Laboratory Information Management System/LIMS Market Analysis by Component (Software and Services); by Deployment Type (Cloud-Based Delivery Mode, On-Premises Delivery Mode, and Web-Based Delivery Mode); and by End-User (Hospitals & Clinics, Pharmaceuticals Companies, Contract Research Organizations, and Others)-Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

Laboratory Information Management System/LIMS Market Scope

Global Laboratory Information Management System/LIMS Market Highlights Over 2023 - 2033

The global laboratory information management system/LIMS market is estimated to garner a revenue of ~ USD 3 billion by the end of 2033 by growing at a CAGR of ~12% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~ USD 1 billion in the year 2022. The primary factor driving the growth of the global laboratory information management system/LIMS market is the significant role of technology in the healthcare industry. For instance, more than 84% of health executives acknowledge the inextricability of technology in human experience.

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Also, the growth of digital health and a large amount of healthcare data increases the need for the development of technology in healthcare. More than 2300 exabytes of new data were projected to be generated only in 2020.

Global Laboratory Information Management System/LIMS Market: Growth Drivers and Challenges

Growth Drivers

• Increased Use of Data Analytics in Labs – Presently, over 75% of labs are estimated to be using data analytics. Test turnaround time, billable versus performed tests, medical necessity, cost per test, unnecessary tests, and cost per test are some of the key performance indicators that the labs monitor through analytics. As of 2021, the labs that were using data analytics in some aspects with plans for more usage constituted ~54%. Dashboards with real-time data, full data visualization, incorporation of security filters, and restrictions to individual dashboards are some analytics capacities included in LIMS.

• Growth of Automation in Health Care – It has been predicted that by 2022, ~76% of interactions in healthcare should be through bots instead of human operators.

• Considerable Investment in Research and Development (R&D) – As per the Organization for Economic Co-operation and Development (OECD), a total of 2.67% of gross domestic product (GDP) is used on research & development (R&D) globally.

• Compliance Requirements Towards Regulations – For instance, ~70% of pharmaceutical companies involved in the distribution and transportation of medical products have been estimated to monitor the temperature in every load by following Good Distribution Practices (GDP).

Challenges

• High Implementation Cost of the System

• High Cost Involved in the Maintenance of IT infrastructure

• Immense Need for Great Interfacing Capabilities of LIMS

The global laboratory information management system/LIMS market is segmented and analyzed for demand and supply by deployment type into cloud-based, on-premise, and web-based. Of these, the cloud-based segment is anticipated to hold the largest market size by the end of 2033. The significant reliance on the cloud for data storage and considerable budgets for cloud computing are the major factors thought to be driving market growth in the segment. For instance, the amount of data that is to be stored in the cloud by 2025 is projected to surpass 99 zettabytes. Similarly, up to 46% of the IT budgets of all enterprises are thought to be spent on the cloud by 2026.

Global Laboratory Information Management System/LIMS Market Regional Synopsis

Regionally, the global laboratory information management system/LIMS market is studied in five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these markets, the market in the North American region is projected to hold the largest market share by the end of 2033. The significant healthcare expenditure growth, the large number of lab tests, and the investments made in cloud computing are the factors driving the market growth in the region. For instance, it is estimated that ~8 billion clinical lab tests are done in the U.S. annually.

Market Segmentation

Our in-depth analysis of the global laboratory information management system/LIMS market includes the following segments:

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Key Companies Dominating the Global Laboratory Information Management System/LIMS Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global laboratory information management system/LIMS market that are included in our report are Abbott Laboratories, Autoscribe Informatics, Illumina, Inc., LabLynx LIMS (Laboratory Information Management System), LabVantage Solutions Inc.,  LabWare Ltd, Agilent Technologies, Inc., Thermo Fisher Scientific, PerkinElmer Inc., Siemens, and others.

Global Laboratory Information Management System/LIMS Market: Latest Developments

• August 2022: Autoscribe Informatics, – announced the release of Matrix Gemini version 6.5 with new web browser applications to meet the evolving requirements of modern laboratory informatics solutions.

• June, 2022: LabVantage Solutions Inc., - announced signing an agreement with Holo4Labs (H4L) to integrate H4L’s mixed reality software solution with its advanced LIMS platform to make lab operations more efficient and error-free.

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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