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Description
Laboratory Information Management Systems (LIMS) Market was valued at USD 1.4 billion in 2021 and projected to reach USD 3.5 billion by 2028 growing at a CAGR of 14% during the forecast period 2022 to 2028. A laboratory information management system is also known as laboratory management systems, a software system enables support laboratory operations that can track workflow and specimens, aggregate data for research or business intelligence purposes and ensure laboratory operation complaint with various regulations and standards. LIMS enable labs to produce accurate, reliable, reproducible and faster data. Laboratory information management systems which are developed by the producers may not be useful for all end users. Hence, LIMS producers offer customized solutions for the customers which are specifically tailored according to the requirement and budget of the user in order to help better return on investment (ROI). LIMS producers are developing multimodality systems able to integrate the entire process of hospitals, clinical laboratories, or clinics and help the end user to reduce operational costs. Increasing proliferation of smartphones, mobile solutions, e-services and point of care trend is expected to propel the usage of LIMS and thereby, increasing the growth of LIMS market. The high maintenance and service costs of Laboratory Information Management Systems (LIMS) Market are significant market limitations. According to industry analysts, the cost of maintaining IT solutions is higher than the cost of the product itself. Service and maintenance (which includes software update to meet changing user requirements) is a recurring expense that accounts for nearly 20–30% of the total cost of ownership. Furthermore, training and implementation costs account for about 15% of the total cost. Many small and medium-sized laboratories find it difficult to invest in these systems as a result of these constraints, restricting their adoption. However, as cloud-based LIMS solutions become more prevalent, the impact of this limitation is projected to diminish in the future years.
