Laboratory Information Management System (LIMS) Market size shall reach a value of $2,652 Million in 2027, growing with a CAGR of 9.1% during the forecast period of 2020 to 2027.
Laboratory Information Management System(LIMS) Market Growth and Trends
The growing incidence of and concern for chronic diseases bolsters the demand for advanced diagnostic and laboratory services, where governments are implementing various initiatives for patients affected by chronic illness such as cancer in order to make treatment more cost-effective. Such growth in supporting disease treatment methods and research will rapidly drive the demand for associated technologies and solutions in the form of laboratory information management systems. Their functionality in providing quick and accurate subtyping for diseases, and also providing instant access to cancer data, reducing redundancy and costs, along with facilitation of integration and collection of data from different types of instruments and systems add to the demand-generating factors expected to favour market growth. Technological advancements in laboratory information management system offerings, increasing R&D expenditure in pharmaceutical and biotechnology companies, and the increasing adoption of cloud-based systems further propel the demand aspect, of which the cloud-based segment is expected to register the highest CAGR in the coming years. On-demand self-serving analytics, convenience of use, reliability, affordability, no upfront capital investment for hardware, adaptability and flexibility have already ensured a high and steady growth of the cloud-based laboratory information management systems segment. The use of these systems in hospitals and hospital laboratories can considerably reduce the waiting time for patients and improve the quality of diagnostics. They also have the ability to facilitate virtual discussions with experts and also create digital slide images of specimens, such as blood smears or frozen sections, available online. These benefits are leading hospitals across the world to increasingly adopt laboratory information management systems.
The maintenance cost of IT solutions exceeds the actual price of the software, requirement of specialized laboratory units, and interfacing issues, owing to which several small- and medium-sized laboratories find it difficult to invest in these systems which limits their adoption.
The Laboratory Information Management System Market accounts for over 1 billion dollars in 2020, and the growth is estimated to be 1.7 billion by 2025. At the rate of CAGR, 12% happened due to the technological development and investment of resources. In 2019, North America accounted for the largest Laboratory Information Market due to its resources and Europe was the second largest in generating revenue. Companies that contribute to the market are Lab Lynx (US), About Informatics (US), Computing Solutions (US), thermal fisher scientific (US), Lab vantage (US), Genelogics (Canada), Apollo (US), Cloud LIMs, etc. Due to its highest number of laboratories, China is growing at a very high rate in this market.