LIMS Market Predicted Double-Digit Growth Rate by 2024
Global LIMS Market: Overview
Developments that are made in order to advance the technologies and the increased rate of innovations that are made in the healthcare information technology are enabling the companies and the organizations that are pushing themselves in the healthcare information technology to open various opportunities. The laboratory information management system (LIMS) is a tool that helps in decision making, reviewing, gathering and moving the information, making calculations, and releasing the processes. Thus LIMS has become a very important tool in different applications. The LIMS is a laboratory and information management system which is software based that makes easy the functionalities of the modern laboratory operations. The various application areas where the LIMS is used include environmental science, petrochemicals, and pharmaceuticals. In several applications, the LIMS has provided support in the sample management, data analysis, data mining, and electronic laboratory network. In the pharmaceutical sector, the LIMS offers several applications such as test library incorporated as dissolution, product assays standard functionality disintegration, drug release, dosage uniformity, and stability module that reduces the complexity of the stability studies.
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Global LIMS Market: Segmentation
The market for LIMS is globally fragmented into the product, delivery mode, and end user. Based on the product, the global market is globally segregated into software, services, and hardware. Based on the delivery mode, the market is categorized into cloud based and on premise. Based on the end user, the market is divided into biotechnology industry, research centers, the pharmaceutical industry, and hospitals.
Global LIMS Market: Growth Factors
LIMS supports in providing a wide range of applications to the biopharmaceutical organizations in order to deal with the major challenges that are faced in the drug development process; this is the key factor that is driving the global laboratory information management system market. Due to the increased applications of the LIMS, the pharmaceutical companies are also widely adopting the services of the LIMS. The laboratories have adopted various advanced technologies so that the precision is maintained and the strong functionality specific for in vitro ADME experiments and bio analysis. The factors that will restrain the growth of the market include lack of skilled professionals that can manage this advanced technology.
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Global LIMS Market: Regional Analysis
The geographical diversification of the market for LIMS is given as the Middle East & Africa, Western Europe, Eastern Europe, North America, Latin America, and Asia Pacific. The LIMS market is lead by the North American region. The factor that is contributing to the market growth is the growing awareness among the people about the advanced technologies that will help in maintaining the laboratory data. The market in Asia Pacific region will unlock its potential due to the rapid growth of the healthcare infrastructure. This market will grow at a good speed in the coming years.
Global LIMS Market: Competitive Players
The key market players that are involved in the LIMS market include Siemens SA, Labware, Star LIMS (Abbott Laboratories. Abbott Park, U.S.A), Promium LLC., LabLynx Inc., Novatek International, Thermo fisher Scientific, Inc., Perkin Elmer Inc., Genologics (Illumina, Inc.), Autoscribe Informatics, Core Informatics, and others.
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