Global Laboratory Information Management Systems Market was valued at USD 1.1 Billion in 2020 and is projected to grow at a CAGR of 4.0% from 2020 to 2027.
A laboratory information management system industry is a software solution used in laboratories to streamline daily operations. The main functions provided by a laboratory information management system are support for workflow and data tracking, helping to develop a robust yet flexible structure, interfaces for reading, writing, editing and data exchange, as well as data security and storage. Besides these basic features, an advanced laboratory information management system can also help researchers with features like job scheduling, resource scheduling, and sample tracking. It can also be enabled with data mining capabilities, automated cloud uploads, or blockchain technologies to enhance data security.
While laboratories in all industries can use a laboratory information management system, the primary end-user industries that use a laboratory information management system are life sciences, CROs, petrochemical refineries, and manufacturing. oil and gas industry, as well as the food and beverage industry.
Global Laboratory Information Management Systems Market was valued at USD 1.1 Billion in 2020 and is projected to grow at a CAGR of 4.0% from 2020 to 2027. North America holds the largest market share in regional level and is expected to have the largest market share during the forecast period as well. Human genome testing has increased over the past 4-5 years and a dramatically large number of life science samples are being generated and analyzed by a laboratory information management system.
The COVID pandemic has led to a boom in drug testing and development. With additional workload, the requirement for automation in the labs was of the highest demand. There has been an increase in the adoption of laboratory information management systems and analysis platforms that help researchers reduce data analysis and storage time and automate workflow and sample tracking.
Modern genomics is one area that has driven the use of laboratory information management systems. The amount of data generated along with the requirement to have a short turnaround time for analysis is pushing labs to automate several aspects and one of them is the implementation of management systems industry laboratory information. Additionally, the lab’s information management systems can be hosted on a cloud platform and several other elements such as blockchain technologies can be integrated to enhance data security. All of these features save staff time, helping researchers focus on research while automating administrative and other workloads that can reduce their turnaround time. This directly promotes higher throughput and therefore helps reduce the cost of operations.
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