Laboratory Information Management System Market Size [2031]

Report Description

The global laboratory information management system market size was USD 2.01 Billion in 2022 and is likely to reach USD 3.72 Billion by 2031, with a CAGR of 6.8% during 2023–2031. The market growth is attributed to an increase in the automation of testing laboratories and advanced technological integrations in research and development labs.

The laboratory information management system (LIMS) is a solution for managing clinical data through the use of the software. The effective management of data generated through the analysis of subject samples is possible through the laboratory information management system.

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With the use of a laboratory information management system, sample processing system, analysis & management, integration of data, and automation of workflows are handled sophisticatedly in laboratories. The laboratory information management system caters to several laboratory services that include information exchange and sharing between compliance specialists, operators, technicians, scientists, and clients.

Quality control and management of data and operations are best managed through a laboratory information management system. Generation of sample processed data and its storage, assigning samples for workflow designs of lab processes, and reporting analyzed samples are widely used services of laboratory information management system.

The market report finds that the COVID-19 pandemic stressed the need for managing laboratory resources effectively due to the increased workload of testing. The use of laboratory information management systems as a result grew rapidly.

The surge was due to a rapid inflow of samples into clinical laboratories resulting in increased workloads for the lab staff and testing facilities. In such a scenario, the laboratory information management system critically assisted in managing samples received on large scales in the stressful pandemic situation.

Laboratory Information Management System (LIMS) Market Dynamics

The research report presents a complete market overview by providing detailed information about the current market trends, existing drivers, growth opportunities and potentials, and emerging challenges. The global laboratory information management system (LIMS) market report has up-to-date insights about market scenarios that can shape the overall market performance and output during the forecast period, 2023 to 2031.

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Key Trends 

Biomedical data protection is extremely important as it possesses special characteristics that are unique for every test sample. In the environment of a testing laboratory, the protection of test data is an integral part of measures adopted in the process. Significant focus and innovation on applying data protection measures are taking the laboratory information management system (LIMS) market forward in a positive direction and is a key market trend.

Major Drivers 

An increase in the automation of testing laboratories and advanced technological integrations in research and development labs are the key drivers for the laboratory information management system (LIMS) market. Automation in testing labs is of significant use as manually repeating tests is costly and time-consuming.

Automated tests are created once and can be run over and over again without additional expenses. The outputs of automated tests are much faster than manual tests. The reduction of time is from days to hours through the repetition of automated test runs.

Lab efficiency increases as significant staff time is saved through laboratory automation processes. Human errors are removed which enables the achievement of results that are more consistent in analyzing sample data. Strain injuries of operating instrumentation are reduced ensuring lab safety.

Existing Restraints 

Lack of Trained Personnel

The lack of trained personnel handling laboratory information management systems is likely to restrain the market growth. System knowledge of LIMS available in the market is crucial for selecting the best laboratory information management system for an organization. Once a system is selected, personnel selected for handling the information systems have to be skilled.

To enhance their skills, the personnel needs to undergo extensive and expensive training, and adapting to a laboratory information management system is thus cumbersome. Getting the lab technicians work-ready for understanding the work process and for practical implementation is a time-consuming process.

Higher Maintenance Costs of Laboratory Information Management System

Integrating technology into laboratory functions is expensive and involves investment in the running, maintenance, and servicing of information systems. LIMS software updation and modifications facilitate the inclusion of user requirements which is a recurring expenditure. The introduction of the cloud-based laboratory information management system product has significantly reduced support expenses to some extent.

Emerging Opportunities 

Increasing Technological Investment in Laboratories

Increasing investments in pharmacy and biopharmaceutical in the world’s emerging economies have created significant opportunities for technological advancements in laboratory developments. Major upcoming markets for laboratory information management system are anticipated to be China, India, Singapore, Brazil, and the Middle East.

Increasing Health Awareness

Health awareness among the masses is increasing with a surge in contagious diseases. This has amplified the number of test sample inflow into laboratories. To handle this augmented workload laboratories are opting for laboratory information management systems. 

Elevated stress levels and unhealthy lifestyles in the worldwide population have created investment opportunities in the market. The growing health consciousness is leading to an increase in clinical laboratory testing for preventive health checkups which is helpful in the early diagnosis of ailments.

