LIMS is going to get $900m bigger says new report

The global LIMS market is projected to grow by USD 907.08 million from 2023-2027, with a 9.08% CAGR, driven by regulatory compliance, technological advancements, and increased R&D investments, especially in North America

The global laboratory information management system (LIMS) market is on the brink of significant expansion, with projections indicating a growth of USD 907.08 million from 2023 to 2027, as detailed in a comprehensive market research report by Technavio.

This growth, representing a Compound Annual Growth Rate (CAGR) of 9.08%, underscores the increasing reliance on LIMS across various industries to streamline laboratory operations and manage data more effectively.

North America, a leader in technological advancement and healthcare infrastructure development, maintained the largest share of the global market in 2022. The region is anticipated to witness an incremental growth of 41%, largely driven by the growing need for efficient data management in compliance with stringent government regulations across industries, including healthcare and food and beverages.

Technavio has announced its latest market research report titled Global Laboratory Information Management System (LIMS) Market 2023-2027

The market landscape is notably fragmented, with numerous vendors vying for a greater market share amidst stiff competition. Established companies such as Abbott Laboratories, Thermo Fisher Scientific Inc., and PerkinElmer Inc., among others, dominate the market by leveraging technological advancements and competitive pricing strategies. The entry of new players is expected, adding to the market’s dynamism and innovation.

Technavio’s analysis highlights the increasing adoption of cloud-based LIMS solutions, offering easy accessibility and secure data storage, as a significant market driver. Such advancements facilitate laboratories in meeting compliance regulations like ISO 17025, enhancing data handling efficiency. Moreover, the integration of artificial intelligence (AI) and machine learning (ML) technologies in LIMS is streamlining quality control processes, marking a leap towards more autonomous laboratory operations.

However, the market faces challenges such as the total cost of ownership, the need for technical expertise, interoperability issues, and efficiency considerations in laboratory settings. Despite these hurdles, the burgeoning investment in R&D by pharmaceutical companies and the development of healthcare infrastructure are fostering market growth.

The United States, Germany, the United Kingdom, China, and Japan emerge as key players in this expanding market, with their robust healthcare and research sectors propelling the demand for LIMS solutions.

Technavio, a global technology research and advisory company, has meticulously compiled this report, offering valuable insights into market trends, drivers, and challenges. Their analysis is designed to aid businesses in strategising to capitalise on market opportunities and enhance their competitive positioning in an evolving landscape.

As the LIMS market continues to grow, its role in enhancing laboratory efficiency and data management becomes increasingly indispensable across industries, signalling a future where laboratory operations are more streamlined, compliant, and efficient.

You can get a full copy of the Technavio report at this link or download a free sample.

Staff Writer

Our in-house science writing team has prepared this content specifically for Lab Horizons

Leave a Reply

Your email address will not be published. Required fields are marked *