Laboratory Information Management System (LIMS) Market size is set to grow by USD 907.08 mn from 2023-2027, Abbott Laboratories, Computing Solutions, Novatek International and more key players- Technavio

NEW YORK, March 11, 2024 /PRNewswire/ -- The global laboratory information management system (lims) market size is estimated to grow by USD 907.08 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of  9.08% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 41%.  Laboratory Information Management System (LIMS) Market  is fragmented ; the vendors are competing with competitors and are trying to get greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major vendors have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products. Laboratory Information Management System (LIMS) Market report includes information on the product launches, sustainability, and prospects of leading vendors including Abbott Laboratories, Accelerated Technology Laboratories Inc., Agile Frameworks LLC, Attune Technologies Pvt. Ltd., Autoscribe Informatics, Benchling Inc., Broughton Software Ltd., Comp Pro Med Inc., Computing Solutions, Eusoft Ltd., Illumina Inc., LabLynx Inc., LabVantage Solutions Inc., LabWare Inc., Labworks LLC, Nous Infosystems Pvt. Ltd., Novatek International, PerkinElmer Inc., Shimadzu Corp., Thermo Fisher Scientific Inc. 

For more insights on the historic (2017 - 2021) and forecast market size (2023-2027) - Request a sample report

Drivers

Laboratories in industries such as food and beverages and healthcare must adhere to stringent government regulations, leading to the automation of data handling through Laboratory Information Management Systems (LIMS). Cloud-based LIMS enable easy accessibility and secure storage of data for extended periods, increasing IT spending. Compliance regulations like ISO 17025 require effective data management. LIMS offers backup and recovery plans, improves workflow, and addresses biobanking applications. However, total cost of ownership, technical expertise, interoperability issues, and efficiency of laboratories are key considerations when implementing laboratory informatics solutions.

Technavio has identified key trends, drivers, and challenges in the market, whichwill help clients improve their strategies to stay ahead of their competitors.Download Now

Geographic Landscape

The LIMS market in North America is driven by advanced hardware configurations, including barcode scanners and label printers, enhancing laboratory efficiency. Adoption of LIMS solutions is increasing due to healthcare infrastructure development and research and development activities in sectors like healthcare, valued at USD808 billion in 2021. Pharmaceutical companies invest 10-25% of their annual revenue in R&D, boosting the market. Industrialization in emerging countries also contributes to the market growth. AI and ML integration streamline quality control processes, making LIMS an essential tool. 

Request a sample report

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED