PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1238830
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1238830
Laboratory Information Management System (LIMS) Market size was valued at USD 1,305.7 Million in 2022, expanding at a CAGR of 18.2% from 2023 to 2030.
The laboratories necessary for these operations have cutting-edge equipment and LIMS to manage and keep track of a vast number of samples. Obtaining product regulatory clearances is difficult for these businesses. They employ LIMS for simple data processing, which enables them to obtain regulatory permits more quickly.
The market for LIMS systems is anticipated to increase over the next years mainly due to the technological developments relevant to pharmaceutical laboratories and the growing demand for lab automation. Laboratory information management systems are predicted to have favorable market growth because of developments in R&D labs, particularly in pharmaceutical and biotechnological labs. Other significant reasons propelling the growth of the Laboratory Information Management System (LIMS) Market are low implementation costs, effective time management, and compliance with GDP, GCP, and GMP. Due to the growing awareness of LIMS, there has also been a considerable increase in demand for it, which is also boosting the market's expansion.
Due to the growing awareness of LIMS, there has also been a considerable increase in demand for it, which is also boosting the market's growth. Increasing laboratory automation, the requirement for regulatory compliance, technological developments in LIMS, raising consumer awareness through conferences, workshops, and seminars, and rising R&D spending are some of the other key factors influencing the growth of the global market. Clinical laboratories were working at full capacity and there was an increase in demand for 24/7 laboratory testing services during the COVID-19 epidemic, which put a lot of strain on the staff and the facility's infrastructure. When the laboratories receive a huge volume of potentially harmful biohazardous samples each day, such stressful working circumstances are highly undesirable. This in turn encourages the use of LIMS to streamline processes.
The Global Laboratory Information Management System (LIMS) Market is segmented on the basis of Product, Component, End User, and Region.
The market is divided into two categories based on Product: on-premises and cloud-based. The cloud-based segment dominates the market. The increasing demand laboratory information system in IT infrastructure are contributing to segment growth.
The market is divided into two categories based on Component: software and services. The services segment dominates the market. The high demand for LIMS outsourcing solutions is contributing to segment growth.
The market is divided into five categories based on End User: life sciences, Contract Research Organizations (CROs), oil & gas, chemical, and food. The life sciences segment dominates the market and is likely to maintain its dominance during the forecast period. This is partly due to an increase in the demand from pharmaceutical and testing laboratories.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
North America held the largest market share in 2021 and is projected to continue its dominance during the forecast period. The supportive government policies in the region are contributing to market growth. Asia Pacific is estimated to grow at the fastest CAGR over the forecast period.
Due to the continued development in demand for Laboratory Information Management System (LIMS)s solution in the coming years, the worldwide market for Laboratory Information Management System (LIMS) is made of both international and local producers, making it one of the most competitive sectors in the world. Companies sell their products through a variety of channels, including corporate websites, e-commerce websites, retailers, distributors, and end consumers. Coating material makers compete on a variety of aspects, including product costs, performance, product making, End User, reputation, and availability. Some of the primary techniques used by corporations to strengthen their reach and expand their market share include new product launches, distribution network development, R&D spending, and mergers and acquisitions. For instance, in 2021, Labware announced the production release of its enterprise laboratory platform, Labware 8.
This proposed research study on Laboratory Information Management System (LIMS) market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Laboratory Information Management System (LIMS) market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Laboratory Information Management System (LIMS) market
Impact of COVID-19 on Laboratory Information Management System (LIMS) market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Laboratory Information Management System (LIMS) market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the Laboratory Information Management System (LIMS) market, we have also included competitive landscape and key innovator analysis for the Laboratory Information Management System (LIMS) market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the Laboratory Information Management System (LIMS) market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global Laboratory Information Management System (LIMS) market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
The scope of this report covers the market by its major segments, which include as follows: