Laboratory Information Management System Market to Grow by USD 1.63 Billion from 2024-2028, Recent Developments Boost Growth, Report with AI-Powered Market Evolution - Technavio

NEW YORK, Nov. 11, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The global laboratory information management system (LIMS) market size is estimated to grow by USD 1.63 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  13.46%  during the forecast period. Increase in recent developments in LIMS is driving market growth, with a trend towards emergence of saas-based LIMS. However, increasing data security and privacy concerns  poses a challenge.Key market players include 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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Market Driver

The Laboratory Information Management System (LIMS) market is witnessing significant growth in various sectors including biotechnology, healthcare, and academic institutions. Trends such as digitalization and laboratory automation are driving the demand for LIMS solutions. These systems help scientists manage datasets from experiments and tests, enabling data-driven decisions. LIMS professionals provide software and services to customize, train, maintain, and offer technical support. Biotech companies and cannabis testing laboratories are major consumers of LIMS solutions due to the need for real-time analytics, sample tracking, and automation. Cloud-based solutions offer data accessibility, scalability, and compliance with regulatory standards like 21 CFR Part 11. Data security is a key concern, with IT solutions and skilled IT professionals ensuring protection. The life sciences industry, including biobanks and biorepositories, is investing in software-as-a-service (SaaS), infrastructure-as-a-service, and platform-as-a-service for operational efficiency and data analysis. Financial investments in healthcare expenditure, capital equipment, and technology trends are fueling the growth of the LIMS market. Advanced data analytics, artificial intelligence, and machine learning are enhancing drug discovery, precision medicine, and personalized healthcare. 

Companies are increasingly choosing Software-as-a-Service (SaaS) Laboratory Information Management Systems (LIMS) due to their cost-effectiveness and efficiency benefits. SaaS-based LIMS offer better flexibility and quicker implementation compared to traditional systems. These systems enable laboratories to access data remotely through a web browser, eliminating the need for separate application software installation and management. This results in reduced implementation costs and higher returns on investment. For smaller and mid-sized labs without dedicated IT support budgets, SaaS is an emerging software delivery model that is gaining acceptance. 

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Market Challenges

• Laboratories and research facilities face challenges in managing vast datasets generated from experiments and tests. Scientists require data-driven decisions for research findings, making it crucial for LIMS professionals to implement effective Laboratory Information Management Systems (LIMS). The market for LIMS software and services is expanding in sectors like biotechnology, healthcare, and academic institutions. Customization, training, maintenance, and technical support are essential services. Digitalization and laboratory automation are key trends, with cloud-based solutions offering data accessibility, scalability, and real-time analytics. Biotech companies, cannabis testing laboratories, and biobanks/biorepositories benefit from LIMS solutions. Data security, regulatory standards like 21 CFR Part 11, and IT solutions from skilled IT professionals are essential. The life sciences industry invests heavily in hardware infrastructure, analytical instruments, and software solutions for operational efficiency and data analysis. Result reporting, pipeline analysis, and regulatory frameworks are critical. Product type, delivery, and advanced data analytics, including artificial intelligence and machine learning, are driving precision medicine and personalized healthcare. Financial investments in software licenses and infrastructure-as-a-service (IaaS), platform-as-a-service (PaaS), and software-as-a-service (SaaS) continue to grow.
• Businesses increasingly choose cloud-based Laboratory Information Management Systems (LIMS) due to their cost-effectiveness and convenience. Cloud deployment offers several advantages, including centralized data storage, high-speed networks, and easy accessibility. These features lead to increased productivity, improved data sharing, and better collaboration. Government healthcare agencies, including federal, state, and local, have adopted cloud-based solutions due to their low initial costs, simplified software management, strong security, dependability, and compatibility with existing systems. The cloud's integration capabilities enable seamless adoption and streamlined processes. Overall, cloud-based LIMS solutions provide an efficient, cost-effective, and secure option for managing laboratory information.

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Segment Overview 

This laboratory information management system (lims) market report extensively covers market segmentation by  

1. Deployment 
• 1.1 On-premise
• 1.2 Cloud-based
2. Component 
• 2.1 Software
• 2.2 Services
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 On-premise-  The on-premises Laboratory Information Management System (LIMS) segment is experiencing significant growth in the global market. This growth is driven by the increasing demand for secure, customizable, and locally hosted data management solutions. On-premises LIMS systems are installed and operated within users' facilities, providing control over data storage, access, and configuration. These systems offer a high level of data security, enabling organizations to comply with stringent data privacy regulations and tailor the software to their specific workflow needs. For instance, Thermo Fisher Scientific Inc.'s on-premises LIMS solution caters to pharmaceutical research laboratories, offering comprehensive data management and analysis tools. The adoption of on-premises LIMS is further fueled by the need for complete control over data security and privacy, particularly in industries dealing with sensitive information. Regulatory requirements in sectors like healthcare and pharmaceuticals also drive demand for on-premises LIMS solutions. Market trends include advanced data analytics and visualization tools for in-depth analysis and decision-making, as well as customized user interfaces and workflows for enhanced user experience and streamlined data management processes. Key players focus on continuous software enhancements and user-centric customization to cater to diverse industry needs, such as Labworks LLC's on-premises LIMS, which has gained prominence in research and development laboratories. These advantages are expected to drive the growth of the on-premises segment in the global LIMS market during the forecast period.

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Research Analysis

The Laboratory Information Management System (LIMS) market plays a crucial role in managing and streamlining operations for laboratories and research facilities worldwide. LIMS solutions enable the handling of large datasets generated from experiments and tests, facilitating data-driven decisions for scientists. Compliant with regulations such as 21 CFR Part 11, these systems ensure data security and integrity. In the realm of medical cannabis, cannabis testing laboratories have adopted LIMS solutions to manage complex workflows, track samples, and analyze data for result reporting and pipeline analysis. Universities and research institutions also utilize LIMS to optimize their research processes, enhancing operational efficiency and ensuring accurate data management. IT solutions, including LIMS, are essential for laboratories as they require skilled IT professionals to implement and maintain these software solutions. Data center providers also play a role in ensuring the availability and security of laboratory data. LIMS solutions offer numerous benefits, including sample tracking, data analysis, and result reporting, ultimately contributing to improved research findings and operational excellence.

Market Research Overview

The Laboratory Information Management System (LIMS) market encompasses software and services that enable laboratories and research facilities to manage and analyze datasets generated from experiments and tests. These systems facilitate data-driven decisions by scientists and LIMS professionals, providing real-time analytics, sample tracking, and automation. The market caters to various sectors, including biotechnology, healthcare, academic institutions, and biobanks/biorepositories. Customization, training, maintenance, and technical support are essential services offered by LIMS providers. Digitalization and laboratory automation are significant trends in the market, driven by the life sciences industry's increasing need for scalable, cloud-based solutions. Data security, regulatory standards (such as 21 CFR Part 11), and data accessibility are critical considerations. Biotech companies, cannabis testing laboratories, and healthcare facilities are significant consumers of LIMS solutions. The market includes IT solutions, software developers, data center providers, and skilled IT professionals. Key product types include software solutions, hardware infrastructure, and laboratory infrastructure. Financial investments in the life sciences industry, healthcare expenditure, and capital equipment contribute to the market's growth. Advanced data analytics, artificial intelligence, and machine learning are emerging technology trends in the LIMS market, enabling pipeline analysis, precision medicine, and personalized healthcare. Regulatory frameworks and product type delivery also influence market dynamics.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Deployment
• On-premise
• Cloud-based
• Component
• Software
• Services
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses 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.

Contacts

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

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