Laboratory information management system market to reach $3.8b by 2029

The APAC region is expected to witness significant market growth during the forecast period.

The global laboratory information management system (LIMS) is expected to reach $3.8b by 2029 at a compound annual growth rate (CAGR) of 12.9%, according to a MarketsandMarkets report.

The report revealed that the market is driven by increasing expenditure on research and development, heightening requirements for customisable LIMS solutions, and a rising demand for real-time data access.

“As laboratories increasingly focus on operational efficiency and workflow optimization, the demand for LIMS continues to surge, underlining its essential role in modern healthcare and research environments,” The report said.

In addition, the Asia-Pacific (APAC) market is projected to witness significant growth during the forecast period due to a rise in medical tourism, growing investments, the emergence of technologies, and heightened foreign direct investments from Europe and North America.

Furthermore, the market’s cloud-based segment is estimated to register notable growth by deployment mode due to the industry’s prioritisation of agility, cost efficiency, and data security.