Global Laboratory Information Management System (LIMS) Market Size (2022-2030) Share, Industry Trends, Growth, Challenges, and Forecast

The Laboratory Information Management System Market was estimated at USD 2,198 million in 2021 and is expected to reach USD 2,478 million in 2022 and is expected to hit around USD 3,712 million by 2030, poised to grow at a compound annual growth rate (CAGR) of 7.5% from 2022 to 2030.

The increasing demand for laboratory information management systems worldwide has emerged as a major driving force for the market's growth, which is expected to continue similarly in the future and hence support the market's growth tremendously. The recent technologies launched into the market for laboratory information management comply with the required strict regulations and rules; hence, the demand has been boosted to a great extent.

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The Laboratory Information Management System (LIMS) Market: Overview

The total manufacturing cost of any product has benefits to a great extent when the handling and processing cost is managed sufficiently. Numerous manufacturers worldwide choose underdeveloped and developing nations' over-developed sectors as they impose fewer rules and regulations on the manufacturing process, which helps the key market players manage the total cost of production. Many manufacturers have shifted to Asian countries, which have imposed additional pressure on the developed nations.

The COVID pandemic outbreak significantly impacted the market's growth due to its major effect on the respiratory system, which required laboratory diagnosis for confirmation. The market for laboratories reached new heights after the pandemic outbreak, which created a huge amount of data that needed to be managed and processed. This task was performed with the help of a laboratory information management system.

The Laboratory Information Management System (LIMS) Market: Growth Factors

Increasing research and development programs by the key market players to introduce better laboratory information management techniques has helped the market record tremendous revenue. Rapid technological advancements that the laboratory information managing system has made have helped boost the demand for such technologies among major companies worldwide.

The development of cloud-based laboratory information management systems has emerged as a major driving force for the market as it has provided a cheaper option for storing data and information by saving a huge amount of space. The huge demand for integration and management of laboratory data received worldwide plays a major role in increasing the demand for laboratory information management systems.

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As the population worldwide is rapidly increasing, the requirement for laboratory tests and healthcare records is also increasing, which needs to be managed and arranged so that it is easily available and can be referred to when required. This process can be managed with the help of a laboratory information management system.

The advanced technologies used in the laboratory information management system help to make a configuration compatible with the stringent regulations and rules imposed by the government. The maintenance cost of laboratory information management systems is quite high, which increases the total cost of the final products and solutions.

The Laboratory Information Management System (LIMS) Market: Recent Developments

• In June 2020 - The latest laboratory information management system model, labware 8, was introduced by labware. This is a platform for the company that helps to deliver its capabilities in the form of a laboratory information management system and ELN within a unified system that has been integrated.
• In July 2020 - 8.5 was launched by advantage, an upgraded version. A completely integrated SDMS is offered by this upgraded version of the advantage platform.

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The Laboratory Information Management System (LIMS) Market: Regional Insights

Based on geography, the region of North America has emerged as the major market for laboratory information management systems due to the increasing demand for digital data and information management among the key market players. An increasing amount of data accumulated over the years needs to be sorted and managed according to preferences set by the company's strategies.

The level of organization required for the information collected by the laboratories has demanded advanced technologies and processes which will provide access to the required information from multiple sources. The other regions that have contributed significantly to the laboratory information management system market include the European nations, which have also shown tremendous growth in technology.

The Laboratory Information Management System (LIMS) Market: Key Players

LabVantage Solutions Inc.
LabWare
Thermo Fisher Scientific
Siemens
PerkinElmer Inc.
Abbott Laboratories
Labworks
LabLynx, Inc.
Autoscribe Informatics
Illumina, Inc.
Computing Solutions, Inc.
com
AssayNet
Ovation
LABTRACK

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The Laboratory Information Management System (LIMS) Market: Segments

By Product

Web-hosted
Cloud-based
On-premise

ByEnd User

Life sciences
Petrochemical refineries
Food and beverages
Chemical industry
Agricultural industry
CRO
Environmental testing laboratory
Other industries

By Component

Software
Services

The Laboratory Information Management System (LIMS) Market: Regions

North America

The U.S.
Canada
Mexico

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

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This release was published on openPR.