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Laboratory Information Management System Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | McKesson Corporation, Siemens AG, Thermo Fisher Scientific Inc., Abbott Laboratories, STARLIMS Corporation
Laboratory Information Management System Market Characteristics
The Business Research Company offers in-depth market insights through Laboratory Information Management System Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The laboratory information management system market size has grown rapidly in recent years. It will grow from $1.99 billion in 2023 to $2.21 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to rising regulatory compliance needs, increasing r&d activities, growing demand for data accuracy, increasing data volume, quality assurance and process optimization.
The laboratory information management system market size is expected to see rapid growth in the next few years. It will grow to $3.26 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to advanced analytics and ai integration, emergence of personalized medicine, increasing focus on cybersecurity, integration with other lab instruments, expansion of biobanking activities. Major trends in the forecast period include technological advancements, increasing complexity in research, integration with advanced technologies, cloud-based solutions, mobile lims.
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Market Segmentation:
The laboratory information management system market covered in this report is segmented -
1) By Component: Software, Services
2) By Deployment Model: On-Premise Laboratory Information Management System (LIMS), Cloud Laboratory Information Management System (LIMS), Remotely Hosted Laboratory Information Management System (LIMS)
3) By Distribution Channel: Direct Tenders, Retail Sales
4) By End-Use: Life Sciences, Contract Research Organizations (CROs), Petrochemical Refineries And Oil And Gas Industry, Chemical Industry, Food And Beverage And Agriculture Industries, Environmental Testing Laboratories, Other Industries (Forensics And Metal And Mining Laboratories)
Major Driver - Surging Research and Development Initiatives Fueling Laboratory Information Management System Market Growth
An increase in research and development activities is expected to propel the growth of the laboratory information management system market going forward. Research and development activities refer to various processes and activities organizations undertake to create new knowledge, products, services, or procedures or enhance existing ones. Laboratory information management systems (LIMS) are used in research and development activities for laboratories to work smoothly. It supports various research tasks such as organizing research and development activity data into projects and studies, resource monitoring and work assignments, reducing IT maintenance costs, maximizing productivity, and many more. For instance, in August 2023, according to Eurostat, a Luxembourg-based non-profit organization, in 2022, the European government allocated approximately $124,899.50 million for laboratory research and development (R&D), marking a 5.4% rise compared to the $118541.09 million allocated in 2021. Therefore, the increase in research and development activities is driving the growth of the laboratory information management system market.
Competitive Landscape:
Major companies operating in the laboratory information management system market report are McKesson Corporation, Siemens AG, Thermo Fisher Scientific Inc., Abbott Laboratories, STARLIMS Corporation, Novatek International Pty Ltd., Agilent Technologies Inc., Dassault Systemes SA, PerkinElmer Inc., Illumina Inc., Ovation.io Inc., Waters Corporation, CompuGroup Medical, CliniSys Group Limited, LabWare Inc., LabLynx Inc., LabVantage Solutions Inc., INFORS GmbH, Agaram Technologies Pvt Ltd., Benchling Inc., CloudLIMS Lab Solutions (India) Pvt. Ltd., Quartzy Inc., Caliber Technologies Inc., Accelerated Technology Laboratories Inc., Autoscribe Limited, Labworks International Inc., Computing Solutions Inc., CrelioHealth Inc., AssayNet Inc., Eusoft Ltd.
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Top Trend - LabVantage Solutions Revolutionizes LIMS Market with LabVantage Analytics for Enhanced Data Insights
Major companies operating in the laboratory information management system market are focusing on developing technologically advanced products such as LabVantage Analytics LIMS to increase their profitability in the market. LabVantage Analytics is a comprehensive self-service advanced analytics platform designed for effortless exploration, analysis, and visualization of Laboratory Information Management System (LIMS) enterprise and external data, enabling users to extract valuable business insights easily. For instance, in March 2021, LabVantage Solutions Inc., a US-based provider of integrated laboratory information management systems, launched the latest LabVantage Analytics system designed to incorporate all the elements of the LabVantage LIMS platform and provide a single user interface. This system includes analytic tools in the LIMS platform, such as an AI engine, predictive and prescriptive analytics, and machine learning.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Laboratory Information Management System Market Characteristics
3. Laboratory Information Management System Market Trends And Strategies
4. Laboratory Information Management System Market - Macro Economic Scenario
5. Laboratory Information Management System Market Size And Growth
…..
27. Laboratory Information Management System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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