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Lab Information Management Systems Market Expected to Reach $4,155.34 Million by 2031—Allied Market Research

 
Lab Information Management Systems Market Expected to Reach $4,155.34 Million by 2031—Allied Market Research
2022
Lab Information Management Systems Market

Report Code : A53480

quote the rise in the demand for lab information management systems in the healthcare sector across the world. As lab information management systems (LIMS) help healthcare organizations to manage their laboratory operations more efficiently, ensuring better patient care Moreover, increase the need for high-quality data by various organizations for decision-making on a variety of topics, from resource management to quality control is the major factor that propels the growth of the market.   quote

Onkar Sumant - Manager
Life Sciences at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Lab Information Management Systems Market," The Lab Information Management System Market Size was valued at $1,475.14 million in 2021 and is estimated to reach $4,155.34 million by 2031, growing at a CAGR of 10.9% from 2022 to 2031.

Laboratory Information Management System (LIMS) is a software-based system used to manage and store data from laboratory operations. It is used in many industries to track samples, store results, and manage processes. LIMS can be used for inventory management, laboratory workflow management, data analysis, and report generation. 

Laboratory information management systems (LIMS) also improve access to quality diagnostic testing and provide accurate, timely information for patient care, public health planning, and policy decisions. In addition, laboratory information management systems (LIMS) are recognized as a powerful tool to improve laboratory data management within the laboratories and reporting of data externally. Lab information management system (LIMS) is often used to automate and streamline laboratory processes, such as sample tracking and results reporting. These systems are widely used in various industries such as the life science industry, chemicals industries, oil & gas industries, and others. 

The key Lab Information Management System Market Trends are the rise in the demand for laboratory information management systems in the healthcare sector across the world. As lab information management systems (LIMS) help healthcare organizations to manage their laboratory operations more efficiently, ensuring better patient care Moreover, increase the need for high-quality data by various organizations for decision-making on a variety of topics, from resource management to quality control is the major factor that propels the growth of the market.  

However, the high cost of the lab management information system and the lack of skilled professionals in the industry are the major factors projected to hinder the growth of the Lab Information Management System Market Size in upcoming years.  

By product type, the Lab Information Management System Industry is segmented into industry-specific LIMS & broad-based/ multipurpose LIMS. In 2021, the broad-based/multipurpose segment accounted for the largest share Lab Information Management System Market Share.  The dominance of the segment is attributed to the rise in the adoption of broad-based/ multipurpose LIMS across the world. This software can easily integrate with other laboratory systems to provide a more comprehensive solution, which helps streamline processes and improve efficiency.

By component, the lab information management system (LIMS) market is classified into software and services. In 2021, the services segment exhibited the highest Lab Information Management System Market Share and is anticipated to lead the market during the forecast period, owing to the increase in demand for consulting, implementation, integration, management, and other lab informatics services. 

By delivery mode, the Lab Information Management System Industry market is classified into On-premises, cloud-based and web-based. In 2021, the cloud-based, and web-based segment exhibited the highest growth and is anticipated to lead the market during the forecast period, owing to the rise in the adoption of cloud-based LIMS systems across the world. As it provides secure, reliable, and cost-effective access to the data, regardless of the user's location, it is the key factor that boosts the growth of the market.  

By industry type, Lab Information Management System Market Analysis was done into life science, chemical & energy industries, food, beverage & agriculture industries, and clinical research organizations/contract manufacturing organizations (CRO/CMO), and others. In 2021, the life science segment exhibited the highest growth and is anticipated to lead the market during the forecast period, owing to the increase in research and development activities in biopharmaceutical industries across the world.

North America accounted for a majority of the lab information management system (LIMS) market share in 2021 and is anticipated to remain dominant during the forecast period owing to the high adoption rate of technologically advanced lab information management systems, increase in healthcare expenditure, and presence of major key players involved in the R&D activities.  

Asia-Pacific is expected to register the fastest CAGR during the forecast period. The market growth in the Asia-Pacific region is supplemented due to the rise in the number of research and development activities carried out by mainly biotech/ pharma laboratories and contract research organizations has increased the demand for laboratory information management systems in this region is the major factor that contributes to the growth of the market. The key players that operate in the lab information management system market (LIMS) include PerkinElmer Inc., Agilent Technologies Inc, Thermo Fisher Scientific Inc., Illumina Inc., Siemens AG, LabLynx, Inc, Genetic Technologies Inc. CrelioHealth Inc., LabWare, Inc., and Abbott Laboratories. 

Key findings of the study 

  • By type, the broad-based/ multipurpose LIMS segment was the highest contributor to the market in 2021. 

  • By component, the services segment was the highest contributor in 2021. 

  • By industry type, the life science industry dominated the market in 2021 and is expected to continue this trend during the forecast period. 

  • By region, North America held the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period. 

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quote Lab Information Management Systems Market by Product Type (Broad- Based/ Multipurpose LIMS, Industry Specific LIMS), by Component (Software, Services), by Delivery Mode (Web-Based and Cloud-Based, On-Premises), by Industry Type (Life Science, Chemical and Energy Industries, Food and Beverage and Agriculture Industries, Clinical Research Organization (CRO)/Contract Manufacturing Organizations (CMO), Others): Global Opportunity Analysis and Industry Forecast, 2021-2031 quote

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