According to Custom Market Insights (CMI), The Laboratory Information Management System Market was estimated at USD 2,198 million in 2021 and is expected to reach USD 2,478 million in 2022 and is expected to hit around USD 3,712 million by 2030, poised to grow at a compound annual growth rate (CAGR) of 7.5% from 2022 to 2030.
A huge amount of data and information is produced in the laboratory system, which needs to be processed and managed to obtain a format that can be accessed when required. A huge amount of data is processed with the help of a laboratory information management system, which has become a very basic need of the pharmaceutical sector.
The key market players have launched technologically advanced systems to attract potential customers. There is a growing need for a high level of management and processing of laboratory information. These options provided by the system by many key market players have boosted the demand for this Product.
Browse the full “Laboratory Information Management System Market Size, Trends and Insights By Product (Web-hosted, Cloud-based, On-premise), By End User (Life sciences, Petrochemical refineries, Food and beverages, Chemical industry, Agricultural industry, CRO, Environmental testing laboratory, Other industries), By Component (Software, Services), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/laboratory-information-lims/
Market Dynamics
Drivers
The rapid adoption of technologically advanced software and systems by major pharmaceutical companies has greatly boosted the market’s growth. Security concerns have become a very important aspect of the medical sector that needs to be dealt with care; hence, the demand for laboratory information management systems is increasing rapidly.
The increasing demand for laboratory information management systems in the Asia Pacific region has greatly boosted the market’s size. Increasing competition among the key market players to introduce better technologies and software has greatly boosted the market’s size.
Restraints
With the rapidly growing population, the information and data present worldwide are enormous and need to be managed with the help of advanced systems. The high cost associated with such advanced technologies becomes a restraining factor for market growth.
The laboratory’s work pattern needs to be altered according to the interface of the software, which challenges the functioning of the medical sector. This has hampered the growth of the laboratory information management system market to a great extent.
Opportunities
Many manufacturers worldwide have shifted to underdeveloped and developing nations to reduce the total cost of production. These nations have hence demanded better laboratory information management systems that can process and handle a huge amount of data produced by huge companies.
The rapid developments in the pharmaceutical sector that have been observed worldwide have emerged as a major growth factor for the laboratory information management system market. The recent technological advancements which have been made in the system have complied with the rules and regulations laid down by the government, and hence the demand for such systems is increasing in the market tremendously.
Challenges
The absence of a skilled workforce for managing the functions and operations of technologically advanced software hampers the market’s growth to a great extent. The total cost of training a professional to handle such advanced software imposes additional expenditure on the companies and hence challenges the market’s growth to a great extent.
The total cost of maintenance of the software is very high compared to the real cost price, which imposes additional expenditure on the pharmaceutical and medical sectors. The technical glitches that might be caused in the software system need to be handled with the help of skilled professionals, which becomes another restraining factor for the market’s growth. The absence of skilled professionals in the present market becomes a major restraining factor for the growth of the laboratory information management system market.
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Report Highlights
Based on components, the segment of services has emerged as the largest market for laboratory information management systems due to the huge demand it has received from the global market. The rapid advancements made by the key market players to provide better services to the industries have boosted the demand to a great extent. Based on Product, the segment of cloud-based systems has emerged as a major market due to the increasing demand for online storage space, which helps to manage a huge amount of data and information without the need for onsite installation.
Key Players
- LabVantage Solutions Inc.
- LabWare
- Thermo Fisher Scientific
- Siemens
- PerkinElmer Inc.
- Abbott Laboratories
- Labworks
- LabLynx, Inc.
- Autoscribe Informatics
- Illumina, Inc.
- Computing Solutions, Inc.
- CloudLIMS.com
- AssayNet
- Ovation
- LAB TRACK
Table of Contents: https://www.custommarketinsights.com/report/laboratory-information-lims/#table-of-contents
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