PUBLISHER: Grand View Research | PRODUCT CODE: 1404993
PUBLISHER: Grand View Research | PRODUCT CODE: 1404993
The global laboratory information management system market size is projected to reach USD 3.5 billion by 2030, and is projected to grow at a 6.5% CAGR from 2024 to 2030, according to a new report by Grand View Research, Inc. Technological advancements in pharmaceutical laboratories and rising demand for laboratory automation are expected to fuel demand for the laboratory information management system (LIMS) in coming years.
Moreover, rise in the number of genome and DNA studies and in vitro ADME technologies are some factors propelling growth of this market. In addition, growing R&D applications, especially in pharmaceutical industry, such as generic drug development and genome & cancer studies, are anticipated to fuel market growth in coming years.
Furthermore,technological advancement in LIMS solutions over the past decade is huge. Companies are constantly upgrading their existing LIMS solution to sustain their market share. For instance, STARLIMS Corporation, formerly Abbott Informatics, has launched LIMS for mobile phones so that data can be accessed anytime, irrespective of location. In addition, it released the STARLIMS technology platform V12.2. The release will include a modernized Electronic Lab Notebook system using innovative HTML5 technology.
Key players are focusing on expanding their current portfolio. For instance, in September 2022, Thermo Fisher Scientific, Inc., released version 7.7.1 of Watson Laboratory Information Management System software, which was designed to enable the hosting of Watson in a cloud setting while satisfying requirements of 21 CFR Part 11 - Open System.