Laboratory Information Management System (LIMS) Market to grow by USD 907.08 million from 2022 to 2027; Adherence to compliance and government regulations boosts the market- Technavio

NEW YORK, Nov. 13, 2023 /PRNewswire/ -- The laboratory information management system (LIMS) market by deployment (on-premise and cloud-based), component (software and services), and geography (North America, Europe, Asia, and Rest of World (ROW)) - Forecast and Analysis 2023-2027 report has been added to technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the laboratory information management system (LIMS) market between 2023 and 2027 is USD 907.08  million. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

Adherence to compliance and government regulations drives the market growth during the forecast period. Several industries, including food and beverages and healthcare, are required to comply with strict government regulations. In addition, this has led to laboratories automating the handling of data to remove the risks associated with misuse and erroneous analysis of data. Furthermore, the regulations also demand easy accessibility and secure storage of data for a long period of time. Hence, such factors are expected to positively impact the market which in turn will drive the market growth during the forecast period.

Market Challenge - 

Increasing data security and privacy concerns are major challenges impeding the market growth during the forecast period. There is an increasing preference for cloud solutions by various business organizations due to their cost-effectiveness and ease of accessibility. Hence, cost-effective cloud deployment with enhanced features and agility is the best option for such organizations. However, these organizations are prone to data breaches and privacy risks due to the growing adoption of cloud-based solutions. Hence, such factors are negatively impacting the market which in turn will hinder the market growth during the forecast period.

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• The market share growth by the on-premise segment is significant during the forecast period. LIMS, generally deployed on-premises, offers enhanced data security with high control compared to that of cloud-based deployment. As a result, it is fuelling the growth of the segment. In addition, this segment needs large investments in infrastructure as well and the high cost associated with the solution is expected to limit the growth of this segment.
• North America is estimated to account for 41% to the growth of the global market during the forecast period. The infrastructural capabilities of market players in the North America market are fuelling the adoption of LIMS across laboratories in the US. Hence, such factors are driving the market growth in North America during the forecast period.

View the Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the Laboratory Information Management System (LIMS) market:

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., and Thermo Fisher Scientific Inc.

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Deployment

Market Segmentation by Component

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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.

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Website: www.technavio.com/

SOURCE Technavio

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