The global laboratory information management systems (LIMS) market size is expected to reach USD 1.91 Billion by 2028 at a CAGR of 9.3%, according to a new report by Reports and Data. Market revenue growth is mainly attributed to growing need for advanced and effective laboratory information management, emerging new features in LIMS, and rising adoption in the pharmaceutical and biotechnology industries. Increasing demand for cloud-based LIMS owing to greater convenience, higher affordability, and better adaptability and reliability is a key factor boosting the global laboratory information management systems (LIMS) market growth to a significant extent. Rise in research & development activities in the life sciences sector, increasing focus on laboratory automation, and growing adoption of LIMS across the food & beverage, agriculture, chemical, environmental testing, and several other industries further drive market growth.
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A laboratory information management system (LIMS), also known as laboratory information system (LIS), is a software-based solution for modern-day laboratory operations. Over the past years, LIMS has evolved in terms of functionality and, unlike the traditional LIMS, it is not limited to just sample tracking and management. LIMS is an integrated solution that caters to a wide range of laboratory data & information management needs, such as tracking of lab tests performed, maintaining sample records, and managing customer services and the invoices for those services. Laboratory information management systems are increasingly being adopted in various industry verticals and are replacing other solutions including ELN (Electronic Laboratory Notebook), barcode management systems, accounting software, and patient portals. Some of the core functions of LIMS include reception of samples and associated customer data, sample scheduling and tracking, sample processing and quality control, data storage, and inspection and compilation of sample data.
Market Dynamics:
Increasing development of on-demand, digitally enabled, and seamlessly connected clinician-patient interactions to manage patient base is expected to drive pharma and healthcare market in the coming years. After the COVID-19 outbreak there has been a number of foundational shifts in the healthcare system. Some of the examples include increasing consumer involvement in health care decision-making, the rapid adoption of virtual health & other digital innovations, increasing focus on utilization of interoperable data & data analytics, and increased public-private collaborations in therapeutics and vaccine development. The increased public-private collaborations for vaccine development has arisen due to high pressure of regional governments. Health care providers, and other stakeholders have invested heavily to quickly pivot, adapt, and innovate therapeutics.
Surging demands and transition to patient-centric care delivery across geographies will change pharma and healthcare market trends through 2028.
Competitive Outlook:
The report focuses on current and emerging trends in the healthcare industry such as incorporation of IoT and Machine Learning to enhance efficiency of medical products. Top companies in the market are focusing on R&D activities to expand their product offerings and cater to unmet medical needs.
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