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The demand for laboratory automation is a key driver of the growth of the European Laboratory Information Management Systems (LIMS) market, claims research.
The European laboratory information management system (LIMS) market is expected to reach $912.47 million by 2028, according to an Arizton report.
According to the study, the market is growing at a CAGR of 10.16% during 2022-2028.
Factors shaping the market
Partnerships and collaborations “promise huge demand and growth opportunities for small and medium-sized enterprises to enter the world.” [European LIMS] market”
With the pharmaceutical and biotech industries making significant R&D investments, the data generated “requires proper processing and interpretation, which reduces the human errors introduced by LIMS software solutions and Demand for results is increasing,” the report states.
Rising concerns about data integrity, validity, and security are also factors driving the European LIMS market expansion, the report said.
Additionally, partnerships and collaborations “promise huge demand and growth opportunities for small and medium-sized enterprises to enter the market.”
Regional status of LIMS market
According to the data, Germany has become the largest revenue contributing country to the European LIMS market.
For example, Germany is considered the most research-intensive economy after the US and China, accounting for 21% market share. According to the authors, France is the second largest market among European countries, followed by the UK and Italy.
In contrast, the report shared that the United States is the largest revenue contributor in the global market. Based on research, the US LIMS market is predicted to reach $1 billion by 2028.
Impact of technological innovation
The demand for laboratory automation is also driving the growth of the European LIMS market. This is “leading to the adoption of cloud-based test automation solutions,” the report added.
Specifically, LIMS offers value in terms of flexibility and value-added modules, making the system “suitable for research and development labs, stability labs, and environmental monitoring labs,” the report states.
“The LIMS market has grown exponentially due to the increasing need for real-time collaboration among researchers and scientists and remote access to laboratory data.”
The key players in the market include Thermofisher Scientific, Labvantage, Labware, Starlims, Labguru, and Qbench, the report shared.
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