Laboratory Information Management Systems (LIMS) Market to Reach a Value of USD 4.37 billion
Market Definition
A laboratory information management system, also known as a laboratory management system, is a software system that supports laboratory operations by tracking workflow and specimens, aggregating data for research or business intelligence purposes, and ensuring laboratory operations comply with various regulations and standards. LIMS enables labs to produce accurate, reliable, reproducible, and faster data, and is widely used in various industries such as life science, chemicals, oil & gas, and others.
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Laboratory Information Management Systems (LIMS) Market Analysis and Size
In 2022, the cloud-based product segment held the largest market share, accounting for more than 42% of global revenue, and is expected to maintain its lead position with the fastest growth rate over the forecast period. The segment's dominance can be attributed to its ability to provide data access from virtually unlimited access points, which is essential in a growing remote work culture. Additionally, the cloud-based product's flexibility, reduced IT manpower, cost-effective data management, and easy deployment are other key factors driving its growth.
Data Bridge Market Research analyses that the laboratory information management systems (LIMS) market, which was USD 2.07 billion in 2022, is expected to reach USD 4.37 billion by 2030, at a CAGR of 9.80% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Restraints/Challenges
- Complexities associated will restrain the growth of the market
However, the high maintenance and service costs, lack of integration standards, privacy and security concerns, and complex integrated systems are potential barriers and obstructions that can hinder the overall growth of the global LIMS market. Such complexities if not handled well in time, can have a devastating impact on the market.
This laboratory information management systems (LIMS) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the laboratory information management systems (LIMS) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
- In 2022, Thermo Fisher Scientific, Inc released the 21.1 version of SampleManager LIMS software in 2022, which includes Analytical Quality Control (AQC) HL7 support, along with advanced functions such as data packager and kit deployment, voice control, data support for data analytics, monitoring & charts, among others.
- In 2022, LabVantage Solutions, Inc also launched Version 8.8 of its primary LIMS platform in the same year, with several upgrades to all its components.
Competitive Landscape and Laboratory Information Management Systems (LIMS) Market Share Analysis
The laboratory information management systems (LIMS) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to laboratory information management systems (LIMS) market.
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