LAB AUTOMATION MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 A laboratory information management system (LIMS) is software used to manage and aggregate data from samples, automate workflows, and manage associated samples. LIMS tracks the lots and reagents, which helps predetermine and understand the required lab agents and resources.

LIMS offers various benefits, such as integration with other in-lab systems, enabling smooth functioning, and gathering data in a single place. This is propelling market growth significantly.

In clinical research applications, LIMS offers flexibility in the configuration of applications. Clinical labs are also tasked with meeting specific regulatory requirements, including those governed by (Clinical Laboratory Improvement Amendments) CLIA and CAP in the United States, which relate to the accuracy and reliability of tests. Compliance with CLIA involves following the set of strict standards. LIMS are expected to meet these standards.

July 2021- Francisco Partners, one of the leading global investment firms, acquired the STARLIMS informatics product from Abbott, which will evolve its innovative product suite to meet the needs of its customers while maintaining its industry-leading safety and compliance standard.

North America is anticipated to register a significant share owing to the presence of the United States, a country with substantial investments in clinical research. This country is home to some major pharmaceutical companies, like Pfizer, Novartis, GlaxoSmithKline, J&J, and Novartis. The government also has the highest contract research organizations (CROs) concentration. Some of the major CROs in the country are Laboratory Corp. of America Holdings, IQVIA, Syneos Health, and Parexel International Corp.

The market is very competitive in the country due to the presence of all the major players in the industry and stringent FDA regulations. To gain an advantage over competitors, the companies in the country are increasingly adopting robotics and automation in labs.

Microbiological labs in the region seek technologically innovative solutions to cope with large numbers of samples and limited personnel resources. Some major manufacturers, such as BD Kiestra and Copan Diagnostics Inc., are commercializing partial or complete lab automation systems for bacteriology in the United States.

    The Total Lab Automation Market is expected to register at a CAGR of 6.6% over the forecast period. Technological advancements and increasing pressure to deliver results have led to the use of automated systems in laboratories, driving the market. The adoption rate of automated systems has been growing due to their accuracy, advanced data management capacity, reduced repetitiveness, and reduced human intervention.

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