Laboratory Information Management System Market Size, Share, Growth Analysis, By Component(Software Services, Support), By Type(Broad-Based LIMS, Industry-Specific LIMS), By Deployment Mode(On-Premise LIMS, Cloud-Based LIMS (Software-As-A-Service, Infrastructure-As-A-Service, Platform-As-A-Service)), By Company Size(Large Companies, Medium-Sized Companies, Small Companies), By Industry(Life Sciences (Pharmaceutical & Biotechnology Companies, Contract Service Organizations, Biobanks & Biorepositories, Clinical Research Laboratories), By Region - Industry Forecast 2024-2031

Laboratory Information Management System Market Driver

High Demand for Automation in Laboratories 

• Laboratories are experiencing a major increase in workload owing to growing prevalence of chronic diseases and high medical R&D activity. Use of automation is gaining traction to handle this increasing workload, and this is why the demand for laboratory information management systems will also rise as it plays a crucial role in automation.  

High Investments in Medical R&D 

• Investments in medical research and development are increasing rapidly around the world and this trend is forecasted to create new opportunities for laboratory information management system companies. Managing large volumes of data, samples, and testing processes requires sophisticated solutions such as laboratory information management system so laboratories can focus on innovation rather than management.  

Restraints 

High Initial Costs 

• Procuring and implementing a laboratory information management system is quite a capital-intensive task. Moreover, licensing and maintenance are also adding up to the overall costs of laboratory information management system adoption. All of these expenses make it quite difficult for laboratories with low budgets to opt for laboratory information management systems thereby limiting market growth potential. 

Resistance to Change 

• Many laboratories are hesitant towards adoption of new and advanced systems as it could potentially disrupt the already established workflows. Moreover, the resistance to automation with the potential of job losses for laboratory workers could also slow down the sales of laboratory information management systems in the future.