Frost Radar™: Laboratory Information Management Systems, 2024

Frost Radar™: Laboratory Information Management Systems, 2024

A Benchmarking System to Spark Companies to Action - Innovation That Fuels New Deal Flow and Growth Pipelines
This Frost Radar™ for the laboratory information management systems (LIMS) industry benchmarks providers offering workflow management and paperless tracking capabilities to help improve process efficiencies for life sciences companies. LIMS have several functionalities, such as obtaining, storing, managing, retrieving, and recording laboratory data, which apply across several segments of the life sciences industry.

Rapid technological advancements are revolutionizing the life sciences industry and intensifying competition. The growing competition drives the search of big players for higher market share. LIMS providers compete to offer end-to-end laboratory computing solutions, covering the entire complex ecosystem of laboratories in an integrated solution.

Most vendors already deploy solutions integrating LIMS with electronic laboratory notebooks and scientific data management systems. The focus is now on increasing automation and efficiency using technology tools such as artificial intelligence, including natural language processing and machine learning. Generative artificial intelligence, in particular, is an important area of innovation. Together with advanced data analytics tools, these disruptive technologies are shaping the development of the LIMS industry and charting the path of innovation and growth.

Integration of these tools helps boost the productivity and efficiency of laboratory workflows. It not only allows users to enhance data accuracy and quality and automate data entry, analysis, and extraction, but also offers the potential to perform predictive and prescriptive analysis and improve the scalability of solutions.

Frost & Sullivan projects that a large portion of research and development investments in this area will go toward incorporating advanced AI capabilities and improving the scalability and interoperability of solutions.

Frost & Sullivan analyzes numerous companies in an industry. Those selected for further analysis based on their leadership or other distinctions are benchmarked across 10 Growth and Innovation criteria to reveal their position on the Frost Radar™. The publication presents competitive profiles of each company on the Frost Radar™, considering their strengths and the opportunities that best fit those strengths.