Laboratory Information Management System Global Market Report 2024

The laboratory information management system market size has grown rapidly in recent years. It will grow from $1.99 billion in 2023 to $2.21 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth observed in the historic period can be attributed to factors such as rising regulatory compliance needs in laboratories, increasing research and development (R&D) activities, a growing demand for data accuracy, the expansion of data volume, and a focus on quality assurance and process optimization within laboratory operations. These factors collectively contributed to the development and adoption of laboratory information management systems (LIMS) during that period.

The laboratory information management system market size is expected to see rapid growth in the next few years. It will grow to $3.26 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The anticipated growth in the forecast period can be attributed to factors such as the integration of advanced analytics and artificial intelligence (AI) into laboratory information management systems (LIMS), the emergence of personalized medicine, a growing emphasis on cybersecurity, integration with other laboratory instruments, and the expansion of biobanking activities. Major trends expected in the forecast period include ongoing technological advancements in LIMS, the increasing complexity of research activities, integration with other advanced technologies, a rise in the adoption of cloud-based solutions, and the development of mobile LIMS for enhanced accessibility and flexibility.

The expected increase in research and development activities is poised to drive the growth of the laboratory information management system (LIMS) market in the coming years. Research and development activities encompass various processes undertaken by organizations to create new knowledge, products, services, or procedures, or enhance existing ones. LIMS plays a crucial role in supporting these activities within laboratories, facilitating tasks such as organizing data, resource monitoring, work assignments, reducing IT maintenance costs, and maximizing productivity. According to Eurostat, a Luxembourg-based non-profit organization, the European government allocated approximately $124.89 billion for laboratory research and development (R&D) in 2022, marking a 5.4% increase compared to the $118.54 billion allocated in 2021. This uptick in research and development activities is a key driver fueling the growth of the laboratory information management system market.

Major players in the laboratory information management system market are actively focused on developing technologically advanced products to enhance their market profitability. LabVantage Analytics, for example, is a comprehensive self-service advanced analytics platform designed for effortless exploration, analysis, and visualization of LIMS enterprise and external data. It enables users to extract valuable business insights easily. In March 2021, LabVantage Solutions Inc., a US-based provider of integrated laboratory information management systems, launched the latest LabVantage Analytics system. This system incorporates all elements of the LabVantage LIMS platform, providing a single user interface and including analytic tools such as an AI engine, predictive and prescriptive analytics, and machine learning.

In July 2021, Francisco Partners Management LLC, a US-based private equity firm, acquired STARLIMS Corporation for an undisclosed amount. This acquisition aims to expand STARLIMS Corporation's position and customer base in the laboratory information management system industry. STARLIMS Corporation is a US-based provider of laboratory information management systems and informatics solutions. The acquisition by Francisco Partners underscores the commitment to advancing and strengthening the presence of STARLIMS Corporation in the dynamic laboratory information management system market.

Major companies operating in the laboratory information management system market report are McKesson Corporation, Siemens AG, Thermo Fisher Scientific Inc., Abbott Laboratories, STARLIMS Corporation, Novatek International Pty Ltd., Agilent Technologies Inc., Dassault Systemes SA, PerkinElmer Inc., Illumina Inc., Ovation.io Inc., Waters Corporation, CompuGroup Medical, CliniSys Group Limited, LabWare Inc., LabLynx Inc., LabVantage Solutions Inc., INFORS GmbH, Agaram Technologies Pvt Ltd., Benchling Inc., CloudLIMS Lab Solutions (India) Pvt. Ltd., Quartzy Inc., Caliber Technologies Inc., Accelerated Technology Laboratories Inc., Autoscribe Limited, Labworks International Inc., Computing Solutions Inc., CrelioHealth Inc., AssayNet Inc., Eusoft Ltd.

North America was the largest region in the laboratory information management system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the laboratory information management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the laboratory information management system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The laboratory information management system market includes revenues earned by entities by providing sample management, workflow automation, data management, standardization of workflows, instrument management, and data exchange. The market value includes the value of related goods sold by the service provider or included within the service offering. The laboratory information management system market consists of sales of LabCollector LIMS, LabWare LIMS, and CaliberLIMS. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

A Laboratory Information Management System (LIMS) is a software-based system specifically designed to oversee and streamline the operations and data management within a laboratory or testing facility. Through a LIMS, laboratories can simplify processes, seamlessly integrate instruments, and efficiently manage samples along with their associated data. The key goal of implementing a LIMS is to enhance laboratory efficiency, ensure quality control, and improve accuracy by reducing manual tasks and operations.

The main components of the laboratory information management system (LIMS) market are software and services. Software refers to a collection of computer programs, data, and instructions that guide a computer or digital device in performing specific tasks or operations. In the context of LIMS, software is used to automate workflows, manage samples, and handle associated data, as well as to integrate instruments. LIMS software can be deployed in various ways, including on-premise LIMS, cloud-based LIMS, and remotely hosted LIMS. These systems are distributed through direct tenders and retail sales channels, catering to various end-users such as life sciences, contract research organizations (CROs), petrochemical refineries and the oil and gas industry, chemical industry, food and beverage and agriculture industries, environmental testing laboratories, and other sectors such as forensics and metal and mining laboratories.

The laboratory information management system market research report is one of a series of new reports that provides laboratory information management system market statistics, including laboratory information management system industry global market size, regional shares, competitors with an laboratory information management system market share, detailed laboratory information management system market segments, market trends and opportunities, and any further data you may need to thrive in the laboratory information management system industry. This laboratory information management system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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