Laboratory Information Management System Market Is Estimated At USD 1.8 Bn In 2022 & Is Projected To Reach USD 2.4 Bn By 2032

Laboratory Information Management System analysis report by Fact.MR shows that global revenue of Laboratory Information Management System in 2021 was held at US$ 1.8 Bn. With 8.1%, the projected market growth during 2022 – 2032 is expected to be significantly higher than the historical growth. 

A laboratory information management system (LIMS), also known as a laboratory information system (LIS) or laboratory management system (LMS), is a software-based solution that supports modern laboratory operations. Key features of LIMS include workflow management as well as data tracking and processing. Its flexible architecture and data exchange interfaces support its use in regulated clinical environments. The features and uses of a LIMS have evolved over the years from simple sample tracking to an enterprise resource planning tool that manages multiple aspects of laboratory informatics.

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Competitive Analysis

Some of the recent developments of key Laboratory Information Management System providers are as follows:

• In August 2021, CTI Clinical Trial and Consulting Services (CTI) and LabWare, Inc. announced cooperation to extend laboratory services to support rare disease and cell and gene therapy research around the globe.
• In March 2021, LabVantage Solutions, Inc. introduced LabVantage Analytics, a self-service advanced analytics system that allows customers to effortlessly explore, analyse, and visualise LIMS, enterprise, and external data to get meaningful business insights.

Rising Adoption of Automation in Laboratories

Laboratory automation is emerging as an approach to minimize human involvement in laboratory processes. The automation of routine laboratory procedures with the help of dedicated workstations and system software helps increase laboratory efficiency and enables researchers to concentrate on important tasks along with avoiding human errors. Laboratories are increasingly adopting laboratory information management systems (LIMS) to maintain stringent regulatory compliance, uplift efficiency and productivity, and drive data security and integrity.

Key Points Covered in Laboratory Information Management System Survey:

• Market Estimates and Forecasts (2017-2032)
• Key Drivers and Restraints Shaping Market Growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Market Share Analysis
• COVID-19 Impact on Laboratory Information Management System  and How to Navigate
• Recommendation on Key Winning Strategies

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Market Segments Covered in Laboratory Information Management Systems Analysis

·         By Component :

• • Software
  • Services

·         By Deployment Model :

• • On-premise
  • Web-based
  • Web-Hosted

·         By End-User :

• • CROs
  • Petrochemical Refineries & Oil and Gas Industry
  • Chemical Industry
  • Food and Beverage & Agriculture Industries
  • Environmental Testing Laboratories
  • Other Industries

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The post Laboratory Information Management System Market Is Estimated At USD 1.8 Bn In 2022 & Is Projected To Reach USD 2.4 Bn By 2032 appeared first on Latest Market Reports.