Laboratory Information Management Systems (LIMS) Market Size & Share, by Product (Cloud Based, On-Premise, Web Hosted); Component (Services, Software); End-Use (Life Sciences, CROs) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024 - 2036

Growth Drivers

• Technological advancements in healthcare - The rising technological advancements and integration of IoT devices in the healthcare sector stimulate the laboratory information management systems market growth. Moreover, the ongoing innovations in LIMS such as artificial intelligence, machine learning, and data analytics improve the productivity and overall performance of LIMS. According to recent information, it is estimated that AI applications can cut annual US healthcare costs by USD 150 billion in 2026.
  
  Furthermore, the incorporation of advanced technology in healthcare diagnostics ensures users with cutting-edge solutions and enhances decision-making within laboratory workflows.
• Growing use of biobanks - The growing popularity of biobanks which store biological samples for research purposes led to the adoption of LIMS. LIMS organizes the data generated by biobanks to ensure an accurate sample. In addition, the increasing demand for personalized healthcare has stimulated the popularity of biobanking which further leads to the expansion of laboratory information management systems.
  
  Moreover, the growing research activity in healthcare has encouraged researchers to adopt LIMS in bio banking operations which help in data accessibility and quality. According to a source, there are currently 370 registered biobanks that have given permission to be listed.
• Rising investments in healthcare infrastructure - The growing population and rising chronic diseases have led to an increase the investments in healthcare infrastructure. Moreover, the government support towards the development of laboratory infrastructure and to conduct research effectively boosts the laboratory information management systems (LIMS) market growth.
  
  Furthermore, the rising investments in Research and development activity in healthcare and the initiatives taken by the government’s towards digitalization led to expand the adoption of laboratory information management systems. LIMS effectively manages the laboratory data and also ensures regulatory compliance aligning with precision medicine.

Challenges

• High maintenance cost of LIMS - Huge investments are required for the initial installation and maintenance of the laboratory information management systems. Smaller laboratories may not afford LIMS due to their limited budget and maintenance of LIMS usually costs more which poses a challenge to these laboratories as well as hampers the laboratory information management systems market growth.
   
• Lack of trained professionals - Limited awareness and skills among healthcare professionals regarding laboratory information management systems hinder its market growth. Due to a lack of trained professionals, the adoption of LIMS has become restricted in pharmaceutical, biotechnology, and medical device companies.