The laboratory information management system category is anticipated to grow at a CAGR of 6.7% from 2023 to 2030.
Laboratory Information Management System Category Overview
The laboratory information management system category is anticipated to grow at a CAGR of 6.7% from 2023 to 2030. Increasing automation such as cloud-based system, predictive analytics, and artificial intelligence has resulted in streamlined operations, increased productivity, and reduced cost, which helps laboratory information management systems (LIMS) in managing samples and associated data in the laboratories in an effective and efficient way. Additionally, rising demand for drug discoveries and R&D activities has led to the adoption and implementation of LIMS across the globe.
Many laboratories are now choosing cloud-based storage solutions for their Laboratory Information Management Systems (LIMS). Cloud-based LIMS systems provide widespread connectivity within labs, connecting various workstations, devices, and data sources. This connectivity enhances operational efficiency and effectiveness. These systems also offer scalability and strong maintenance support, enabling multiple integrations, comprehensive data management, advanced analytics, and more. The shift towards cloud deployments in laboratories is motivated by the need for agility, scalability, reduced costs, and simplified system upgrades and maintenance. By embracing cloud-based LIMS, laboratories can streamline their IT expenses and ensure smooth scalability and continuous system improvements.
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LIMS integrated with Artificial Intelligence (AI) and Machine Learning (ML) algorithms greatly augment their utility by enabling precise predictions, enhanced data consolidation, and efficient decision-making. These algorithms streamline complex logic and computations, empowering managers to make well-informed choices grounded in valuable insights. In the biopharmaceutical sector, advanced algorithms are employed in laboratories to accelerate product development, leading to heightened quality and the development of vital new medications for patients. In the past, pharmaceutical manufacturing heavily depended on human intelligence and researchers’ judgments, but now, AI has taken over the control of the decision-making process.
Industries prioritize operational convenience, often facing challenges when transitioning from traditional methods to advanced LIMS. Outdated processes, incompatible tools, and complex workflows in labs can complicate this shift. Consequently, labs are increasingly seeking pre-configured standard solutions with industry-standard capabilities and best practices. Adopting such solutions can streamline the implementation process, leading to immediate positive outcomes.
Laboratory Information Management System Procurement Intelligence Report Scope
The Laboratory Information Management System category is expected to have pricing growth outlook of 3% – 4% (annual) from 2023 to 2030, with below pricing models.
Supplier Selection Scope
Supplier selection criteria
Medical Writing Procurement Intelligence Report Coverage
Grand View Research will cover the following aspects in the report:
Request for Sample Copy of the Laboratory Information Management System Procurement Intelligence Report, 2023 – 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)
Laboratory Information Management System Procurement Cost and Supplier Intelligence
The category includes large established companies offering comprehensive solutions, as well as smaller niche players focusing on specific laboratory types or functionalities. This diversity intensifies competition. Continuous innovation and differentiation in service offerings, user experience, and compliance features drive competition among LIMS providers. Acquisitions, collaborations, and partnerships have also impacted the category growth in recent years. For instance, in August 2023, STARLIMS a provider of enterprise information solutions acquired Labstep. Through this acquisition, STARLIMS’ comprehensive LIMS technology combined with Labstep’s user-friendly, SaaS electronic laboratory notebook (ELN) platform. Through this acquisition, users can strip off complexity from the lab and unlock data’s true potential in a connected system.
Additionally, with more and more advanced technology, companies are upgrading their software to newer versions to sustain in the market. For example, in December 2022, LabVantage Solutions, which is the provider of laboratory informatics services, and solutions including LIMS solutions launched version 8.8 of its LabVantage LIMS platform. This version includes multiple enhancements within every element of the platform. This can also improve the security, usability, speed, and accuracy of LIMS components such as laboratory execution system (LES), and electronic laboratory notebook (ELN).
Key companies profiled:
LabVantage Solutions, STARLIMS, ThermoFisher Scientific, LabWare, Siemens, Illumina, LabLynx, Labworks, Accelerated Technology Laboratories, QBench
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