Laboratory Information Management System (LIMS) Market Segments: By Component (Software and Services); By Product (On-Premise, Web-hosted and Cloud-based); By End-User (Life Sciences, CROs, Petrochemical Refineries & Oil and Gas Industry, Chemical Industry, Food and Beverage and Agriculture Industries, Environmental Testing Laboratories and Other); and Region - Global Analysis by Market Size, Share & Trends for 2014 - 2020 and Forecasts to 2030
[ 170 + Pages Research Report ] Laboratory Information Management System (LIMS) Market to surpass USD 2.4 billion by 2030 from USD 850 Million in 2019 at a CAGR of 11.8% throughout the forecast period, i.e., 2020-30.
Laboratory Information Management System (LIMS) is a laboratory and information management system based on software with features that support the activities of a modern laboratory. Key features include support for data monitoring, versatile architecture, and interfaces for data sharing that completely support its use in controlled environments. The characteristics and uses of a LIMS have developed from basic sample control to an enterprise resource planning method that handles various aspects of laboratory computer science.
Laboratory Information Management System (LIMS) Market to surpass USD 2.4 billion by 2030 from USD 850 Million in 2019 at a CAGR of 11.8% throughout the forecast period, i.e., 2020-30. The demand for laboratory information management systems is due to a rising emphasis on improving laboratory performance. The increasing demand for technology in biobanks and biorepositories has significantly contributed to the growth of the market. Technological progress in the production of software has also improved the market. Moreover, the market has been fueled by growing investments in R&D investments in the pharmaceutical and biotechnological industries.
Laboratory Information Management System (LIMS) Market is segmented by Component into Software and Services. The services-based segment led the market in 2019 by accounting for XX.X% of the market share in the Laboratory Information Management System owing to the increasing need for LIMS implementation, integration, maintenance, validation, and support. Additionally, the segment is also expected to register a higher CAGR during the forecast era thus retaining its dominance in the LIMS market over the coming years. Besides, the growing demand for outsourcing solutions for LIMS is also complementing the segment's growth. Due to progress in software systems from SaaS to more advanced PaaS, CaaS, and community networks, the software segment is likely to show steady growth during the same time.
Laboratory Information Management System (LIMS) Market is segmented by product as cloud-based, web-hosted, and on-premise. The cloud-based product segment held accounted for the largest share in the market in terms of revenue in 2019. With the cloud-based setup, data can be accessed from multiple sites, multiple platforms, and multiple branches and these are the primary factors supporting the supremacy of the segment over the forecast horizon. Besides, some other factors contributing to the growth of the segment are reduced IT manpower, cost-effective data storage, and easy deployability. Besides, it is projected that cloud-based laboratory information management systems would report the highest CAGR during the same period.
Technological Advancements in LIMS Offerings
The growth of emerging technologies and rapid developments in healthcare information technology (IT) help businesses pursue healthcare information technology to unlock their potential. The Laboratory Information Management System (LIMS) has become an important instrument for moving data away from the office and into the workplace, processing, making decisions, measuring, updating, and releasing the operation. To preserve accuracy and robust functionality related to bioresearch, in vitro ADME studies, and discovery R&D and QA/QC R&D, laboratories have implemented advanced technologies.
Rising Demand for Biobanking
Factors responsible for the growth of the market for the Laboratory Information Management System (LIMS) include the demand for bio-banking, a growing emphasis on laboratory improvisation, and technical developments in LIMS offerings. Owing to the number of life-threatening diseases, there has been an explosive increase in the number of samples produced for research and analysis purposes. In the context of clinical trials, cohort projects, different biological studies, genomic studies, and specific protocols, the LIMS helps biobanks to manage and monitor the samples produced. Furthermore, the LIMS also plays a key role in advancing the results with the supply of biospecimens concerned to end-users, such as hospitals and clinics.
Rising Data Security and Privacy Concerns
The shortage of trained professionals to handle advanced technologies is a major bottleneck for the global LIMS industry, including key restrictions. Such a management framework, however, requires high installation costs and maintenance costs and thus serves as a major market constraint. The lack of integration requirements may also affect the growth of the market.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, and SWOT Analysis.
Laboratory Information Management System (LIMS) Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
Laboratory Information Management System (LIMS) Market in North America held the largest market share of 44.7% in the year 2019 and it is expected to continue its market dominance in the future owing to supportive policies facilitating laboratory automation adoption such as EHR programs. Moreover, the presence of advanced infrastructure, surging demand for genomic studies, and growing government funding are augmenting the regional sector. Due to the growing number of LIMS providing CROs in this area, the demand for laboratory information management systems in the Asia Pacific is expected to exhibit the highest CAGR during the forecast period.
Laboratory Information Management System (LIMS) market, which is highly competitive, consists of several major players such as LabWare (US), LabVantage Solutions (US), and Thermo Fisher Scientific (US) hold a substantial market share in the Laboratory Information Management System (LIMS) market. Other players analyzed in this report are Abbott Informatics (US), LabLynx (US), Autoscribe Informatics (US), Agilent Technologies (US), Computing Solutions (US), GenoLogics (Canada), LAB WORKS (US), