Artificial Intelligence
Laboratory Information Management System (LIMS) Market worth $3.3 billion | MarketsandMarkets
CHICAGO, July 7, 2023 /PRNewswire/ — The Laboratory Information Management System (LIMS) industry is poised for remarkable growth in the near future as laboratories across various sectors increasingly recognize the need for efficient data management and streamlined workflows. LIMS, a software-based solution that automates and centralizes laboratory operations, is becoming indispensable in today’s data-driven scientific landscape. In the coming years, we can expect LIMS to evolve with advancements in technology, offering improved integration with instruments, enhanced data analytics capabilities, and seamless integration with other laboratory systems. The industry will witness a surge in demand as laboratories seek to optimize sample tracking, data organization, compliance with regulatory standards, and collaboration among researchers. Moreover, the integration of emerging technologies such as artificial intelligence, machine learning, and cloud computing will further revolutionize LIMS, enabling advanced data analysis, predictive analytics, and remote access capabilities. As laboratories continue to generate massive amounts of data, LIMS will play a vital role in extracting valuable insights, accelerating scientific discoveries, and driving innovation across industries ranging from pharmaceuticals and healthcare to environmental monitoring and forensic sciences. The future of the LIMS industry holds immense potential as it empowers laboratories to operate more efficiently, improve data integrity, and make significant contributions to scientific advancements.
Laboratory Information Management System (LIMS) Market in terms of revenue was estimated to be worth $1.6 billion in 2023 and is poised to reach $3.3 billion by 2028, growing at a CAGR of 14.6% from 2023 to 2028 according to a new report by MarketsandMarkets™. The growing popularity of cloud-based LIMS, use of LIMS in cannabis industry, significant growth potential in emerging markets are some of the key factors that offer opportunities to the market during the forecast period. However, the dearth of trained professionals, and interfacing challenges with informatics software are some of the factors challenging the market growth to some extent.
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Browse in-depth TOC on “Laboratory Information Management System (LIMS) Market”161 – Tables46 – Figures254 – Pages
Laboratory Information Management System (LIMS) Market Scope:
Report Coverage
Details
Market Revenue in 2023
$1.6 billion
Estimated Value by 2028
$3.3 billion
Growth Rate
Poised to grow at a CAGR of 14.6%
Market Size Available for
2021–2028
Forecast Period
2023–2028
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Type, Component, Deployment model, and Industry
Geographies Covered
North America, Europe, Asia, and Rest of the world
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Significant growth in emerging markets
Key Market Drivers
Increasing focus on improving the efficiency of laboratories
The cloud-based segment is expected to register a substantial growth in the laboratory information management systems market, by deployment mode
The cloud-based segment is expected to register a substantial growth in the laboratory information management systems market, by deployment mode. This growth can be attributed to advantages of this deployment model, such as cost-effectiveness and ease of use. Factors such as on-demand self-serving analytics, their highly adaptable nature, ease of use, affordability, reliability, no upfront capital investment for hardware, extreme capacity flexibility, and a pay-as-you-go pricing model have also ensured the high growth of cloud-based LIMS.
Asia is to witness a considerable growth rate during the forecast period.
The Asian market is projected to grow at a considerable CAGR during the forecast period. Factors such as increasing medical tourism, growing investments expected to bring about the creation of new market participants, growing emergence of various technologies, and the rising foreign direct investments by North American and European pharmaceutical and biotechnology firms in Asia are anticipated to drive the development of laboratory information management systems applications in the Asia Pacific region.
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Laboratory Information Management System (LIMS) Market Dynamics:
Drivers:
Increasing focus on improving the efficiency of laboratoriesRestraints:
Limited adoption of LIMS in small and medium-sized companiesOpportunities:
Significant growth in emerging marketsChallenges:
A dearth of trained professionalsKey Market Players:
LabWare (US), LabVantage Solutions Inc. (US), Thermo Fisher Scientific (US), Thermo Fisher Scientific Inc. (US), Agilent Technologies (US), LabLynx, Inc. (US), Dassault Systèmes (France), Labworks LLC (US), Autoscribe Informatics (a wholly owned subsidiary of Autoscribe Limited) (US), Accelerated Technology Laboratories (ATL) (US), CloudLIMS (US), Computing Solutions, Inc. (US), GenoLogics Inc. (an Illumina Company) (Canada), Siemens (Germany), Novatek International (Canada), Ovation (US), Clinsys (US) are the major players in this market. These companies are majorly focusing on the strategies such as agreements, collaborations, partnerships, and service launches in order to remain competitive and further increase their share in the market.
Recent Developments:
In October 2022, LabVantage Solutions, Inc. (US) and Biomax Informatics AG (Germany) announced the closure of their merger agreement. The merger aims to enhance scientific data contextualization, accelerate product development, and provide innovative capabilities for the life science and bio-manufacturing industries.In March 2022, LabWare (US), acquired data analytics firm CompassRed (US). The merger aimed to create a LabWare Data Analytics Innovation Center and accelerate the transformation of data into actionable knowledge. The acquisition allowed LabWare to expand its services and establish a global presence.In March 2022, Thermo Fisher Scientific, Inc. (US) and Symphogen (Denmark) announced the continuation of their collaboration to provide innovative tools and workflows for the efficient characterization of complex therapeutic proteins in biopharmaceutical discovery and development laboratoriesGet 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=250610373
Laboratory Information Management System (LIMS) Market Advantages:
Data Centralization and Organization: LIMS provides a centralized platform for storing, managing, and organizing laboratory data. It eliminates the need for manual record-keeping and paper-based systems, reducing the risk of errors, data loss, and inefficient workflows. LIMS enables laboratories to efficiently track samples, manage test results, and maintain comprehensive records, ensuring data integrity and facilitating easy access to information.Streamlined Workflows and Increased Efficiency: LIMS automates various laboratory processes, including sample registration, tracking, and analysis. It standardizes workflows, reduces manual intervention, and optimizes resource allocation, leading to increased operational efficiency, faster turnaround times, and improved productivity. LIMS also enables seamless collaboration among researchers and departments, facilitating information sharing and enhancing overall laboratory performance.Quality Control and Regulatory Compliance: LIMS incorporates built-in quality control measures and ensures adherence to regulatory standards and industry guidelines. It enables laboratories to implement standardized protocols, monitor quality parameters, and track instrument calibration and maintenance schedules. By automating data entry and validation, LIMS minimizes errors and supports compliance with regulatory requirements, such as Good Laboratory Practices (GLP) and ISO standards.Enhanced Data Analysis and Reporting: LIMS offers powerful data analysis and reporting capabilities, enabling laboratories to derive valuable insights from their data. It provides tools for data visualization, trend analysis, and statistical calculations, facilitating informed decision-making and driving scientific discoveries. LIMS also generates customizable reports and audit trails, simplifying data interpretation, and facilitating compliance reporting and regulatory audits.Scalability and Integration: LIMS systems are designed to scale with the evolving needs of laboratories. They can accommodate increasing sample volumes, expanding test menus, and changing regulatory requirements. LIMS also integrates with various laboratory instruments and systems, such as analytical instruments, electronic laboratory notebooks (ELNs), and laboratory automation systems, enabling seamless data transfer and interoperability.Data Security and Integrity: LIMS ensures data security and integrity by implementing robust access controls, user authentication, and data encryption. It safeguards sensitive and confidential information, protects against unauthorized access or data tampering, and maintains an audit trail of all activities. LIMS also provides data backup and disaster recovery mechanisms, minimizing the risk of data loss and ensuring business continuity.In summary, the Laboratory Information Management System (LIMS) market offers advantages such as data centralization, streamlined workflows, increased efficiency, quality control, enhanced data analysis, scalability, integration capabilities, and data security. These advantages make LIMS a crucial tool for laboratories, enabling them to operate more efficiently, improve data accuracy, and comply with regulatory standards while facilitating scientific advancements and innovation.
Laboratory Information Management System (LIMS) Market – Report Highlights:
The North American region offers potential growth opportunities for most product manufacturers, owing to its high per-capita healthcare expenditure and higher innovation in technologies in laboratory systems such as integration with ERP, CDS. Easy accessibility to advanced healthcare, growth in the number of biobanks are significant factors supporting the market growth.
In the latest edition, market sizing and forecasting has been done at a more granular level, also changes in trends and forecasts have been incorporated as per the market scenario.
Market Overview: This edition includes updated market dynamics and market ecosystems specific to the laboratory information management systemsmarket.Industry Trends: This new edition includes an updated market map, value chain analysis, revenue shift analysis, case studies, technology analysis, market ecosystem, regulatory landscape, Porter’s Five Forces analysis, and trends/disruptions impacting customers’ businesses that are specific to the laboratory information management system (LIMS) market.Company Profiles: In this edition, 25 players have been profiled, and the product portfolios of the key players have been updated. It also includes updated financial information from 2020 to 2023 (wherever available).Recent Developments: Recent developments help understand the market trends and growth strategies the key players adopt. For instance, partnerships and collaborations increased during 2020–2023 in this market. Therefore, updated information for the mentioned period is provided.Latest Product Portfolio: Tracking the products offered by the companies helps improve market segmentation analysis. This edition provides updated product portfolios of the companies profiled.Company Evaluation Quadrant: The updated company evaluation quadrant in this edition covers a comprehensive study of the key vendors offering laboratory information management systems. Vendors are placed in either of the four categories: stars, emerging leaders, participants, and pervasive players. The top 25 companies operating in the market have been evaluated in this section.Startup/SME Evaluation Quadrant: The updated startup/SME evaluation quadrant in this edition covers a comprehensive study of the startups/SMEs offering laboratory information management systems. Vendors are placed in either of the four categories: progressive companies, responsive companies, dynamic companies, and starting blocks. Seven startups/SMEs operating in the market have been evaluated in this section.Recession Impact: The current edition of the report considers the ongoing economic recession and provides an impact analysis of the same. Detailed qualitative insights for recession impact by region have been provided across the regional analysis section.Related Reports:
Lab Automation Market – Global Forecasts to 2028
Laboratory Information System Market – Global Forecasts to 2028
Healthcare Cloud Computing Market – Global Forecasts to 2027
Healthcare Analytics Market – Global Forecasts to 2027
Laboratory Informatics Market – Global Forecasts to 2026
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Artificial Intelligence
Scorpios’ Summer Cultural Series Redefines AI & Visual Art in Mykonos & Bodrum
LONDON, July 3, 2024 /PRNewswire/ — Scorpios, the renowned beach concept and creative gathering place, in partnership with art tech pioneers HOFA Gallery, announces ‘Evolving Perspectives’ the second edition of their Encounters summer arts programme. Running from 18 July to 18 September, this 9-week series expands to take place across Scorpios’ two stunning beachfront locations, Mykonos and the newly opened Bodrum. Featuring immersive installations and live music performances, the programme will showcase AI and visual artists, headlined by Joseph Klibansky, Random International, and Sougwen Chung – all revered for pushing the boundaries of art and technology.
Building on the success of 2023’s inaugural edition launched with Turkish AI artist and director Refik Anadol, his special collaboration with the Yawanawa Indigenous communities of Brazil’s Amazon, was regarded as a profound exploration of the relationship between human consciousness and nature. Over half a million people attended last year’s programme, generating $3 million in artwork sales, with Refik Anadol’s Yawanawa heritage project alone selling out in hours and raising $1.5 million for the preservation campaign.
HOFA Co-founder Elio D’Anna says: “The 2023 season of Encounters was a groundbreaking and very successful programme that brought together AI and digital artists, musicians, and an audience of global changemakers and creatives through a series of live performances and installations.
“This year’s ‘Evolving Perspectives’ programme continues to push boundaries, making it the most exciting synchronisation of visual art and cultural engagement, while also delivering a very powerful message on the power of AI and human-machine collaboration to help us achieve a more harmonious coexistence with nature.”
The Mykonos lineup headlines Dutch contemporary artist Joseph Klibansky from 18-21 July 2024. Celebrated for his innovative use of technology in art and sculpture, will present ‘Tree of Life’ merging digital art with environmental stewardship. This collection creates a unified visual narrative rich in depth and storytelling, featuring intricate patterns and vibrant colours inspired by nature. The new ‘Tree of Life’ collection includes a large-scale video sculpture installation to be exhibited at Scorpios Mykonos, along with 1,000 unique digitally painted fine art prints with a matching digital companion. Each artwork boasts its own unique traits, ensuring every piece is one-of-a-kind.
Moreover, Klibansky combines visual art with environmental awareness. For every artwork sold, the partnering non-profit One Tree Planted will plant physical trees in the Amazon.
In Bodrum between 22-25 August 2024, the art group Random International, a German duo with studios in London and Stockholm, will present an immersive installation that invites visitors to engage physically with a seemingly sentient, digital swarm. Titled ‘When Tomorrow Comes’, the work features a custom tracking system and flocking algorithm to create an interactive digital sculpture blending technology with human perception and interaction. 3 sets of 150 limited signed edition prints of ‘When Tomorrow Comes’ will be available for purchase.
A global name in human-machine collaboration, and multi-award winning Chinese-Canadian artist Sougwen 愫君 Chung will perform a live showcase with the robotic system D.O.U.G. (Drawing Operations Unit Generation at Scorpios Bodrum between 5-8 September 2024. The single scheduled performance during that weekend offers a unique opportunity to experience their groundbreaking collaborative work. Chung’s innovative approach to combining human artistry with AI technology has earned them international acclaim, including a spot on TIME Magazine’s TIME100 AI list as one of the world’s most influential people in AI and the TIME Impact Award 2024.
Accompanying the performance will be the debut of ‘Genesis II: Body Machine’, a collection of unique artworks. The works in ‘Body Machine’ speculate on the future of the robotic form intertwined with the human body. Each bespoke work is generated from the artist’s drawing choreography captured in three dimensions and paired with exclusive signed prints.
All prints and digital artworks will be available for purchase through Scorpios Collect.
The headline artist events are also supported by a programme of featured AI and visual artists, encompassing music into these collaborative events, they will take place throughout the 2024 summer season in both Mykonos and Bodrum.
Scorpios Co-Founder Thomas Heyne says: “We use digital art to create holistic experiences. Interaction and immersion enhance the overall experience, taking guests on a journey where they feel inspired. We are excited to welcome Joseph Klibansky, Random International, and Sougwen Chung to this year’s Encounters program, showcasing how AI can teach us about living in harmony with nature.”
WWW.THEHOUSEOFFINEART.COMWWW.SCORPIOS.COMWWW.SCORPIOS.COM/ENCOUNTERSWWW.SCORPIOSCOLLECT.COM
Media contact: Emma-Louise O’Neill; [email protected]; +44 7515 136909
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Artificial Intelligence
Two Belgian hospitals live with Sectra’s public cloud service for medical imaging based on Microsoft Azure
LINKÖPING, Sweden, July 3, 2024 /PRNewswire/ — Two hospitals in Belgium are successfully live with the public cloud service from international medical imaging IT and cybersecurity company Sectra (STOCKHOLM: SECT-B). As the first to use Sectra One Cloud in the Benelux countries, the two hospitals have begun experiencing the benefits of a cloud service such as improved ability to share resources between the sites and more streamlined workflows.
In the city of Bruges in Belgium, the hospitals AZ Sint Lucas and AZ Sint Jan began their journey to the cloud following a contract with Sectra signed in 2023. As the first in the Benelux countries to adopt Sectra’s enterprise imaging as a fully managed service in the public cloud, these hospitals have now gone live with the service.
One of the main reasons for this shift was the need to streamline operations and enhance collaboration between the two sites. Since 2021, the 23 radiologists and nine trainees of both hospitals have worked together in one single association. Previously, they were unable to work in one environment as they were using two different PACS providers. This made it much harder to collaborate. This need originates from the challenge many hospitals face today of dealing with heavy workloads.
“With an aging population come increasing needs. We are already experiencing a lack of resources and heavier workload. With more and more exams to report on and a shortage of staff, our radiologists are having a hard time coping with the everyday workload. A state-of-the art communal PACS system could help streamline workflow and improve efficiency,” says Dr. Jesse Marrannes, radiologist at AZ Sint-Jan and main medical responsible for this PACS project.
Bart Thielen, Managing Director, Sectra Benelux, adds: “Healthcare today needs to be able to cope with the increasing need for diagnostics and specialized care. Transitioning to the cloud is the first step for hospitals wanting to use new technology to cope with these challenges, as the service offers the needed scalability and security. Many hospitals also deal with staff shortages when it comes to qualified IT staff. I am very happy to offer a solution that will take away some of the stress and resources usually needed to manage the system.”
He continues: “AZ Sint Jan and AZ Sint Lucas pave the way for the transition to public cloud for medical imaging in the Benelux and I’m excited to follow their journey.”
The service is based on Microsoft Azure and fully managed by Sectra. The hospitals saw the potential of the service helping to relieve burden on their IT staff and resources. “The fact that it is a fully managed service and deployed in the cloud gives us more time to focus on the care of our patients rather than on the maintenance of the IT-system and the storage and accessibility of data,” said Annelies Meyns, Head of ICT Applications at AZ Sint Jan, when the project was initiated.
