R&D organizations generate a large amount of data as they are constantly involved in the development of new products, as well as modifications in existing ones. These organizations generally face data challenges when using outdated laboratory data processes, whether paper, excel spreadsheets. Also, challenges can be seen while using multiple legacy data systems. In larger organizations having multi-sites, multiple legacy LIMS are used with varying levels of capability and interconnectedness. This results in different levels of efficiency and standardization.
LIMS in laboratories organizes R&D data into projects, studies, and experiments. This organization of data helps to search for accurate information. The LIMS increases productivity and manages daily operations by resource monitoring and work assignments.
Pharmaceutical companies constantly focus on research and development (R&D), a core aspect of drug development processes. The biotechnology industry also continues to grow substantially due to increased investments in R&D to cater to the growing demand for innovation and new medical breakthroughs. The importance of R&D is evident due to the rising number of drug approvals.
For instance, in 2020, the FDA’s Center for Drug Evaluation and Research (CDER) approved 53 novel drugs, an increase from 48 novel drugs approved in 2019. High R&D investments in the life sciences sector are expected to drive the adoption of LIMS in the coming years.
This increase in global pharmaceutical R&D expenditure is likely to propel the adoption of LIMS in the coming years. Increasing R&D spending has boosted the demand for efficient laboratory data management. Most pharmaceutical companies and CROs use LIMS as it allows researchers to reduce human error by enabling workflow automation, tracking reagents and lots, centralizing access and storage of quality control data, and enhancing data integrity with automatic audit logging and revision control, and much more. Also, LIMS integrates with instruments or other in-lab systems to improve lab efficiency.
Laboratory automation is revolutionizing workflows in research laboratories across industries. Automation is becoming increasingly important in life sciences and other research laboratories due to improving productivity, accuracy, throughput, and efficiency and reducing errors and costs. Initially only used by large pharmaceutical and biotechnology companies, laboratory automation technology has rapidly evolved to cater to a wider audience of scientists in the life sciences industry. Automation companies produce advanced automation solutions for specific needs and smaller, easy-to-use systems that are more suited to scientists’ general needs.
The emergence of advanced laboratory automation solutions has transformed research & development workflows for scientists and lab professionals. Lab automation solutions include automated lab instruments, software, processes, and systems that reduce human error and cycle times, streamline operations, increase productivity, improve accuracy, data management, and product/service quality, and ensure compliance.
Lab automation has become essential to managing the increasing volumes of data faster. The need for efficient data storage, analysis, and sharing solutions is also rising. Informatics solutions can significantly improve the effectiveness and efficiency of an organization’s laboratory operations. Furthermore, automating laboratory processes and data integration allows for making scientific decisions, enabling lab professionals to productively advance research, development, and manufacturing. Thus, the growing use of automation in lab settings drives the demand for laboratory informatics solutions, including LIMS.
According to Meticulous Research®, the global laboratory information management market is projected to reach $1.75 billion by 2030, at a CAGR of 7.4% during the forecast period of 2023–2030.
Access Full Report Here: https://www.meticulousresearch.com/product/laboratory-information-management-system-market-4009