The Global Laboratory Information Management System Market size is expected to reach $1.3 billion by 2027, rising at a market growth of 6.1% CAGR during the forecast period. A laboratory information management system is utilized to simplify the workflow of labs, which includes assigning the tasks to the researchers automatically to formulate where a sample requires to be passed through for its next phase of the workflow. LIMS is also capable of being programmed to give any instruments or tools on the basis of pre-set rules and criteria.
The increasing practice of genome and DNA study is estimated to fuel the global laboratory information management system market. The rapid expansion of biotechnology by private companies and academic research and the fundamental application of this technology in medicine and agriculture will pave the way for the growth LIMS market. In addition, the knowledge of human sequence variation has also altered the method of medicine. It is likely to increase the applications for LIMS at various aspects.
With the outbreak of the Covid-19 pandemic, the demand for lab testing has boosted like never before, thus, increasing the stress on lab specialists or experts and its infrastructure. These kinds of burdensome situations are not suitable in case when there is an influx of huge number of potential bio-hazardous samples each day in the laboratories. Moreover, the increasing delay in testing these samples results in delayed clinical decision making and thus block the emergency departments and isolation units. By using the capabilities of LIMS for simplifying all the phases like pre-analytical, analytical, and post-analytical, hence the LIMS has proven to be very beneficial in the ongoing COVID-19 pandemic.
Based on End-use, the market is segmented into CROs, Petrochemical Refineries & Oil and Gas Industry, Life Sciences, Chemical Sector, Food and Beverage and Agriculture Sector, Environmental Testing Laboratories, and Other sectors. The contract research organization (CRO) segment is estimated to witness several profitable opportunities in the laboratory information management system market. This growth is attributed to the growing demand for outsourcing by biotechnological and pharmaceutical organizations. Along with this, the advantages like focus on major competencies, cost efficiency, mutual benefits to both contractor and customers are among the major factors, which are augmenting the growth of this segment.
Based on Component, the market is segmented into Services and Software. Based on Component, the services segment garnered the highest revenue share in the laboratory information management system market in 2020. This growth is attributed to the rising need for LIMS integration, implementation, validation, maintenance, and support. In addition, the increasing demand for LIMS outsourcing solution is projected to fuel the growth of the segment.
Based on Product, the market is segmented into Cloud-based, Web-hosted, and On-premise. By product, the cloud-based segment acquired the highest market share in the laboratory information management system market in 2020. The key factor behind the dominance of the segment is that the data on the cloud is easily accessible from numerous locations, systems and branches, which would push the market growth during the forecast period. In addition, decreasing IT workforce, easy deployment and cost-efficient data management are also surging the growth of the segment.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 846.1 Million |
| Market size forecast in 2027 | USD 1.3 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 6.1% from 2021 to 2027 |
| Number of Pages | 226 |
| Number of Tables | 383 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling, Competitive Analysis |
| Segments covered | End-use, Component, Product, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Asia-Pacific region is anticipated to register the highest growth rate in the laboratory information management system market due to the rising number of LIMS offering CROs in this region. The key players of the market outsource LIMS from CROs based in this region to minimize the cost of LIMS support systems and enhance operational efficiency. Emerging nations like India and China have become the key outsourcing hubs.
Free Valuable Insights: Global Laboratory Information Management System Market size to reach USD 1.3 Billion by 2027
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Abbott Laboratories, Thermo Fisher Scientific, Inc., and Siemens AG are the major forerunner in the Laboratory Information Management System Market. Companies such as LabVantage Solutions, Inc., LabWare, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Thermo Fisher Scientific, Inc., Abbott Laboratories, Siemens AG, LabWare, Inc., LabVantage Solutions, Inc. (TCG Lifesciences), LabLynx, Inc., Autoscribe Informatics, Inc., Labworks LLC, Accelerated Technology Laboratories, Inc., and Illumina, Inc.
By End-use
By Component
By Product
By Geography
The Global Laboratory Information market size is expected to reach $1.3 billion by 2027.
Increasing demand for testing in the COVID-19 pandemic are driving the market in coming years, however, high maintenance and service cost have limited the growth of the market.
Laboratory Information tablets manufacturing and distributing companies have been severely impacted by COVID-19 to a certain extent, due to the closure in several COVID-19 affected nations and a surge in the number of healthcare workers falling ill during the outbreak of the COVID-19 pandemic, resulting in the storage of supply.
The life sciences segment held the largest revenue share in the laboratory information management system market in 2020.
The North America emerged as the leading region in the laboratory information management system market with the highest revenues share in 2020.
Thermo Fisher Scientific, Inc., Abbott Laboratories, Siemens AG, LabWare, Inc., LabVantage Solutions, Inc. (TCG Lifesciences), LabLynx, Inc., Autoscribe Informatics, Inc., Labworks LLC, Accelerated Technology Laboratories, Inc., and Illumina, Inc.
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