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The global Laboratory Information Management System (LIMS) market size was USD 2.15 Billion in 2022 and is expected to reach USD 4.12 Billion in 2032

NEW YORK CITY, NY, UNITED STATES, April 23, 2023 /EINPresswire.com/ -- The global Laboratory Information Management System (LIMS) Market had a global size of USD 2.15 Billion in 2022, projected to grow at a CAGR of 7.50% to reach USD 4.12 Billion by 2032. LIMS software systems used for laboratory operations such as data administration, sample tracking, and workflow automation are experiencing rising demand across various industries, such as pharmaceuticals, biotechnology, and research.

The growth in the number of samples and tests processed in laboratories is driving demand for effective laboratory data management systems. The need for laboratory data management systems with advanced analytics capabilities is also rising due to the growing importance of data analysis in laboratory research. Compliance with regulations such as Good Laboratory Practice (GLP), Good Manufacturing Practice (GMP), and ISO standards is essential in laboratories, driving the need for LIMS that guarantee compliance. The adoption of cloud-based LIMS is increasing due to the benefits of greater data accessibility, flexibility, and lower costs.

However, the high cost of adopting LIMS and the shortage of qualified personnel to operate them are potential obstacles to market revenue growth. Additionally, data security and privacy issues may limit the use of LIMS in various industries.

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Segments Covered in the Report:

The laboratory information management system (LIMS) market can be segmented based on product outlook, component outlook, and end-use outlook.

Based on product outlook, the market can be categorized into on-premise, web-hosted, and cloud-based LIMS. On-premise LIMS refers to software that is installed and operated on a company's local servers, whereas web-hosted LIMS is operated and managed by a third-party provider and accessed through a web browser. Cloud-based LIMS is similar to web-hosted LIMS, but the software is hosted in the cloud instead of on a third-party server.

Based on component outlook, the market can be classified into software and services. The software component includes various functionalities such as data administration, sample tracking, and workflow automation. The services component includes implementation, maintenance, and consulting services.

Based on end-use outlook, the market can be further segmented into life sciences, contract research organizations (CROs), petrochemical refineries and the oil and gas industry, chemical industry, food and beverage and agriculture industries, environmental testing laboratories, and other industries such as forensics and metal and mining laboratories.

The life sciences sector includes pharmaceuticals, biotechnology, and medical device companies, which require LIMS for research and development, quality control, and regulatory compliance. CROs are organizations that provide research services to other companies and require LIMS for effective data management. The petrochemical refineries and oil and gas industry require LIMS for managing various processes such as crude oil processing, product blending, and quality control. The chemical industry requires LIMS for managing the quality of raw materials and finished products. The food and beverage and agriculture industries require LIMS for managing the quality of raw materials, finished products, and compliance with regulatory requirements. Environmental testing laboratories require LIMS for managing environmental samples and complying with regulatory requirements. Other industries such as forensics and metal and mining laboratories also require LIMS for effective data management.

Strategic development:

Several acquisitions, partnerships, and product launches have taken place in the scientific and laboratory equipment industry in recent years. In 2021, Thermo Fisher Scientific Inc. acquired PPD, a contract research organization (CRO), for $17.4 billion. The acquisition aimed to expand Thermo Fisher's capabilities in the CRO market, serving the pharmaceutical and biotech industries. Thermo Fisher also launched the Thermo Scientific SampleManager LIMS solution in 2021, designed to help laboratories increase efficiency, productivity, data quality, and compliance.

In 2021, LabVantage Solutions, Inc. partnered with Lonza, a provider of pharma biotech and specialty ingredients. The partnership aimed to enhance LabVantage's laboratory informatics solutions with Lonza's automation and data management expertise. LabVantage also launched the LabVantage 8.5 LIMS solution in 2021, which streamlines workflows, improves data quality, and enhances efficiency and productivity.

In 2020, Abbott Laboratories acquired Walk Vascular, a medical device company specializing in minimally invasive treatments for vascular disease, aiming to expand Abbott's portfolio of cardiovascular products and services. Agilent Technologies, Inc. acquired BioTek Instruments, a life science instrumentation provider, to enhance its cell analysis and screening capabilities and accelerate growth in the life sciences market. Agilent also launched the Agilent MassHunter Walkup software in 2020, simplifying mass spectrometry data analysis and increasing laboratory efficiency.

PerkinElmer, Inc. acquired Horizon Discovery Group, a gene editing and modulation company, to expand its genomics portfolio and capabilities, serving the life sciences and diagnostics markets. PerkinElmer also launched the Signals Notebook platform in 2020, a digital platform helping researchers manage and share scientific data more efficiently. Promium, LLC launched the Element LIMS solution, a cloud-based LIMS designed to help laboratories manage sample and data workflows more efficiently.

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Competitive Landscape:

The global Laboratory Information Management System (LIMS) market is experiencing rapid growth due to the increasing demand for laboratory automation and digitalization. This growth is being driven by the need for greater efficiency, productivity, and accuracy in laboratory processes.

The LIMS market is highly competitive, with a large number of players operating in the market. The market is dominated by major companies such as Thermo Fisher Scientific Inc., Abbott Laboratories, LabVantage Solutions, Inc., Agilent Technologies, Inc., Promium, LLC, PerkinElmer, Inc., Bruker Corporation, Waters Corporation, Autoscribe Informatics Inc., AbbVie Inc., and LabWare, Inc.

These companies are investing heavily in research and development to offer advanced and innovative solutions to their customers. For instance, Thermo Fisher Scientific Inc. recently launched the Thermo Scientific SampleManager LIMS solution, designed to help laboratories improve efficiency and productivity, while also improving data quality and compliance. Similarly, LabVantage Solutions, Inc. launched the LabVantage 8.5 LIMS solution, which is designed to streamline laboratory workflows, enhance productivity, and improve data quality.

The global LIMS market is expected to continue to grow in the coming years, driven by the increasing adoption of digitalization and automation in laboratories, as well as the growing demand for improved accuracy, efficiency, and productivity in laboratory processes.

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