LONDON, May 31, 2018 (GLOBE NEWSWIRE) -- According to the latest publication from Meticulous Research ® , the global laboratory information management system market will grow at a CAGR of 7.3% from 2018 to 2023 to reach USD 1,133.5 million by 2023, majorly driven by “ growing automation in laboratories, technological advancements in laboratory information management systems, stringent regulatory compliance, increasing R&D spending, and increasing replacement of old legacy systems with COTS solutions.”
With the penetration of new technologies and growing automation, laboratories across the globe are increasingly modernizing their approach to capture, track, manage, and share their research and manufacturing data. Moreover, scientific advances in the fields of genomics, proteomics, and personalized medicine are exponentially increasing the need for efficient data management.
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LIMS solutions help to reduce manual efforts, labor cost, cost of error, and throughput time; offer paperless information management and effective data analytics; improve data traceability, accessibility, security and sharing; streamline processes; enhance quality management; abide by the regulatory requirements; and provide better control of all business processes and decision support. Thus, automation of laboratory processes and integration of data provides a robust platform to drive scientific decisions and improve quality and operational efficiency, thereby enabling lab professionals to productively advance research, development and manufacturing.
The laboratory information management system market is mainly segmented based on type, mode of delivery, component, end-user, and geography. On the basis of type, multi-purpose LIMS segment is expected to continue to dominate the market during the forecast period, mainly due to “technological advancements in LIMS, growing replacement of old legacy LIMS with COTS LIMS, and growing application of LIMS in biobanking, academic research institutes and CROs.”
Life sciences industry will continue to be the leading adopter of laboratory information management systems with the growing R&D activities and outsourcing to CROs, presence of strict regulatory guidelines, growing academic research, increasing biobanks and biorepositories, replacement of old legacy systems with advanced informatics solutions, and rising need to integrate laboratory systems.
Asia-Pacific region is expected to be the fastest-growing market, mainly due to “accelerated economic growth of many countries in the region, growing government focus on digitization, growing life sciences industry and outsourcing to CROs in this region, and improving laboratory infrastructure and rising automation.”
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