The global laboratory information management system market size was estimated at USD 1.92 billion in 2021 and is expected to hit around USD 3.8 billion by 2030 poised to grow at a compound annual growth rate (CAGR) of 7.88% during the forecast period 2022 to 2030.
The increasing demand for laboratory information management system all over the world has emerged as a major driving force for the growth of the market which is expected to continue in a similar fashion during the future as well and hence support the growth of the market tremendously. the recent technologies that have been launched into the market for laboratory information management comply with the strict regulations and rules which are required and hence the demand has boosted to a great extent.
The outbreak of the COVID pandemic had a significant impact on the growth of the market due to its major effect on the respiratory system which required laboratory diagnosis for confirmation. The market for the laboratories reached new heights after the outbreak of the pandemic which created a huge amount of data in the market which needed to be managed and processed. This task was performed with the help of laboratory information management system.
Increasing research and development programs which are carried out by the key market players with a view to introduce better laboratory information management techniques has helped the market to record a tremendous revenue over the period of time. Rapid technological advancements that have been made by the laboratory information managing system has helped boost the demand of such technologies among the major companies all over the world. The development of cloud-based laboratory information management system has emerged as a major driving force for the market as it has provided a cheaper option for storage of data and information by saving a huge amount of space.
Report Scope of the Laboratory Information Management System Market
|Market Size in 2022||
USD 2.07 Billion
|Market Size by 2030||
USD 3.8 Billion
|Growth Rate from 2022 to 2030||CAGR of 7.88%|
|Forecast Period||2022 to 2030|
|Segments Covered||Product, Component, Type, End User, and Geography|
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, LABTRACK
Key Market Drivers
Key Market Challenges
Key Market Opportunities
Low-cost production - The total manufacturing cost of any product this benefited to a great extent when the handling and processing cost is managed sufficiently. Numerous manufacturers all over the world are choosing the underdeveloped and developing nations over the developed sectors as they impose lesser number of rules and regulations on the manufacturing process which helps the key market players to manage the total cost of production. A huge number of manufacturers have shifted to the Asian countries which has imposed an additional pressure on the developed nations to change their policies with a view to get back the operational facilities in their own sector.
On the basis of component, the segment of services has emerged as dollar list market due to its considerable contribution to the growth of the system. The increasing requirement for laboratory information management system all around the world is helping the market to record a considerable revenue over the period of time. The need for maintaining an integrated arrangement of data and information obtained from the laboratory system has increased the demand and supply of laboratory information management system in the market well equipped laboratory information management system supports the sector by maintaining its records in an organized manner by sorting the necessary data from the unnecessary information which turns out to be our very useful arrangement for managing data. The validation of the entire process takes place with the help of artificial intelligence which arranges the information according to the I requirement of the business strategy.
A proper laboratory information management system helps to support the system by providing a proper arrangement to the data and information that is received by the laboratory management. The trend of outsourcing various parts of a business has boosted the market for solutions to a great level which has helped the laboratory information management system to record a considerable revenue over the period of time. the software system has also shown a tremendous growth due to the rapid advancements that have taken place in the technical field. The use of advanced software system has helped the businesses to maintain their records digitally and hence can be managed within a smaller space available.
On the basis of product, the segment of cloud-based product has emerged as the largest market due to the increasing demand for this technology. This segment has accounted for a tremendous growth of the market due to the increasing demand it has experienced from the recent business strategies. A cloud-based setup has any bold the businesses to have multiple accessible options to their data and information with the help of technology. Various multiple platforms are provided by the modern technological system that provides access to the stored data and information. Multiple sites have been set up on the Internet which can guide the business through the required data and information. There are multiple branches that are connected to the main server which contains the required data or information which is provided when searched for it on the Internet.
A cloud-based system helps the business to store a huge amount of data on the Internet without worrying about space and accessibility which emerges as a very profitable deal for the big companies. The use of a cloud-based system helps the major organizations to reduce the total expenditure on human intelligence which has become very costly as per today’s market trend. The system of storing the information on the cloud helps to save a huge amount of space which can be utilized for other productive purposes by the organization. This segment of on premise has also shown a considerable growth over the period of time as it provides a better accessibility to the major companies during the occurrence of a technical glitch or failure.
End User Insights
On the basis of end user, the segment of life sciences has emerged as the largest market resulting from the huge adoption which has taken place regarding laboratory information management systems in the pharmaceutical sector. A shortage of skilled professionals in the pharmaceutical sector has led to the increasing demand of laboratory information management system which have a higher capability of managing and organizing the information and data received from all over the world.
The productivity which has been produced with the help of laboratory information management system is far more profitable as compared to the manual method which it acquires a greater expense on workforce. As a result of this the entire system has proved to be cost effective for the manufacturers and the demand is foreseen to increase during the future as well. A huge demand regarding biobanks has been expressed by the market which has also emerged as a major driving force for the growth of the laboratory information management system market.
Laboratory Information Management System Market Share, By Region, 2021 (%)
|Regions||Revenue Share in 2021 (%)|
On the basis of geography, the region of North America has emerged as the major market for laboratory information management system due to the increasing demand of digital management of data and information among the key market players. Increasing amount of data which has accumulated over the period of years needs to be sorted and managed according to preference set by the strategies of the company. The level of organization which is required for the information collected by the laboratories has demanded for advanced technologies and processes which will provide and access to the required information from multiple sources. The other regions which have contributed significantly to the market of laboratory information management system includes the European nations which has also shown a tremendous growth as far as technology is concerned.
A higher earnings ratio is expected out of the Asia Pacific region due to the huge population residing in this area and hence an extensive amount of data is available with the laboratories which needs to be managed and organized accordingly. The increasing number of healthcare sectors in this region has also been a major growth factor for laboratory information management system market which is expected to grow further in a similar fashion due to the increasing demand for these advanced technologies.
Key market players
Segments covered in the report
By End User
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