Biobanks and biorepositories are increasingly adopting LIMS to store and manage all clinical and biological information associated with testing samples. Laboratory information management systems enable the biobanks/biorepositories to scale up as the demand increases and help to manage all biospecimen locations, online request management, data compliance, and security, chain of custody and patient demographics as well as client billing. Laboratory information management systems offer biobanks and biorepositories the security, interconnectivity, instrument integration and data management capabilities necessary to manage increasingly complex research requirements and large-scale sample collections. Due to these reasons, biobanks and biorepositories are becoming an essential and sophisticated resource for research activities. Technological advances such as automation and robotics are transforming the management of biobanks and biorepositories enabling the implementation of integrated systems to manage samples, data and procedures for the distribution of biological specimens and other services.
A significant increase in investments for Contract Research Organizations (CROs) helps to analyze data and analysis of large sample claims datasets which can drive pre-clinical and clinical R&D decisions. These organizations are increasingly adopting LIMS solutions for integration with systems and lab instruments, sample management, electronic document management, QA/QC, environmental monitoring, barcode, RFID and regulatory compliance. The LIMS systems in CROs help reducing costs associated with sample management and data transfer between researchers, enabling them to benefit from improved operational efficiency.
With the growing partnerships and collaborations between research laboratories and organizations in different geographical locations across the globe and increasing need to share data, adoption of laboratory solutions by academic research institutes is on the rise. LIMS enables academic research institutes to store different kinds of information in a single platform, easily searchable and retrievable by anyone with access to the system. LIMS also helps them with data security and backup, meet data management guidelines from funding bodies, facilitate data sharing, and improve data traceability and reproducibility of results. Thus, growing adoption by the biobanks, academic research institutes, and CROs will further propel the demand for laboratory information management systems, which is expected to grow at a CAGR of 7.3% to reach USD 1,133.5 million by 2023, according to Meticulous Research®.
In-depth Report on LIMS market: https://www.meticulousresearch.com/product/laboratory-information-management-system-market/