Laboratory Information Management System Market Size, Share & Trends Analysis Report By Product (On premise, Cloud based, Web hosted), By Component (Software, Services), By End-use (Life Sciences, CROs), By Region, And Segment Forecasts, 2024 - 2030

Laboratory Information Management System Market Size, Share & Trends Analysis Report By Product (On premise, Cloud based, Web hosted), By Component (Software, Services), By End-use (Life Sciences, CROs), By Region, And Segment Forecasts, 2024 - 2030

Laboratory Information Management System Market Growth & Trends

The global laboratory information management system market size is projected to reach USD 3.5 billion by 2030, and is projected to grow at a 6.5% CAGR from 2024 to 2030, according to a new report by Grand View Research, Inc. Technological advancements in pharmaceutical laboratories and rising demand for laboratory automation are expected to fuel demand for the laboratory information management system (LIMS) in coming years.

Moreover, rise in the number of genome and DNA studies and in vitro ADME technologies are some factors propelling growth of this market. In addition, growing R&D applications, especially in pharmaceutical industry, such as generic drug development and genome & cancer studies, are anticipated to fuel market growth in coming years.

Furthermore,technological advancement in LIMS solutions over the past decade is huge. Companies are constantly upgrading their existing LIMS solution to sustain their market share. For instance, STARLIMS Corporation, formerly Abbott Informatics, has launched LIMS for mobile phones so that data can be accessed anytime, irrespective of location. In addition, it released the STARLIMS technology platform V12.2. The release will include a modernized Electronic Lab Notebook system using innovative HTML5 technology.

Key players are focusing on expanding their current portfolio. For instance, in September 2022, Thermo Fisher Scientific, Inc., released version 7.7.1 of Watson Laboratory Information Management System software, which was designed to enable the hosting of Watson in a cloud setting while satisfying requirements of 21 CFR Part 11 - Open System.

Laboratory Information Management System Market Report Highlights

• The cloud-based product segment dominated the market in 2023 and it is anticipated to grow further at the fastest CAGR during the forecast period. In a growing remote work culture, the flexibility offered by features such as virtual access points remain key factors attributing to the dominance of cloud-based product segment
• Based on end-use segment, the life sciences segment held a share of over 40% in 2023. Rapid advancements in healthcare due to rising R&D are anticipated to fuel demand for LIMS during the forecast period
• Based on component, services segment held the largest revenue share in 2022 owing to rising laboratory automation. This is due to increase in need for LIMS implementation, integration, maintenance, validation, and support. Moreover, high demand for LIMS outsourcing solutions is expected to drive segment growth
• North America held the largest market share of over 44% in 2023. The presence of well-established pharmaceutical companies & research laboratories and higher awareness about LIMS among end-users are expected to drive its demand in the region
• The laboratory information management system industry is competitive with the presence of many companies. These involve implementing strategic initiatives that include, acquisitions, collaborations & partnerships, and new product launches. For instance, in September 2022, Illumina released LIMS v7.0, enables deployment and running of the Illumina LIMS software-provided hardware, including Virtual Machines (VMs)

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