Laboratory Information Management System Market set to grow at over 10% CAGR to reach $2 bn by 2025

The Laboratory Information Management System (LIMS) Market is driven by increasing regulatory compliance requirements, technological advancements, and benefits offered by LIMS to improve lab's productivity and efficiency.
 
BRUSSELS - March 25, 2022 - PRLog -- A LIMS is a data management software that helps labs in automating their workflows, keeping track of data (associated with samples, instruments and QA/QC results), and data storage, processing and reporting. All of these features are crucial to sustain and improve productivity and efficiency of any biological lab, from pharma, biotech, environmental facilities, F&B to biobanking.

Rapid Shift towards Cloud-based LIMS

With the growing need for data sharing across and between organizations, traditional on-premise LIMS face challenge to survive in a data-driven world. On-premise systems lack scalability and easy integration, are often time-consuming and costly to implement and manage. The LIMS industry is witnessing rise in the adoption of cloud-based model as it can address most of these issues with quick deployment, minimum upfront costs, high flexibility and scalability making it affordable for even small to medium-size laboratories.

Trending Subscription-based Pricing Models

Each pricing model has its own merits and demerits. Big companies with enough support staff and internal resources often prefer to buy a perpetual license. However, smaller companies/start-ups usually opt for cost-effective, pay as you go subscription and SaaS pricing model. For labs choosing to install LIMS on-premise or in the cloud, vendors are offering both perpetual as well as subscription licenses.

US Leads the Trends of Laboratory Information Management System (LIMS) market

North America commanded the largest share of the LIMS market, followed by Europe. This is mainly attributed to the strong economies of the US and top EU countries, established lab infrastructure, greater degree of automation and digital technologies, significant investments in new technologies, growth in biobanks, easy availability of LIMS products and services, and stringent regulatory requirements across industries. While APAC has a minor share in this market currently, emerging countries in this region are expected to witness strong growth in the upcoming years.

Competitive Landscape Analysis: Laboratory Information Management System (LIMS) Market

The major players having a strong foothold in the global LIMS market are Abbott Informatics, Agilent Technologies, Autoscribe Informatics, AgileBio, ATL, Computing Solutions, Dassault Systèmes, Labworks, LabLynx, LabWare, LabVantage and Thermo Fisher Scientific.

Explore Detailed Insights and Get Customized Report on LIMS Market @ https://meditechinsights.com/laboratory-information-management-system-market/

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