Market Size of Laboratory Information Management System Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 542.95 Million |
| Market Size (2029) | USD 862.77 Million |
| CAGR (2024 - 2029) | 9.70 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Laboratory Information Management System (LIMS) Market Analysis
The Laboratory Information Management System Market size is estimated at USD 542.95 million in 2024, and is expected to reach USD 862.77 million by 2029, growing at a CAGR of 9.70% during the forecast period (2024-2029).
Factors that are responsible for the growth of the laboratory information management system (LIMS) market include the rising demand for bio-banking, increasing focus on improvisation of the laboratory, and technological advancements in LIMS offerings.
From the past few years, there has been an explosive rise in the number of samples generated for research and analysis purposes, due to the rising number of life-threatening diseases. Similarly, a significant rise in the focus on the high quality of samples and efficient management of the same have become great points of concern. This rise in the sample is pushing the researchers toward cost pressure, managing regulatory issues, storage issues, and so on. For the sake of better management of these samples, biobanks are continuously taking efforts. The LIMS helps the biobanks in the management and tracking of the samples that are generated within the framework of clinical trials, cohort projects, various biological studies, genomic studies and specific protocols. In addition, the LIMS also plays a key role in advancing the discoveries with the provision of concerned biospecimens to the end users, such as hospitals and clinics. However, factors such as the cost associated with the implementation of a laboratory information management system, among others, may hinder the market growth.
Laboratory Information Management System (LIMS) Industry Segmentation
The laboratory information management system (LIMS) is a part of laboratory systems that help in the integration of laboratory operations, such as consolidation of test results and speeding up the overall operations being carried out in the laboratory.
Laboratory Information Management System Market Size Summary
The laboratory information management system (LIMS) market is poised for significant growth, driven by the increasing demand for biobanking and the need for enhanced laboratory management. Technological advancements in LIMS offerings are further propelling this growth. The surge in samples generated for research, fueled by the rise in life-threatening diseases, has heightened the focus on sample quality and efficient management. LIMS plays a crucial role in assisting biobanks with the management and tracking of samples from clinical trials, biological studies, and genomic studies, thereby supporting the advancement of medical discoveries. Despite the benefits, the cost of implementing LIMS systems poses a challenge to market expansion.
North America currently leads the LIMS market, with the United States holding a significant share due to its developed healthcare infrastructure and widespread adoption of these systems. The market is moderately competitive, with major players like Abbott Laboratories, LabVantage, McKesson Corporation, LabLynx, and Siemens Healthcare GmbH dominating the landscape. However, the rising demand for mobile health solutions and ongoing advancements in LIMS are expected to attract new entrants, potentially altering the competitive dynamics. The increasing integration of LIMS in modern genomics further underscores its importance in managing the vast amounts of data generated, contributing to the market's robust growth trajectory.
Laboratory Information Management System Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Demand for Biobanking
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1.2.2 Increasing Focus on Improvisation of Laboratory
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1.2.3 Technological Advancements in LIMS Offerings
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1.3 Market Restraints
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1.3.1 Cost Associated with Implementation of Laboratory Information Management System
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1.3.2 Rising Data Security and Privacy Concerns
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Component
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2.1.1 Software
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2.1.2 Services
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2.2 By Mode of Delivery
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2.2.1 On-premise
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2.2.2 Cloud-based
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2.3 By End User
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2.3.1 Hospital
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2.3.2 Clinic
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2.3.3 Other End Users
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 South Korea
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 Middle East & Africa
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2.4.4.1 GCC
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2.4.4.2 South Africa
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2.4.4.3 Rest of Middle East & Africa
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2.4.5 South America
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2.4.5.1 Brazil
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2.4.5.2 Argentina
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2.4.5.3 Rest of South America
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Laboratory Information Management System Market Size FAQs
How big is the Laboratory Information Management System Market?
The Laboratory Information Management System Market size is expected to reach USD 542.95 million in 2024 and grow at a CAGR of 9.70% to reach USD 862.77 million by 2029.
What is the current Laboratory Information Management System Market size?
In 2024, the Laboratory Information Management System Market size is expected to reach USD 542.95 million.
