoing industrialization. With improvements in healthcare infrastructure, research and development activities have surged, emphasizing the need for quality control adoption. Effective data management is essential for developments in economies, boosting the popularity of quality control across sectors. Analyzing data integrity is pivotal for ensuring the accuracy of laboratory operations, aligning with integration standards and enhancing knowledge in various fields. Drug discovery, laboratory automation, and education technology play significant roles in advancing the capabilities of modern laboratories.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented as follows:
Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.08% |
Market growth 2023-2027 |
USD 907.08 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
10.89 |
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 Vendors, Market Trends and Analysis, Market Positioning of Vendors, 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 analysis, Market Forecasting ,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 market research 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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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