Laboratory Information Management System Market To Grow at a CAGR of +7% By 2026 According to research from Healthcare Intelligence Markets

Laboratory Information Management System Market By Type By Deployment By Industry By Regions Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast 2018 To 2026

The analysts of Healthcare Intelligence Markets have thoroughly examined the Global Laboratory Information Management System Market and have anticipated that the market will grow at a CAGR of +10% during the forecast period.
A laboratory information management system (LIMS), which is sometimes referred to as a laboratory information system (LIS) or laboratory management system (LMS), is a software-based solution with features that support a modern laboratory’s operations. Some key features include – but are not limited to – workflow and data tracking support, flexible architecture, and data exchange interfaces, which completely support its use in the regulated environments. The features and practices of a LIMS have progressed over the years from modest sample tracking to an enterprise resource planning tool that accomplishes numerous features of laboratory informatics.

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The rising practice of genome and DNA study and in-vitro ADME technologies are one of the major reasons that are responsible for driving the growth of the market.
The Laboratory Information Management System Market provides its segmentations by deployment such as on-premise LIMS, cloud-based LIMS and remotely hosted LIMS. Along with this, it also provides an in-depth analysis of the prominent factors that influence the market which includes drivers, opportunities, trends and industry-specific challenges.
Some of the players operating in the laboratory information management system market are Abbott Laboratories, LabVantage, LabWare, McKesson Corporation, Thermo Fisher Scientific, Lablynx, Computing Solutions, Labworks LLC, Siemens, Dassault Systèmes among the others.
LabVantage has come up with its new invention named LabVantage 8, which is the most flexible LIMS in the market and is trusted by the largest companies to run their labs. It is very efficient as it automates the tasks and integrates with instruments and systems. The system can easily adapt to evolve business requirements.

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Advantages such as high precision, elimination of manual data transcription error, burgeoning popularity of cloud-based systems are the major reasons that are driving the growth of the market. However, due to the higher maintenance cost of the systems, the overall cost of all the tests increases. Along with this, rising data security and privacy concerns is another factors that is hampering the progress of the market. But as laboratory information management system reduces operational costs and increases organizational agility, it is anticipated that this market will grow tremendously in the near future.

• By Type
o Broad-based LIMS
o Industry-specific LIMS

• By Component
o Services
o Software

• By Deployment
o On-premise LIMS
o Cloud-based LIMS
o Remotely hosted LIMS

• By Industry
o Life sciences
o Pharmaceutical and Biotechnology Companies
o Biobanks and Biorepositories
o Contract services organizations
o Academic research institutes
o Molecular diagnostics & Clinical research laboratories
o Toxicology laboratories
o Next-generation sequencing laboratories
o Petrochemical refineries and Oil & Gas
o Chemical
o Food & Beverage and Agriculture
o Environmental testing laboratories
o Other industries

• By Regions
o North America
o Europe
o Asia Pacific