Laboratory Information Management System Market
Laboratory Information Management Market Overview:
The Laboratory Information Management System LIMS market is anticipated to record a 10 percent CAGR over the 2019-2024 forecast period. Factors responsible for the development of this market include rising demand for bio-banking, growing concentrate on laboratory improvisation, and technological advances in LIMS products. Due to the growing number of life-threatening diseases, there has been an explosive increase in the number of samples generated for research and analysis purposes since the last few years. Similarly, a substantial increase in focus on high sample quality and effective sample management has become a significant problem. This increase in the sample pushes the scientists toward price pressure, handling regulatory problems, storage problems, and so on. Biobanks are continually making attempts to better manage these samples. The LIMS helps biobanks manage and track samples generated within the framework of clinical trials, cohort projects, various biological studies, and specific protocols. In addition, the LIMS also plays a key role in advancing discoveries by providing concerned biospecimens to end users, such as hospitals and clinics. However, factors such as the price of implementing a laboratory information management system, among others, may hinder market growth.
Scope of the Report:
The Laboratory Information Management System LIMS is component of laboratory systems that help integration of laboratory activities such as consolidating test outcomes and speeding up general laboratory activities.
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Key Market Trends: –
Software Segment By Component is expected to register the largest share over the forecast period:
A Laboratory Information Management System LIMS software helps to effectively manage samples and related data. A laboratory can incorporate tools, handle samples, and automate workflows with the assistance of LIMS. LIMS software is also used in modern genomics. With the help of the LIMS software, the unprecedented amount of data generated from modern genomics is easily managed. Due to the increased attempts of clinicians and scientists to improve laboratory activities and the growing amount of samples in the laboratories, the demand for LIMS software is growing, which contributes to the development of this section of the industry studied.
North America is dominating the market growth:
North America currently dominates the laboratory information management systems market and is anticipated to remain its stronghold for a few more years. The United States maintains the largest market share in the North American region. This can be largely attributed to the country’s growing adoption of schemes. The existence of a advanced healthcare infrastructure is anticipated to drive the market growth.
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The market for laboratory information management systems is moderately competitive and consists of several significant players. With regard to market share, few of the major players presently dominate the market. With the growing need for mobile health and developments in LIMS, few smaller players are anticipated to join the market and may hold a significant share. Some of the market’s main players are Abbott Laboratories, LabVantage, McKesson Corporation, LabLynx, and Siemens Healthcare GmbH, among others.
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