Laboratory Information Management System (LIMS) Market Set to Soar, Reaching £2.9 Billion

Valued at £1.6 billion in 2024, the Laboratory Information Management System market is set to hit £2.9 billion by 2029, driven by growing R&D expenditure and demand for real-time data access.

The global Laboratory Information Management System (LIMS) market, valued at £1.6 billion in 2024, is projected to witness substantial growth, reaching £2.9 billion by 2029. This projection comes from a report by MarketsandMarkets, a leading market research firm, highlighting both the recent remarkable expansion of the LIMS market and it’s future potential.

The key findings from the full report are;

  • The Laboratory Information Management System (LIMS) market is expected to grow at a CAGR of 12.9% from 2024 to 2029.
  • Factors driving this growth include increasing R&D expenditure in pharmaceutical & biotechnology companies, heightened demand for customizable LIMS solutions, and rising need for real-time data access in the food & beverage industry.
  • Despite the promising growth prospects, the market faces challenges such as high maintenance and service costs and a shortage of trained professionals

The report emphasizes the pivotal role of LIMS in addressing the evolving needs of laboratories worldwide. The cloud-based segment of LIMS is expected to experience significant growth during the forecast period. This surge is driven by factors such as scalability, flexibility, and cost-effectiveness. Cloud solutions offer adaptability to changing workloads, reduced upfront investments, and lower maintenance costs, making them attractive to diverse laboratories.

In terms of company size, large companies hold a substantial share in the LIMS market. Their scalability across multiple sites, comprehensive features for efficient data management and compliance, and integration capabilities with laboratory instruments and enterprise systems contribute to their dominance in the market.

The Asia-Pacific market is poised to witness considerable growth, driven by factors such as rising medical tourism, increasing investments, and technological advancements. The region is attracting significant foreign investments from pharmaceutical and biotechnology firms, further fuelling the adoption of LIMS applications.

The Laboratory Information Management System (LIMS) market is experiencing robust growth, propelled by factors such as increasing R&D expenditure and the need for efficient data management in laboratories. Cloud-based solutions, dominance of large companies, and the rapid expansion of the Asia-Pacific market are key trends shaping the market landscape. As the industry continues to evolve, strategic partnerships and product innovations are expected to drive further growth and expansion.

For more detailed insights and market analysis, you can access the full report from MarketsandMarkets.

Staff Writer

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

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