The size of global laboratory information management system market in terms of revenue was estimated to be worth $2.1 billion in 2024 and is poised to reach $3.8 billion by 2029, growing at a CAGR of 12.9% from 2024 to 2029. The comprehensive research encompasses an exhaustive examination of industry trends, meticulous pricing analysis, patent scrutiny, insights derived from conferences and webinars, identification of key stakeholders, and a nuanced understanding of market purchasing dynamics.
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Driver: Growing use of LIMS to comply with stringent regulatory requirementsAutomating routine lab procedures with the help of devoted workstations and software improves lab productivity and enables individual researchers to focus on important tasks. This is a major factor driving the adoption of informatics in the pharmaceutical and biotechnology industry. According to a study, error rates for fully automated operations vary from 1–5%, those for semi-automated operations range from 1–10%, while those for manual operations vary from 10–30% (Source: Journal of Lab Automation).
Restraint: High maintenance and service costsThe high maintenance and service costs associated with LIMS solutions can significantly impact the growth of the LIMS market. While LIMS solutions offer numerous benefits in terms of streamlining laboratory workflows and improving data management, the costs involved in maintaining and servicing these systems can pose challenges for organizations, especially smaller laboratories or those with limited budgets.
Opportunity: Growing use of LIMS in cannabis industry
Medical cannabis has demonstrated effectiveness in a range of medical applications, including alleviating chemotherapy-induced nausea, stimulating appetite in AIDS patients, managing muscular spasms in multiple sclerosis patients, and reducing intraocular pressure in glaucoma patients. Due to these potential health benefits, numerous countries and states have legalized medical cannabis. This legalization has spurred the emergence of cannabis testing laboratories, which offer quality control services for the medical cannabis industry.
Challenge: Dearth of trained professionalsWith the growing trend towards digitization, the healthcare industry's adoption of IT solutions has surged significantly over the past decade. This has led to an increased demand for skilled IT professionals and individuals with advanced analytical capabilities to interpret data from CIT solutions, including LIMS. However, a substantial gap exists between the supply and demand for these skilled professionals, which may hinder the adoption of LIMS, especially in pharmaceutical, biotechnology, and medical device companies, which represent over 50% of the LIMS market.
North America dominated the laboratory information management system industry in 2023The laboratory information management system market is segmented into five major regions- North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the largest share of the Laboratory Information Management Systems (LIMS) market. This growth is propelled by factors such as the region's high per-capita healthcare expenditure, continuous innovation in laboratory technologies, and the integration of LIMS with Enterprise Resource Planning (ERP) and Clinical Decision Support (CDS) systems. The accessibility to advanced healthcare facilities and the increasing number of biobanks further contribute to the expanding LIMS market in North America. Additionally, the emphasis on quality control, regulatory compliance, and the adoption of digitization in laboratory processes are driving the demand for LIMS solutions in the region. Overall, the North American market's robust growth in the LIMS sector can be attributed to a combination of technological advancements, regulatory requirements, and the healthcare industry's evolving needs.
Prominent companies in this market include LabWare (US), LabVantage Solutions Inc. (US), Thermo Fisher Scientific Inc. (US), Agilent Technologies (US), LabLynx, Inc. (US), Dassault Systèmes (France), Labworks LLC (US), Autoscribe Informatics (a wholly owned subsidiary of Autoscribe Limited) (US), Accelerated Technology Laboratories (ATL) (US), CloudLIMS (US), Computing Solutions, Inc. (US), GenoLogics Inc. (an Illumina Company) (Canada), Siemens (Germany), Novatek International (Canada), Ovation (US), Clinsys (US), Eusoft Ltd. (Italy), Caliber International (US), LABTrack (US), Agilab SAS (US), Agaram Technologies (India), and AssayNet Inc. (Canada), Blaze Systems Corporation (US), and LabLogic Systems Limited (UK).
Recent Developments of the Laboratory Information Management Systems (LIMS) Industry:
In February 2024, Labware has inaugurated its newest office in Seoul, Korea and established LabWare Korea Co., Ltd. This office will provide localized support, training, and implementation services to LabWare's growing customer network in Korea. Staffed by experienced LIMS professionals, the office aims to strengthen LabWare's foothold in the Asia-Pacific region by offering tailored solutions to meet the unique needs of Korean organizations.
In January 2024, STARLIMS has launched Life Sciences for Public Health (LPH) 1.0, a LMS tailored for the Public Health sector. Featuring HTML5 browser-based technology, it signifies a significant advancement, promising a modernized user interface and enhanced functionalities. The release marks the beginning of a comprehensive, multi-year product roadmap aiming to elevate user experience and innovation in the Public Health LIMS market.
In Novemeber 2023, LabWare (US) partnered with Körber (US). This partnership was carried to seamlessly integrate capabilities between LabWare's Laboratory Information Management System (LIMS) and Körber's Manufacturing Execution System (MES) - PAS-X.
In October 2022, LabVantage Solutions, Inc. (US) and Biomax Informatics AG (Germany) finalized their merger agreement, with the goal of elevating scientific data contextualization, expediting product development, and delivering innovative capabilities for the life science and bio-manufacturing industries.
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