Laboratory Information Management System Market Size to Reach USD 3.8 Billion by 2030

Ottawa, Aug. 23, 2022 (GLOBE NEWSWIRE) -- The global laboratory information management system market size was valued at USD 1.92 billion in 2021. A huge amount of data and information is produced in the laboratory system which needs to be processed and managed with a view to obtain format which can be accessed when required. The huge amount of data is processed with the help of laboratory information management system which has become a very basic need of every pharmaceutical sector.

Technologically advanced systems have been launched by the key market players with a view to attract the potential customers we need a high level of management and processing of laboratory information. That option of this system by many key market players has boosted the demand for this product.

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Key Insights:

• The cloud-based product segment hit 43.5% revenue share in 2021. However, the on-premise segment is poised to grow at a faster CAGR between 2022 to 2030.
• The services components segment held 58% revenue share in 2021.
• In 2021, the life sciences segment garnered revenue share of over 41% in 2021.
• The North America region has accounted 45.5% revenue share in 2021.

Regional Snapshots

The region of North America has emerged as the largest market for laboratory information management system due to the huge number of pharmaceutical companies that are situated in this region. The highly advanced healthcare system that belongs to this sector process is a huge amount of medical information and data related to the patients which needs to be managed and processed on a daily basis. The huge healthcare industry attributes to a major growth of the market in this sector. New geriatric population residing in this region also proves to be another driving factor for the growth of the market in North America.

The European nations have also emerged as the key market players due to the rapid advancements that have been observed in the healthcare sector encouraged by the government.

The Asia Pacific region is also proving to be a key market player which has shown a significant growth over the period of years.

Report Highlights

• On the basis of component, the segment of services has emerged as the largest market for laboratory information management system due to the huge demand it has received from the global market. The rapid advancements made by the key market players to provide better services to the industries has boosted the demand to a great extent.
• On basis off product, the segment of cloud-based system has emerged as a major market due to the increasing demand for online storage space which helps to manage a huge amount of data and information without consuming much area. The information present on the cloud can be accessible to the company from various sites which makes it quite easy.
• On the basis of end user, the segment of life sciences has emerged as the largest market due to the huge demand experienced in the society.
• On the basis of geography, the region of North America has emerged as the largest market for laboratory information management system due to the existence of the key market players in this region.

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Scope of the Report

Market dynamics

Drivers

The rapid developments in the pharmaceutical sector that has been observed all over the world has emerged as a major growth factor for the laboratory information management system market. The recent technological advancements which have been made in the system have complied to the rules and regulations laid down by the government and hence the demand for such systems is increasing in the market tremendously. The rapid adoption of technologically advanced software and systems by the huge pharmaceutical companies has boosted the growth of the market to a great extent. security concerns becomes a very important aspect of the medical sector which needs to be dealt with care and hence the demand for laboratory information management system is increasing rapidly.

Restraints

The total cost of maintenance of the softwares is very high as compared to the real cost price of the software itself which imposes an additional expenditure on the pharmaceutical and medical sectors. The technical glitches that might be caused in the software system need to be handled with the help of skilled professionals which becomes another restraining factor for the growth of the market.

Absence of skilled professionals in the present market becomes a major restraining factor for the growth of the laboratory information management system market. With the rapidly growing population the information and data that is present all over the world is enormous and it needs to be managed with the help of advanced systems. The high cost associated with such advanced technology becomes a restraining factor for the growth of the market.

Opportunities

Many manufacturers all over the world have shifted to the underdeveloped and developing nations with a view to reduce the total cost of production. These nations have hence demanded for better laboratory information management systems which can process and handle a huge amount of data produced by the huge companies. The increasing demand for laboratory information management systems in the region of Asia Pacific has boosted the size of the market to a great level. Increasing competition among the key market players to introduce better technologies and softwares has boosted the size of the market to a great extent.

Challenges

Absence of skilled workforce for managing the functions and operations of technologically advanced softwares hampers the growth of the market to a great extent. The total cost of training a professional to handle such advanced softwares imposes an additional expenditure on the companies and hence it challenges the growth of the market to a great extent. The work pattern of the laboratory is need to be altered according to the interface of the softwares which challenges the functioning all of the medical sector. This has in turn hampered the growth of the laboratory information management system market to a great extent.

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Recent Developments

• In June 2020 - the latest model of laboratory information management system labware 8 was introduced by labware. this is a platform for the company that helps to deliver its capabilities in the form of laboratory information management system and ELN within a unified system that has been integrated.
• In July 2020 - 8.5 was launched by labvantage which is and upgraded version. A completely integrated SDMS is offered by this upgraded version of labvantage platform.

Market Segmentation

By Product

• Web hosted
• Cloud based
• On premise
  
  

By Component

• Software
• Services

By Type

• Broads Based LIMS
• Industry Specific LIMS

By End User

• Life Sciences
• Petrochemical refineries
• Food and beverages
• Chemical industry
• Agricultural industry
• CRO
• Environmental testing laboratory
• Other industries

 By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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