Surging need for improving the efficiency of lab operations is a key factor influencing the global market growth
Market Size – USD 882.2 Million in 2020, Market Growth – CAGR of 9.3%, Market Trends – Rising demand for cloud-based laboratory information management systems
The global laboratory information management systems (LIMS) market size is expected to reach USD 1.91 Billion by 2028 at a CAGR of 9.3%, according to a new report by Reports and Data. Market revenue growth is mainly attributed to growing need for advanced and effective laboratory information management, emerging new features in LIMS, and rising adoption in the pharmaceutical and biotechnology industries. Increasing demand for cloud-based LIMS owing to greater convenience, higher affordability, and better adaptability and reliability is a key factor boosting the global laboratory information management systems (LIMS) market growth to a significant extent. Rise in research & development activities in the life sciences sector, increasing focus on laboratory automation, and growing adoption of LIMS across the food & beverage, agriculture, chemical, environmental testing, and several other industries further drive market growth.
A laboratory information management system (LIMS), also known as laboratory information system (LIS), is a software-based solution for modern-day laboratory operations. Over the past years, LIMS has evolved in terms of functionality and, unlike the traditional LIMS, it is not limited to just sample tracking and management. LIMS is an integrated solution that caters to a wide range of laboratory data & information management needs, such as tracking of lab tests performed, maintaining sample records, and managing customer services and the invoices for those services. Laboratory information management systems are increasingly being adopted in various industry verticals and are replacing other solutions including ELN (Electronic Laboratory Notebook), barcode management systems, accounting software, and patient portals. Some of the core functions of LIMS include reception of samples and associated customer data, sample scheduling and tracking, sample processing and quality control, data storage, and inspection and compilation of sample data.
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The report provides comprehensive assessment of the market covering key elements such as revenue estimations, cost analysis, import/export, production and consumption trends, CAGR, gross margin, and supply & demand patterns. It also sheds light on recent technological developments, product advancements, and research and development activities in the region.
The report examines the key players operating in the market along with their market position, market share, revenue, gross margin, and business strategies. SWOT analysis and Porter’s Five Forces Analysis are used to examine and assess the market and its players. It also covers recent mergers and acquisitions, joint ventures, collaborations, agreements, partnerships, and product launches and brand promotions.
Key companies profiled in the report include:
Thermo Fisher Scientific, LabVantage Solutions, LabWare, Abbott Informatics, LabLynx, Agilent Technologies, GenoLogics, LABWORKS, Dassault Systèmes, Computing Solutions, Siemens, Accelerated Technology Laboratories, ApolloLIMS, Autoscribe Informatics, Novatek International, Eusoft, CloudLIMS, Horizon LIMS, and Promium
Market Segmentation by Types:
Type Outlook (Revenue, USD Million; 2018-2028)
Component Outlook (Revenue, USD Million; 2018-2028)
Deployment Outlook (Revenue, USD Million; 2018-2028)
Industry Vertical Outlook (Revenue, USD Million; 2018-2028)
- Life Sciences Industry
- Pharmaceutical & Biotechnology Industries
- Academic Research Institutes
- Clinical Research Laboratories
- Contract Research Organizations
- Bio-banks & Bio-repositories
- Next-generation Sequencing Laboratories
- Toxicology Laboratories
- Food & Beverage Industry
- Agriculture Industry
- Chemical Industry
- Oil & Gas industry
- Environmental Testing Laboratories
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Regional analysis covers in-depth analysis of analysis of the revenue, market share, and growth rate of the global Laboratory Information Management Systems (LIMS) market in each region for the forecast period of 2021-2028. The report covers production and consumption rate, current and emerging trends, import/export, supply and demand, and presence of key players in each region.
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Some Key Highlights in the Report:
- Based on component, the services segment is expected to register a revenue CAGR of 9.5% over the forecast period, mainly owing surging need for services such as software upgradation, training for advanced software operations, and long-term maintenance of software.
- Among industry verticals, the life sciences industry segment is expected to account for largest market share over the forecast period at a robust CAGR 9.3%. Key factors driving revenue growth of this segment are rising number of bio-banks/bio-repositories, increased government investments in pharmaceutical and biotechnology companies for research & development activities, and increasing outsourcing by pharmaceutical companies worldwide.
- North America is the leading regional market in the global laboratory information management systems (LIMS) market, with the fastest revenue CAGR of 9.2%. Increasing public and private investments in pharmaceutical and biotechnological research activities, rising need to improve operational efficiency of laboratories, and emergence of advanced LIMS software with additional features have boosted the North America market growth.
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