What is the global market size of Laboratory Information Management System Market?

Laboratory Information Management System Market size was valued at USD 1.1 billion in 2021 and is poised to grow from USD 1.25 billion in 2022 to USD 3.8 billion by 2030, growing at a CAGR of 13.2% in the forecast period (2023-2030).

Who are the key vendors in the Global Laboratory Information Management System Market?

The world market is incredibly cutthroat. To stay competitive, major corporations introduce new products, collaborate strategically, and make acquisitions. To improve their revenue share, businesses are concentrating on putting initiatives into place such as new product launches, regional expansion, collaborations, and distribution agreements. For instance, Labware 8—its enterprise laboratory platform—will be released in production in June 2021. Abbott also released STARLIMS Life Sciences Solution 11.1 in July 2021 to manage intricate sample and testing procedures. 'Thermo Fisher Scientific Inc.', 'LabWare Inc.', 'LabVantage Solutions Inc.', 'Abbott Laboratories', 'Illumina Inc.', 'Siemens Healthineers AG', 'Agilent Technologies Inc.', 'PerkinElmer Inc.', 'Waters Corporation', 'Genologics, a Illumina Company', 'Autoscribe Informatics Inc.', 'RURO Inc.', 'Novatek International', 'Promium LLC', 'Techlimed LLC', 'Blaze Systems Corporation', 'Khemia Software Inc.', 'Lablynx Inc.', 'Caliber Infosolutions Inc.', 'Accelerated Technology Laboratories Inc.'

What is the key driver of Global Laboratory Information Management System Market?

Pharmaceutical and biotechnology firms are under intense pressure in many nations to adhere to stringent regulatory requirements for preclinical and clinical testing before introducing new pharmaceuticals to the market. For instance, documentation and audit trails are required by regulatory standards like 21 CFR Part 11 and Clinical Laboratory Improvement Amendments (CLIA) in the pharmaceutical and biotech industries, which cover everything from R&D and testing to production and quality control. Guidelines for acceptable labelling and advertising must also be followed in addition to these rules. Due to these data management and security issues, the majority of laboratories are using LIMS to streamline their workflows and meet strict regulatory requirements. Additionally, because these systems are simple to link with laboratory systems to capture and update data, they assist laboratories in meeting regulatory standards without sacrificing process adaptability (which can be easily accessed and analyzed). During the forecast period, this is expected to result in an increase in the demand for LIMS in laboratories serving the target sectors.

What is the key market trend for Global Laboratory Information Management System Market?

The growth of partnerships between CDSS providers and hospitals has significantly increased during the last few years. The demand is expected to rise even more as a result of government recognition and activities to promote the deployment of CDSS and EHR systems. By lowering the amount of time spent looking up a patient's medical history and records, integration with electronic health records (EHR) increases the effectiveness of clinical care. Additionally, the Health and Medicare Acts of the United States Government have approved CDSS, financially rewarding CDS integration into EHRs (Electronic Health Records). A CDSS was present in approximately 41% of American hospitals with an EHR in 2021, and a cutting-edge CDS was available in 40.2% of American hospitals in 2021. Additionally, businesses collaborate to create and offer software that is updated with the most recent data.

Which region accounted for the largest share in Global Laboratory Information Management System Market?

The largest percentage of the global revenue in 2021 more than 45% was accounted for by the North American regional market. The dominance is attributable to favorable policies encouraging the deployment of laboratory automation, like EHR programs. The presence of cutting-edge infrastructure, increased government financing, and rising demand for genetic research are among additional reasons contributing to the region's high proportion. Due to the rising number of CROs that offer LIMS in this region, AsiaPacific is expected to have the quickest rate of growth in terms of regional markets throughout the projection period. India rated #1 among the 55 countries examined in the Global Services Location Index (GSLI) ranking for outsourcing web-enabled services in 2021.

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

Report ID: SQMIG45F2112 | Region: Global | Published Date: September, 2024
Pages: 242 | Tables: 87 | Figures: 76

Laboratory Information Management System Market Insights

Global Laboratory Information Management System Market size was valued at USD 1.95 billion in 2022 and is poised to grow from USD 2.03 billion in 2023 to USD 2.80 billion by 2031, growing at a CAGR of 12.94% during the forecast period (2024-2031).

Growing demand for automation in laboratories to deal with increasing workload as the prevalence of chronic diseases rises will be the primary factor driving the demand for laboratory information management systems. Surging investments in medical research and development around the world are also expected to create new business scope for laboratory information management system providers going forward. Rapid expansion of biobanking and genomics services and their rising demand around the world are also projected to bolster the sales of laboratory information management systems in the future. High demand for faster results from laboratories has bolstered the demand for efficiency thereby promoting the adoption of laboratory information management systems. The rising popularity of digital pathology around the world is also estimated to generate new opportunities for laboratory information management system companies in the long run. On the contrary, resistance to change, high costs of implementation, and absence of skilled workforce are some key constraints that slow down the global laboratory information management system demand outlook.

US Laboratory Information Management System Market is poised to grow at a sustainable CAGR for the next forecast year.

Laboratory Information Management System Market Report Snapshots

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Laboratory information management system companies should focus on increasing the affordability of their offerings to maximize their business scope. Providing easy integration with legacy laboratory equipment and systems will also promote the adoption of laboratory information management systems in the future. Targeting countries where investments in healthcare research and development are high will be the prime focus of laboratory information management system providers going forward. New launches, mergers, and partnerships are also expected to be popular strategies for laboratory information management system market players in the future. 'Labware, Inc. ', 'LabVantage Solutions Inc. ', 'Thermo Fisher Scientific Inc. ', 'Starlims Corporation ', 'Agilent Technologies, Inc. ', 'LabLynx, Inc. ', 'Clinisys ', 'Autoscribe Informatics (Xybion Corporation) ', 'Labworks ', 'Dassault Systèmes ', 'Confience ', 'CloudLIMS ', 'Siemens ', 'Novatek International ', 'Ovation ', 'Illumina, Inc. ', 'Eusoft Srl. ', 'Caliber Technologies ', 'LabTrack ', 'TetraScience ', 'Agaram Technologies ', 'Datamine Corporate Limited ', 'Blaze Systems Corporation ', 'Third Wave Analytics, Inc.'

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.

Use of Artificial Intelligence: Laboratory information management system companies should focus on using advanced technologies such as machine learning and artificial intelligence to maximize their business scope. Use of these technologies can help streamline operations and provide more meaningful insights to optimize innovation in laboratories. Quick analysis of complex datasets can also be easily achieved through the use of AI.

North America is forecasted to account for a dominant share of the global laboratory information management system market. High investments in healthcare R&D, quick adoption of advanced technologies, and rising demand for laboratory automation are slated to bolster the demand for laboratory information management systems in this region going forward. Favorable policies and government initiatives coupled with a developed healthcare infrastructure are also helping the United States become the most opportune market for laboratory information management system companies operating in North America. Investing in Canada is also expected to provide attractive returns in the long run.

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Laboratory Information Management System Market Insights

Laboratory Information Management System Market Report Snapshots

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FAQs

What is the global market size of Laboratory Information Management System Market?

Who are the key vendors in the Laboratory Information Management System Market?

What is the key driver of Laboratory Information Management System Market?

What is the key market trend for Laboratory Information Management System Market?

Which region accounted for the largest share in Laboratory Information Management System Market?

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