Demand for laboratory automation is a key driving factor for growth of the European laboratory information management system (LIMS) market, research asserts.
According to a report by Arizton, the Europe laboratory information management system (LIMS) market is expected to reach $912.47 million by 2028.
The market is growing at a CAGR of 10.16 percent between 2022-2028, the research found.
Factors shaping the market
partnerships and collaborations “promise huge demand and growth opportunities for small and medium-sized firms to enter the [European LIMS] market”
With pharmaceutical and biotechnological industries making large R&D investments, the report stated that the data generated “requires appropriate processing and interpretation, reducing human errors provided by the LIMS software solutions, thereby increasing the demand”.
Increased concerns over data integrity, validity, and security are also contributing factors to the expansion of the European LIMS market, the report stated.
Additionally, partnerships and collaborations “promise huge demand and growth opportunities for small and medium-sized firms to enter the market”.
Regional status of the LIMS market
Germany is the largest revenue contributor to Europe’s LIMS market, according to the data.
For example, Germany occupied a market share of 21 percent as it is considered the most research-intensive economy after the US and China. France was the second largest market among European countries, followed by the UK and Italy, the authors explained.
In contrast, the report shared that the US is the biggest revenue contributor in the global market. Based on the research, the US LIMS market is predicted to value $1 billion by 2028.
The impact of technology innovation
Demand for lab automation is also driving growth of the European LIMS market. This is “leading to the adoption of cloud-based lab automation solutions”, the report added.
Specifically, the report cited that because LIMS offers value in terms of flexibility and value-added modules, the systems are “suitable for research and development labs, stability labs, environmental monitoring labs”.
“Real-time collaboration among researchers and scientists and the increasing need for remote access to laboratory data have resulted in exponential growth” of the LIMS market.
Key players in the market include Thermofisher Scientific, Labvantage, Labware, Starlims, Labguru, and Qbench, the report shared.
