Laboratory Information Management System Market Opportunities, Business Forecast To 2026

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The report "Laboratory Information Management System (LIMS) Market is projected to reach USD 2.1 billion by 2026 from an estimated USD 1.1 billion in 2021, at a CAGR of 13.2%. Growth of this market is attributed to the increasing use of LIMS to comply with stringent regulatory requirements, rising need for the adoption of LIMS, technological advancements in LIMS offerings, increasing R&D expenditure in different industries, and growing adoption of cloud-based LIMS.

Key Players:
LabWare (US), LabVantage Solutions (US), Thermo Fisher Scientific (US), Abbott Informatics (US), Agilent Technologies Inc. (US), LabLynx, Inc. (US), Dassault Systèmes (France), Labworks LLC (US), Autoscribe Informatics (US), and Accelerated Technology Laboratories (ATL).

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LIMS industry Dynamics
Drivers: Growing use of LIMS to comply with stringent regulatory requirements
In various countries, pharmaceutical and biotechnology companies face immense pressure to comply with strict regulatory guidelines for preclinical ...
... and clinical testing before launching new drugs into the market. For instance, regulatory requirements such as 21 CFR Part 11 and Clinical Laboratory Improvement Amendments (CLIA) in the pharmaceutical and biotech industries include documentation and audit trails from research & development and testing to production and quality control. In addition to these regulations, guidelines regarding appropriate labeling and advertising are also required to be followed. Owing to these data management and security concerns, most laboratories are increasingly adopting LIMS to streamline their workflows and comply with stringent regulatory standards. Also, these systems help laboratories meet regulatory requirements without compromising process versatility, as they easily get configured with laboratory systems to record and update data (which can be easily accessed and analyzed). This is expected to increase the demand for LIMS in laboratories operating in target industries during the forecast period.

Restraints: High maintenance and service costs
The high maintenance and service costs of LIMS are major restraints in this market. According to industry experts, the maintenance cost of IT solutions is more than the actual price of the software. Service and maintenance (which includes modification of the software as per changing user requirements) represent a recurring expenditure, amounting to almost 20-30% of the total cost of ownership. Moreover, training and implementation costs together represent around 15% of the actual price. Owing to these factors, many small and medium-sized laboratories find it difficult to invest in these systems, thereby limiting their adoption. However, with the emergence of cloud-based LIMS offerings, the effect of this restraint is expected to decrease in the coming years.

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Opportunities: Significant growth potential in emerging markets
China, India, Japan, Singapore, Brazil, and Middle Eastern countries are major upcoming markets for LIMS. These markets lack proper standards and government regulations, thus offering huge potential for vendors unable to meet the standards implemented in developed markets such as the US. Several biopharma players are also shifting their manufacturing plants in Asia for low-cost production. This is creating significant demand for informatics solutions in Asian countries. However, the COVID-19 pandemic has compelled stakeholders from developed markets such as the US and Europe to reduce their heavy dependence on Asian countries and shift back to in-house operations.

Challenge: Interfacing challenges with informatics software
With the changing nature of procedures and technologies, it has become increasingly important for laboratories to streamline their workflows. The changing nature of procedures requires automation of solutions with greater flexibility and interfacing capabilities of LIMS with laboratory and production instruments. Major players are increasingly utilizing automated instruments that require updated advanced interfaces, while, on the other hand, some small companies may have decade-old instruments that require a different kind of interface. Delivering solutions compatible with diverse laboratory and manufacturing systems is a major challenge faced by LIMS providers. Also, providers find it extremely challenging to deliver solutions to meet the specific requirements of user companies.

North America to Witness Significant Growth From 2021 To 2026
North America commanded the largest share of the market, followed by Europe. North America’s dominance in the market can be attributed to the strong economies of the US and Canada, which have allowed for significant investments in new technologies, growth in biobanks, easy availability of LIMS products and services, and stringent regulatory requirements across industries.

Frequently Asked Questions (FAQ):
• What is the market size of the LIMS Market?
• What are some of the major drivers for this market?
• Who are the major players in the LIMS market?
• Which region has the highest growth potential in the LIMS market?

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