15-Mar-2021 | Facts and Factors
As per the report published by Facts and Factors, the global laboratory information management system (LIMS) market was valued at approximately USD 1,321.4 Million in 2019 and is expected to generate revenue of around USD 2,446.4 Million by end of 2026, growing at a CAGR of around 9.2% between 2020 and 2026.
Laboratory Information Systems (LIS) are critical to laboratories meeting quality standards, reducing data redundancy, shortening the time between receiving a specimen and producing reports, and improving patient outcomes. Increasing specimen concentrations, as well as increased demands for and dependence on laboratory data to meet public health and clinical needs, have resulted from technological developments in laboratory instrumentation over the last decade. These innovations showed that paper-based records management and results analysis were unreliable and unable to satisfy the laboratory's business requirements. As a result, there has been a massive increase in demand for LIS adoption at all levels. As a result of increased use of LIS, end-users have been able to more clearly express detailed device specifications, prompting vendors to create more appealing and viable LIS options.
Top Major Market Players
Major players in the market are Abbott Laboratories, LabLynx Inc., Promium LLC., Thermo Fisher Scientific, Inc., Novatek International, Siemens Group SA, LabWare, Autoscribe Informatics, among others.
Increasing Focus on Improving the Efficiency of Laboratories
Laboratory Information Management System is a software-based solution that can assist laboratories in efficiently handling laboratory data and increasing the productivity of various lab operations. A LIMS serves as a link between the laboratory personnel and the database that houses all of the data. In today's competitive climate, every lab is attempting to obtain the best technological results possible. They must minimize processing time, improve customer loyalty, and adhere to their industry's regulatory requirements. The primary goal of LIMS is to improve lab performance by eliminating manual activities. The decision to introduce a LIMS is usually based on collaboration between various departments, including the lab as well as the IT department. It is crucial that the IT department has the infrastructure in place to sustain the LIMS implementation. Alternatively, the lab could opt for a cloud-based LIMS that can be accessed 24 hours a day, 7 days a week, from any internet-connected computer, without the need for IT support. Choosing a LIMS, on the other hand, necessitates a proper examination of the numerous factors that can affect its effective and long-term implementation and use.
North America Region Dominates the Global Laboratory Information Management System (LIMS) Market
North America held the major share of the market in 2019, followed by Europe. The strong economies of the United States and Canada have encouraged substantial investment in new technology, the expansion of bio-banks, the easy availability of LIMS goods and services, and the introduction of stringent requirements in a variety of industries. This is a big reason for North America's dominant position in this market. Due to the growing number of LIMS-providing CROs in this area, the market in the Asia Pacific is expected to grow at the fastest rate during the forecast period.
Browse the full“ Laboratory Information Management System (LIMS) Market By Type (Broad, Industry-Specific), By Component (Services, and Software), By Delivery (On premise, and Cloud), and By End User (Pharma, CRO, Biotech, Agriculture, Food and Beverages, Chemical, Oil and Gas): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026” report at https://www.fnfresearch.com/laboratory-information-management-system-lims-market
The global Laboratory Information Management System (LIMS) market is segmented as follows:
- Food and Beverages
- Oil and Gas
- North America
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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