Scope of Laboratory Information Management System (LIMS) Report

The market report includes an assessment of the market trends, market segments, and regional analysis of markets. Overview and dynamics have also been included in the report.

Laboratory Information Management System (LIMS) Market Segment Insights

Components Segment Analysis 

Based on components, the laboratory information management system (LIMS) market is bifurcated into software and services. The services segment is projected to register a considerable CAGR during the forecast period due to varied analytical offerings, including social media analytics, predictive analytics, promotional spend analysis, and benchmarking services.

These services are outsourced, based on varied contract types that include full-time, part-time, and need-based outsourcing. Major pharmaceutical companies have lesser analytical resources. This has boosted the services segment growth in recent years. Laboratory information management system-aided integration, maintenance, implementation, support, and validation have driven outsourcing over the years.

The software segment is anticipated to account for a major market share owing to the advantages of the modern network capabilities of PaaS which is an integration platform as a service over traditional software services. Data archival is possible through the retention of electronic records through the increasing use of software services in maintaining analyzed data.

Enterprise Resource Planning (ERP) systems and Manufacturing Execution Systems (MES) can be connected through laboratory information management system (LIMS) software. Laboratory systems make use of software such as electronic lab notebooks (ELN) and chromatography data systems and chromatography data systems (CDS) for efficient information handling.

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Deployment Segment Analysis 

Based on deployment, the global laboratory information management system (LIMS) market is divided into web-based, cloud-based, remotely hosted, and on-premise deployment. Cloud-based laboratory information management system segment is expected to expand at a significant growth rate during the projected period with a provision of multiple data sources for analysis.

Data accumulation is possible through multiple systems, from different branches and locations using the same laboratory information management system. The web-hosted segment is anticipated to hold a key share of the market in the coming years with an increase in the deployed laboratory information management system that adopts web-hosting resources for data exchange.

Web-hosted laboratory information management system is used by quality control labs, pharmaceutical manufacturing companies, and research and development labs. The laboratory information management system provides the deployment of managed infrastructure integrating information security monitoring, servers, operating systems (OS) & database, resources for disaster recovery, and backup that reduces implementation and record maintenance costs.

End-user Segment Analysis

Based on the end-user, the laboratory information management system (LIMS) market is segmented into food and beverage, forensics, agriculture, environmental, life sciences, oil & gas, healthcare, mining, contract research organizations (CRO), and chemical & petrochemical. The life sciences segment is expected to expand at a significant growth rate during the projected period due to the introduction of technology into pharmacy automation and biopharma laboratories.

The rise of the life sciences segment is attributed to an increase in the number of repositories storing biological data. Life sciences make use of laboratory information management systems for the management of several lab processes. Sample management, inventory management, and workflow management are made easier by using a laboratory information management system.

Reporting and regulatory compliance and integrating instruments and software are major applications of laboratory information management systems in laboratories. The contract research organizations (CROs) segment is anticipated to hold a key share of the market in the coming years owing to a spike in outsourcing driven by major competitors in the biotech and the pharma sector. CROs support the boosting of cost-efficiency beneficial to the clients and contractors.

Contract Research Organizations (CROs) provide research support services and conduct clinical trials for biotechnology and pharmaceutical companies. They also offer services to government organizations, universities, and private entities. CROs primarily make use of laboratory information management systems for releasing raw materials, the release of finished products, monitoring the environment, and stability testing.

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Regional Analysis

In terms of region, the global laboratory information management system (LIMS) market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America has emerged as the dominant region for the laboratory information management system (LIMS) market with government policies supportive of technological advancement and advanced laboratory facilities coupled with financial backing from the government.

Increasing demand for genomic research and an escalation in electronic health records are some other factors responsible for the high adoption of laboratory information management systems in the region. Asia Pacific is an emerging region for the laboratory information management system (LIMS) market with several pharmaceutical companies migrating to the region due to lower production costs.

Asia Pacific is projected to be the rapidly growing market for laboratory information management systems (LIMS) during the forecast period with a steep rise in the provision of CROs in the region.

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