Global Laboratory Information Management System Market

Laboratory Information Management System Market Size, Share, Growth Analysis, By Product(Cloud-based, Web-based), By Component(Software, Services), By End Use(Life Sciences, CROs) - Industry Forecast 2024-2031

Report ID: SQMIG45F2112 | Region: Global | Published Date: April, 2024
Pages: 242 | Tables: 87 | Figures: 76

Laboratory Information Management System Market Insights

Laboratory Information Management System Market size was valued at USD 1.1 billion in 2019 and is poised to grow from USD 1.25 billion in 2023 to USD 3.8 billion by 2031, growing at a CAGR of 13.2% in the forecast period (2024-2031).

The market for these systems is expected to increase over the next few years as a result of technological developments relevant to pharmaceutical laboratories and the growing demand for lab automation. Laboratory information management systems are predicted to have favorable market growth as a result of developments in R&D labs, particularly in pharmaceutical and biotechnological labs. Other significant factors propelling the growth of the Laboratory Information Management System (LIMS) Market include low implementation costs, effective time management, and compliance with GDP, GCP, and GMP. Collaborations, partnerships, acquisitions, and the approval and launch of new products have all had a big impact on the market lately. 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. 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. As a result, LIMS adoption is being encouraged in order to improve workflows everywhere.

US Laboratory Information Management System Market is poised to grow at a sustainable CAGR for the next forecast year.

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Laboratory Information Management System Market size was valued at USD 1.1 billion in 2019 and is poised to grow from USD 1.25 billion in 2023 to USD 3.8 billion by 2031, growing at a CAGR of 13.2% in the forecast period (2024-2031).

The world market is incredibly cutthroat. To stay competitive, major corporations introduce new products, collaborate strategically, and make acquisitions. To improve their revenue share, businesses are concentrating on putting initiatives into place such as new product launches, regional expansion, collaborations, and distribution agreements. For instance, Labware 8—its enterprise laboratory platform—will be released in production in June 2021. Abbott also released STARLIMS Life Sciences Solution 11.1 in July 2021 to manage intricate sample and testing procedures. 'Thermo Fisher Scientific Inc.', 'LabWare Inc.', 'LabVantage Solutions Inc.', 'Abbott Laboratories', 'Illumina Inc.', 'Siemens Healthineers AG', 'Agilent Technologies Inc.', 'PerkinElmer Inc.', 'Waters Corporation', 'Genologics, a Illumina Company', 'Autoscribe Informatics Inc.', 'RURO Inc.', 'Novatek International', 'Promium LLC', 'Techlimed LLC', 'Blaze Systems Corporation', 'Khemia Software Inc.', 'Lablynx Inc.', 'Caliber Infosolutions Inc.', 'Accelerated Technology Laboratories Inc.'

Pharmaceutical and biotechnology firms are under intense pressure in many nations to adhere to stringent regulatory requirements for preclinical and clinical testing before introducing new pharmaceuticals to the market. For instance, documentation and audit trails are required by regulatory standards like 21 CFR Part 11 and Clinical Laboratory Improvement Amendments (CLIA) in the pharmaceutical and biotech industries, which cover everything from R&D and testing to production and quality control. Guidelines for acceptable labelling and advertising must also be followed in addition to these rules. Due to these data management and security issues, the majority of laboratories are using LIMS to streamline their workflows and meet strict regulatory requirements. Additionally, because these systems are simple to link with laboratory systems to capture and update data, they assist laboratories in meeting regulatory standards without sacrificing process adaptability (which can be easily accessed and analyzed). During the forecast period, this is expected to result in an increase in the demand for LIMS in laboratories serving the target sectors.

The growth of partnerships between CDSS providers and hospitals has significantly increased during the last few years. The demand is expected to rise even more as a result of government recognition and activities to promote the deployment of CDSS and EHR systems. By lowering the amount of time spent looking up a patient's medical history and records, integration with electronic health records (EHR) increases the effectiveness of clinical care. Additionally, the Health and Medicare Acts of the United States Government have approved CDSS, financially rewarding CDS integration into EHRs (Electronic Health Records). A CDSS was present in approximately 41% of American hospitals with an EHR in 2021, and a cutting-edge CDS was available in 40.2% of American hospitals in 2021. Additionally, businesses collaborate to create and offer software that is updated with the most recent data.

The largest percentage of the revenue in 2021 more than 45% was accounted for by the North American regional market. The dominance is attributable to favorable policies encouraging the deployment of laboratory automation, like EHR programs. The presence of cutting-edge infrastructure, increased government financing, and rising demand for genetic research are among additional reasons contributing to the region's high proportion. Due to the rising number of CROs that offer LIMS in this region, AsiaPacific is expected to have the quickest rate of growth in terms of regional markets throughout the projection period. India rated #1 among the 55 countries examined in the Services Location Index (GSLI) ranking for outsourcing web-enabled services in 2021.

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Global Laboratory Information Management System Market

Product ID: SQMIG45F2112