Global laboratory information management systems market was valued at USD 1.01 billion in 2020. It is projected to grow at a compound annual rate (CAGR of 4.0%) between 2021 and 2028. The rising demand for laboratory automation is expected to drive the demand for the laboratory management system (LIMS).
The demand for 24/7 laboratory testing during the COVID-19 pandemic resulted in a significant increase in laboratory staff and infrastructure. These stressful situations are extremely undesirable, especially when laboratories receive a lot of potentially biohazardous specimens every day. Delays in testing these samples can lead to delayed clinical decision-making and, consequently, congestion in emergency departments and isolation units. The potential of LIMS' to streamline all phases (i.e. During the COVID-19 pandemic, it was beneficial to have pre-analytical and analytical phases.
Positive industry growth is expected for laboratory information management systems due to technological and pharmaceutical advances. The market for laboratory information management systems is driven by low implementation costs, efficient time management, and compliance with GDP, GCP and GMP.
Market growth will also be driven by technological advances made by market leaders in laboratory information management system. LabVantage Solutions, for instance, launched in July 2020 its fully integrated scientific information management system (SDMS). It is available through the LabVantage edition 8.5. These factors increase the market growth for laboratory information management systems.
Cloud-based segments dominated the market in laboratory information management systems and held the largest revenue share at 41.0% in 2020. These key factors have contributed to the cloud-based segment's dominance during the forecast period. The data can be accessed from multiple locations and multiple systems as well as multiple branches. The segment's growth is also due to its cost-effective data management and ease of deployment.
Due to its high acceptance rate by customers, the web-hosted segment was the second-largest in terms of revenue. Because it is more customizable and reliable than other LIMS services, the on-premise segment will continue to grow and is expected to increase in popularity.
Services dominated the market in laboratory information management systems and was responsible for the highest revenue share at 57.9% in 2020. This is due in part to the growing demand for LIMS integration, maintenance, validation, support, and implementation. The segment will also be driven by the growing demand for outsourcing LIMS solutions. Due to the development of software systems from SaaS to more advanced PaaS and CaaS as well as community networks, the software segment will see steady growth in the laboratory information management market.
In 2020, the market for laboratory information management systems was dominated by the life sciences segment. It accounted for 40.6% of the total revenue. This is due to the increasing use of LIMS in pharmaceutical labs. This segment is expected to grow due to the lack of qualified staff, increased productivity, cost efficiency and increasing demand for biobanks.
Due to increasing outsourcing demand by biotechnological and pharmaceutical companies, the contract research organization (CRO), segment will experience lucrative growth in the laboratory information management market. The segment is also driven by associated advantages like cost efficiency, focus upon major competencies, and mutual benefits for both client and contractor.
North America was the dominant market for laboratory information management systems in 2020, accounting for 46.0% of the total revenue. This dominance can be attributed to the support policies that facilitate laboratory automation adoption, such as EHR programs. The market is also growing due to the availability of advanced infrastructure, rising demand for genomic studies and rising government funding.
Asia Pacific is expected to see the highest CAGR for laboratory information management systems due to the growing number of LIMS-provider CROs. Major players seek out LIMS outsourcing from CROs located in the region to lower the cost of LIMS support and increase operational efficiency. India and China are major outsourcing hubs in developing economies. The Chinese Ministry of Health has created an action plan to deploy e-health-related solutions in geographically dispersed areas of the country. It covers broad areas of medicine and insurance, with a strong focus on electronic record systems that allow data sharing within the national healthcare system.
Market leaders participate in acquisitions, strategic collaborations and product launches to stay ahead of the competition. In March 2021 Autoscribe Informatics launched an updated version its Regulated Manufacturing LIMS. This configured solution is based on the Matrix Gemini LIMS. This product is suitable for all manufacturing companies, even those in highly regulated sectors like pharmaceuticals and medical devices. Autoscribe Informatics expanded its product range with this initiative. Labware also announced in June 2020 the production release Labware 8, its enterprise lab platform. Among the leading players in the market for laboratory information management systems (LIMS), are:
Thermo Fisher Scientific
Siemens
LabVantage Solutions Inc.
LabWare
PerkinElmer Inc.
Abbott Laboratories
Autoscribe Informatics
Illumina, Inc.
Labworks
LabLynx, Inc.
Up Market Research published a new report titled “Laboratory Information Management System Market research report which is segmented by Product (Web-hosted, Cloud-based), by End-use (Life Sciences, CROs), by Component (Services, Software), By Players/Companies LabWare, Thermo Fisher Scientific, Labworks, Illumina Inc, LabLynx Inc, PerkinElmer Inc, Abbott Laboratories, Siemens, Autoscribe Informatics, LabVantage Solutions Inc”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Laboratory Information Management System Market Research Report |
By Product | Web-hosted, Cloud-based |
By End-use | Life Sciences, CROs |
By Component | Services, Software |
By Companies | LabWare, Thermo Fisher Scientific, Labworks, Illumina Inc, LabLynx Inc, PerkinElmer Inc, Abbott Laboratories, Siemens, Autoscribe Informatics, LabVantage Solutions Inc |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 200 |
Number of Tables & Figures | 140 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Product (Web-hosted, Cloud-based), by End-use (Life Sciences, CROs), by Component (Services, Software).
Laboratory Information Management System Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Laboratory Information Management System Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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