How is the Laboratory Information Management System Market Poised for Growth: Trends and Opportunities Through 2034
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What key factors are powering the surge in the Laboratory Information Management System market right now?
The market size for the laboratory information management system has experienced swift expansion recently. From standing at $2.21 billion in 2024, it is projected to escalate to $2.44 billion in 2025, boasting a compound annual growth rate (CAGR) of 10.5%. The significant increase throughout the historical span is credited to factors such as mounting regulatory compliance needs, amplified research and development undertakings, a burgeoning demand for precise data, escalating data volumes, and an emphasis on quality assurance and process optimization.
How fast Is the landfill gas capture and utilization market expected to grow, and what’s its future value?
Expectations are high for the laboratory information management system market size which is predicted to witness speedy expansion in the forthcoming years. It’s forecasted to soar to $3.6 billion by 2029, experiencing a compound annual growth rate (CAGR) of 10.2%. The projected surge during this period is linked to several factors such as the ascend of advanced analytics and artificial intelligence integration, the birth of personalized medicine, heightened emphasis on cybersecurity, incorporation with other lab tools, and increased biobanking activities. Some of the anticipated trends within the predicted period comprise technological advancements, raised complexity within research fields, fusion with cutting-edge technologies, adoption of cloud-hosted solutions, and mobile lims.
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What are the leading drivers of growth in the laboratory information management system market?
The laboratory information management system market is likely to experience a surge due to the anticipated rise in research and development activities. The term “research and development activities” involves the numerous operations and tasks performed by organizations in a bid to innovate or better existing concepts, products, or services. To assist in the seamless operation of these laboratory-based activities, laboratory information management systems (LIMS) are employed. They aid in tasks such as organizing research and development data into respective projects and studies, monitoring of resources and work assignments, IT maintenance cost reduction, and productivity maximization among others. For example, Eurostat, a non-profit institution based in Luxembourg, reported in August 2023 that in 2022, the European government assigned around $124,899.50 million for laboratory research and development (R&D). This signifies a 5.4% increase compared to the amount of $118541.09 million that was allocated in 2021. As a result, the enhancement of research and development operations signifies the driving force behind the growth of the laboratory information management system market.
What are the key segments defining the laboratory information management system market?
The laboratory information management system market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment Model: On-Premise Laboratory Information Management System (LIMS), Cloud Laboratory Information Management System (LIMS), Remotely Hosted Laboratory Information Management System (LIMS)
3) By Distribution Channel: Direct Tenders, Retail Sales
4) By End-Use: Life Sciences, Contract Research Organizations (CROs), Petrochemical Refineries And Oil And Gas Industry, Chemical Industry, Food And Beverage And Agriculture Industries, Environmental Testing Laboratories, Other Industries (Forensics And Metal And Mining Laboratories)
Subsegments:
1) By Software: On-Premise LIMS, Cloud-Based LIMS, Web-Based LIMS
2) By Services: Implementation Services, Support And Maintenance Services, Consulting Services
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Who are the key players steering the development of the laboratory information management system market?
Major companies operating in the laboratory information management system market report are McKesson Corporation, Siemens AG, Thermo Fisher Scientific Inc., Abbott Laboratories, STARLIMS Corporation, Novatek International Pty Ltd., Agilent Technologies Inc., Dassault Systemes SA, PerkinElmer Inc., Illumina Inc., Ovation.io Inc., Waters Corporation, CompuGroup Medical, CliniSys Group Limited, LabWare Inc., LabLynx Inc., LabVantage Solutions Inc., INFORS GmbH, Agaram Technologies Pvt Ltd., Benchling Inc., CloudLIMS Lab Solutions (India) Pvt. Ltd., Quartzy Inc., Caliber Technologies Inc., Accelerated Technology Laboratories Inc., Autoscribe Limited, Labworks International Inc., Computing Solutions Inc., CrelioHealth Inc., AssayNet Inc., Eusoft Ltd.
What emerging trends are influencing the growth of the laboratory information management system market?
Leading businesses in the laboratory information management system market are concentrating on the creation of technologically sophisticated products like scalable lab automation solutions. These solutions deliver scalable, adaptable, and automated systems to laboratories, assisting in the improvement of operations and data management. Scalable lab automation solutions are flexible, modular systems that offer laboratories the ability to automate and enhance workflows, while also readily expanding and adapting to changing operational necessities. For example, Clinisys, an informatics software firm based in the United States, introduced Clinisys Laboratory Solutions in July 2023. The product contains discipline-specific laboratory information management systems (LIMS) that are built on a unified SaaS platform. This improves automation, scalability, and data management. It allows laboratories to simplify operations, achieve more detailed analytics, and bolster workflow flexibility, all while decreasing expenses and ramping up security. This breakthrough aids laboratories in advancing science by enhancing data management and analysis across a variety of sectors, such as environmental, water quality, and public health laboratories.
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Which regions are most influential in expanding the laboratory information management system market?
North America was the largest region in the laboratory information management system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the laboratory information management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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