Increasing Requirement of Quick-Decision-Making Process in Biotechnology Drives the Market Growth

Implementing laboratory information management systems (LIMS) in manufacturing industries is deeply influenced by security, quality, and compliance requirements. Today's laboratories create massive amounts of valuable data. Tracking samples and associated test data by the laboratory and using that data to make management reports, certificates of analysis and other information-based insights have become vital in optimizing and managing the laboratory and the business. Thus, laboratory information management systems (LIMS) are opted to organize the data efficiently, manage the laboratory workflow and support the business of the laboratory.

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Data Bridge Market Research analyses a growth rate in the Global Laboratory Information Management Systems (LIMS) Market is expected to reach USD 2,515,639.77 thousand by 2029 from USD 1,321,000.00 thousand in 2021, growing with a CAGR of 9.3% in the forecast period of 2022 to 2029. Increasing strategic decisions, such as collaborations and partnerships in informatics, will likely to increase the growth of the global laboratory information management systems (LIMS) market.

Rising integration of advanced technologies such as AI, machine learning is expected to drive the market's growth rate

Today, artificial intelligence (AI) has been looking for a lot of attention because it tries to replicate human intelligence for evaluating complex data easily. Researchers in the bioinformatics community use AI-based platforms to extract data from protein sequence data with the help of advanced techniques. With the availability of AI algorithms, it has become common for scientists and researchers to apply intelligent methods to categorize their databases in current biology. For instance, Thermo Fisher Scientific Inc., offers next-generation sequencing of bioinformatics software and services packages such as Sample Manager LIMS software, which aids to leverage the research workflows and offers a flexible options tailored to the requirements of researchers, comprising IT consulting and bioinformatics and a range of data analysis opportunities. Hence, the rising integration of advanced technologies such as AI, machine learning in laboratory information management systems (LIMS) is expected to drive the market's growth rate.

Report Scope and Market Segmentation

Segment Analysis:

The laboratory information management systems (LIMS) market is segmented on the basis of component, product type, delivery, industry type, and distribution channel.

• On the basis of component, the global laboratory information management system (LIMS) market is segmented into services and software. The service segment is expected to dominate the global laboratory information management system (LIMS) market with a 62.45% market share because it enables scientific data to be processed, captured, migrated, and interpreted for future research and immediate use.
• On the basis of product type, the global laboratory information management system (LIMS) market is segmented into industry specific and board based.

The board segment of product type segment is anticipated to dominate the laboratory information management systems (LIMS) market

• Board based segment is expected to dominate the global laboratory information management system (LIMS) market with 65.10% market share because they can collect and share data instantaneously and securely from anywhere to any devices.
• On the basis of delivery, the global laboratory information management system (LIMS) market is segmented into on premise, cloud based, and remotely hosted. The cloud-based segment is expected to the global laboratory information management system (LIMS) market with a 44.05% market because of growing demand for data complexity and integrating workflow in the R&D sector.
• On the basis of industry type, the global laboratory information management system (LIMS) market is segmented into life science industry, chemical/energy, food and beverage and agriculture industries, diagnostics/medical device, clinical research organizations / contract manufacturing organizations (CRO/CMO), and others.

The life science industry segment of industry type segment is anticipated to dominate the laboratory information management systems (LIMS) market

Life science industry segment is expected to dominate the global laboratory information management system (LIMS) market with 35.64% market share because the industry involves research, manufacturing of medical and pharmaceutical devices, and many others because it helps in analysing and managing data efficiently in the research laboratory.

• On the basis of distribution channel, the global laboratory information management system (LIMS) market is segmented into direct tenders & retail sales. Direct tenders segment is expected to dominate the global laboratory information management system (LIMS) market with 66.66% market share because it guarantees payment and makes a sustainable business by confirming a exact amount of sales for the company

Major Players

Data Bridge Market Research recognizes the following companies as the major laboratory information management systems (LIMS) market players in laboratory information management systems (LIMS) market Thermo Fisher Scientific Inc. (U.S.), PerkinElmer Inc. (U.S.), Autoscribe Informatics (U.S.), Novatek International (Russia), Benchling (U.S.), Agaram Technologies Pvt Ltd (India), Agilent Technologies, Inc. (U.S.), LabWare (U.S.), STARLIMS Corporation (U.S.), IBM Corporation (U.S.), Roper Technologies, Inc (U.S.), Eusoft Ltd. (China), Illumina, Inc. (U.S.), McKesson Corporation (U.S.).

Market Development

• In 2021, Thermo Fisher Scientific Inc launched the new Thermo Scientific Freestyle 1.8 SP1 software to provide an advanced qualitative analysis software solution and data visualization for all Thermo Scientific mass spectrometry instruments. This software will also aid the company to support customers growing needs by providing laboratories with user-friendly and flexible workflows that offer data capture assurance.
• In 2021, PerkinElmer, Inc. collaborated with Insightful Science, a software company in the life sciences community that extended its Singals informatics platform to make on the capabilities in the biologics drug discovery space. This will aid the company to increase its product portfolio and improve its platform to reach new consumers.
• In 2020, Roper Technologies, Inc. announced their acquisition of Vertafore which is a leading SaaS solutions provider. This acquisition aided the company to increase its offerings over SaaS solutions. Hence consumers can be offered many solutions with advanced technology and also expand the product portfolio.

 Regional Analysis

Geographically, the countries covered in the laboratory information management systems (LIMS) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

North America is the dominant region in laboratory information management systems (LIMS) market during the forecast period 2022 to 2029

North America dominates the laboratory information management systems (LIMS) market because of its advanced infrastructure for research and development in informatics in this region. Furthermore, the increasing demand for genomic studies in the United States will further enhance the market growth in this region.  

Asia-Pacific is estimated to be the fastest-growing region in laboratory information management systems (LIMS) market the forecast period 2022 to 2029

Asia-Pacific is expected to grow during the forecast period of 2022 to 2029 because of the increasing focus on the adoption of electronic records systems to allow data sharing across the national health system in this region. Additionally, increasing integration of varied technologies, such as machine learning and artificial intelligence, will further boost the market growth in this region. 

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