As per a report by Arizton, the European laboratory information management system- LIMS market share is all set to reach $912.47 million by 2028.
It is well to be noted that the market happens to be growing at a CAGR of 10.16% between 2022 and 2028, research has found.
Elements that are shaping the market
With pharmaceutical as well as biotechnological industries making pretty high R&D investments, the report went on to state that the data generated needs apt processing and interpretation, hence decreasing the human errors provided by LIMS software solutions, therefore increasing the demand.
Increased challenges when it comes to data integrity, validity, and security are also contributing elements when it comes to the expansion of the European LIMS market, the report found out.
Moreover, partnerships and collaborations go on to promise huge demand as well as massive growth opportunities for even small and medium-sized firms in order to enter the market.
Regional status: LIMS market
Germany, as a matter of fact, happens to be the largest revenue contributor when it comes to Europe’s LIMS market, the data says.
For instance, Germany has gone on to occupy a market share of 21%, as it is regarded as the most research-intensive economy after the US and China. France holds the second largest market within the European countries, which happens to be followed by the UK and Italy, the authors stated.
In contrast, the report revealed that the United States is the largest revenue contributor to the global market. Based on the research, the US LIMS segment is anticipated to value $1 billion by 2028.
The effect of technological innovation
Demand when it comes to lab automation also happens to be driving the growth of the European LIMS market. This is thereby leading to the adoption when it comes to cloud-based lab automation solutions are concerned, added the report.
Especially, the report cited that LIMS offers value when it comes to terms of flexibility and value-added modules, in case the systems happen to be suitable for research and development labs, stability labs, as well as environmental monitoring labs.
The real-time collaboration among researchers and scientists, as well as the increasing requirement for remote access to laboratory data, have all resulted in a growth that’s exponential, to say the least, when it comes to the LIMS market.
Prominent players in the market happen to be Thermofisher Scientific, Labware, Labvantage, Labguru, Starlims, and Qbench.
