The global Laboratory Informatics Market size is expected to reach USD 4.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.7% from 2021 to 2028. An increase in the requirement for life sciences companies to comply with regulatory demands has further promoted the incorporation of Laboratory Information Management Systems (LIMS) as it helps professionals understand and fulfill complex regulatory obligations. Furthermore, demand for cost-efficient workflow management systems is anticipated to drive the market over the forecast period.
The rising adoption of LIMS solutions by biobanks coupled with the increasing demand for integrated healthcare solutions is the key contributing factor for the growth of the market over the forecast period. In addition, growing awareness levels amongst the end-use segments and the technological evolution of LIMS solutions are anticipated to fuel the growth in the coming years.
The outbreak of the coronavirus has resulted in a shutdown of laboratories around the world. Movement restrictions have created a logistical problem for players, results in shortages of on-premise delivery of products. However, with high demand for COVID-19 testing scaled up laboratory operations and faced new challenges like administration of huge volumes of patient specimens and test data. To accelerate the high demand COVID-19 tests, a LIMS plays an essential role in labs which led to the implementation of the product.
Related Press Release @ Laboratory Informatics Market Report
Laboratory Informatics Market Report Highlights
- LIMS dominated the market on the basis of technology in 2020 owing to the associated benefits such as data tracking and management with fewer errors. Moreover, demand for fully integrated LIMS platforms is growing in accordance with the requirements of life sciences and research industries to reduce the incidence of errors in data management and qualitative analysis of research information. The above-mentioned factors are expected to drive the segment
- On the other hand, demand for upgraded laboratory informatics technologies such as electronic lab notebook and Enterprise Content Management (ECM) solutions amongst research professionals and industry players, respectively, is expected to increase over the forecast period. Associated benefits of ECM, such as database management of large unstructured or structured medical information and supportive government initiatives, are expected to contribute to its lucrative growth over the forecast period
- Cloud-based services are anticipated to show lucrative CAGR at 5.3% over the forecast period due to their growing acceptance by industry participants. The introduction of technologically advanced software solutions and their widespread adoption by healthcare IT providers are expected to impede the growth of the on-premise segment over the forecast period. Furthermore, advantages associated with its usage, including remote access to information, reduced operational cost, and real-time data tracking, are contributing toward their rising demand
- North America dominated the market and accounted for a revenue share of around 45.4% in 2020, which is attributable to supportive government initiatives promoting the adoption of LIMS. On the other hand, in Asia Pacific, the market is likely to exhibit profitable growth due to increasing R&D expenditure deployed by the public and private sectors coupled with increasing awareness levels pertaining to LIMS