The implementation process began shortly after the contract was signed, with Sectra closely collaborating with hospital teams to ensure a seamless transition. “Moving everything to the cloud is a monumental task, but Sectra’s commitment made it manageable and efficient,” says Jurryt Laleeuwe, Head of ICT Applications at AZ Sint Lucas.
The cloud service is now fully operational, bringing notable enhancements. “The new system has already enhanced our ability to share resources and collaborate on patient cases. The ability to tailor our workflows has also greatly benefited our radiologists, especially for overarching multidisciplinary team meetings” says Dr. Pieter Vandaele, Head of the Department of Radiology at AZ Sint Lucas.
He continues: “The implementation and experience so far have been very positive, and I look forward to seeing the ongoing benefits of this cloud service.”
Sectra’s enterprise imaging solution provides a unified strategy for all imaging needs while lowering operational costs. The scalable and modular solution, with a VNA at its core, allows healthcare providers to grow from ology to ology and from enterprise to enterprise. Visit Sectra’s website to read more about Sectra and why it’s top-ranked in “Best in KLAS.”
About SectraSectra contributes to a healthier and safer society by assisting health systems throughout the world to enhance the efficiency of care, and authorities and defense forces in Europe to protect society’s most sensitive information. The company, founded in 1978, is headquartered in Linköping, Sweden, with direct sales in 19 countries, and distribution partners worldwide. Sales in the 2023/2024 fiscal year totaled SEK 2,964 million. The Sectra share is quoted on the Nasdaq Stockholm exchange. For more information, visit Sectra’s website.
For further information, please contact:Dr. Torbjörn Kronander, CEO and President Sectra AB, 46 (0) 705 23 52 27 Marie Ekström Trägårdh, Executive Vice President Sectra AB and President Sectra Imaging IT Solutions, 46 (0)708 23 56 10
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LONDON, July 3, 2024 /PRNewswire/ — Barrington James, a global leader in Life Science Recruitment, proudly announces the acquisition of S3 Science Recruitment, a firm renowned for its expertise in drug discovery, medical research, and the broader field of life sciences. Terms of the transaction were not disclosed.
This strategic acquisition marks a significant milestone for Barrington James, enhancing the company’s commitment to expanding its client-service capabilities and supporting the development of cutting-edge technology. This integration will provide clients with greater access to exceptional talent on both a permanent and temporary basis.
Dan Barrington, CEO of Barrington James, stated: “We are thrilled to acquire S3 and expand our Human Capital services in Life Sciences. This acquisition enhances our offerings across Board and Executive partnerships, Permanent Recruitment, Contract Recruitment, Staffing, OSP, and FSP. S3’s expertise in Clinical and Pre-Clinical specializations, both on a temporary and permanent basis, will perfectly complement Barrington James’ comprehensive Life Science services, from Clinical to Post-Marketing, A.I., and beyond. We are excited to collaborate with Alex Barrie, and his team, and we look forward to significantly growing S3 in the coming years.”
Alex Barrie, Director of Recruitment at S3, stated: “Clients of S3 Science Recruitment can expect a seamless transition, marked by the same dedication to excellence and personalized service they have come to rely on. Like Barrington James, we are deeply committed to delivering exceptional value and support to all our clients. By integrating the strengths of both companies, we are not only maintaining our high standards but also elevating them. The exciting integration of S3 Science into Barrington James enables us to offer an even broader and more comprehensive range of staffing solutions, ensuring that our clients benefit from a superior recruitment experience.”
About Barrington James:
Barrington James is a global, industry-leading recruitment business serving the Pharmaceutical, Biotechnology, and Medical Device sectors. With a global presence and a team of hundreds of specialists, we deliver world-class recruitment solutions to life science companies of all sizes. Leveraging a network of over 6 million industry professionals and advanced AI platforms, our expert consultants provide a personalized approach to global life science recruitment. For more information, please visit barringtonjames.com.
About S3 Science Recruitment:
S3 Science Recruitment connects talented individuals with leading organizations and institutions across the UK, Europe, and the United States. Our mission is to enable groundbreaking discoveries and life-saving treatments today. Specializing in drug discovery, medical research, and the broader Life Sciences field, we support the UK’s leadership in developing cures and treatments. Since 2002, S3 Science Recruitment has helped Life Sciences organizations find passionate individuals dedicated to medical advancement, particularly in animal research. We believe attracting talent to this vital industry is just the beginning of greater achievements. For more information, please visit s3science.com.
CONTACT: Amy TilburyHead of [email protected]+44 (0) 1293 776644
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