Laboratory Information Management System Market Innovations:...

Laboratory Information Management System Market Innovations: Enhancing Efficiency and Accuracy

Posted 2024-10-18 09:23:27

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The global laboratory information management system market size was valued at USD 2.3 billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 6.48% from 2024 to 2030. Technological advancements pertinent to pharmaceutical laboratories and a rise in demand for lab automation are expected to fuel the demand for these systems in the coming years. Advancements in R&D labs, especially in pharmaceutical and biotechnological laboratories, are expected to enable positive industry growth.

In addition, low cost of implementation, efficient time management, and compliance with GDP, GCP & GMP are other major factors driving Laboratory Information Management System (LIMS) industry growth.

Gather more insights about the market drivers, restrains and growth of the Global Laboratory Information Management System Market

Product Insights

Based on product, it has been segmented into on-premise, web-hosted, and cloud-based sub-segments. Technical considerations are of utmost importance when purchasing any laboratory informatics solution. Organizations assess the requirements of solutions as well as their IT infrastructure. This aids organizations in choosing between web-based, on-premise, and cloud-based solutions.

Cloud-based product segment dominated the market, accounting for a global revenue share of over 43% in 2023. The segment is estimated to retain its leading position growing at the fastest CAGR over the forecast period. Data can be accessed from multiple and virtually infinite number of access points. In a growing remote work culture, the flexibility offered by features such as virtual access points remains a key factor aiding the cloud-based product segment's dominance. In addition, reduced IT manpower, cost-effective data management, and easy deployability are other factors that help drive segment growth.

Component Insights

Based on components, the market is bifurcated into software and services. The services segment dominated the LIMS market and accounted for more than 58% share of the global revenue in 2023. This is due to an increase in the need for LIMS implementation, integration, maintenance, validation, and support. Moreover, high demand for LIMS outsourcing solutions is expected to drive segment growth.

Large pharmaceutical research labs often witness a lack of resources and skills required for the deployment of analytics. Thus, these services are outsourced. This outsourcing can be short-term, project-based, or long-term contracts. These services are offered in the form of packages, and these packages include compliance with promotional spending, social media analytics, predictive analytics for medical device failure, benchmarking services, and others.

End-use Insights

Based on end-use, it has been divided into life sciences, Contract Research Organizations (CROs), petrochemical refineries and oil & gas, chemical, food & beverage & agriculture industry, and environmental testing laboratories, among others. Other sector sub-segments include industries including forensics, and metal & mining laboratories. Life sciences accounted for the largest share of more than 40% of the global revenue in 2023. This is owing to the high adoption of LIMS in pharmaceutical laboratories. Lack of skilled staff, demand for higher productivity, cost efficiency, and increasing demand for biobanks and biorepositories are expected to bolster the growth of this segment.

The Contract Research Organizations (CROs) segment is expected to register the fastest growth rate from 2024 to 2030. This rapid growth can be attributed to the increase in demand for outsourcing by pharmaceutical and biotechnological companies. Various associated advantages such as cost efficiency, a necessity to maintain focus on core competencies, and mutual benefits to both contractor &client, are anticipated to drive segment growth over the forecast period.

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Regional Insights

North America accounted for the highest revenue share of more than 44% in 2023. The dominance is due to supportive policies facilitating laboratory automation adoption, such as EHR programs. In addition, the presence of advanced infrastructure, increasing demand for genomic studies, and increased government funding are some other factors responsible for a high share of this region.

Key Companies & Market Share Insights

The global LIMS industry remains highly competitive. Key companies are involved in acquisitions, strategic collaborations, and new product launches to withstand the competition. Companies are focusing on implementing strategies, such as new product launches, regional expansion, partnerships, and distribution agreements, to increase their revenue share.

· In August 2023, Thermo Fisher Scientific, Inc. launched the EXENT solution, a fully integrated and automated mass to meet the unmet clinical needs for innovative mass spectrometry solutions to transform monoclonal gammopathy management.

· In December 2022, LabVantage Solutions, Inc. released Version 8.8 of its flagship LIMS platform, which features a multitude of upgrades across all components. These factors are expected to boost the growth of the market over the forecast period.

Key Laboratory Information Management System Companies:

· Thermo Fisher Scientific Inc.

· Siemens

· LabVantage Solutions Inc.

· LabWare

· PerkinElmer Inc.

· Abbott

· Autoscribe Informatics

· Illumina, Inc.

· Labworks

· LabLynx, Inc.

· Computing Solutions, Inc.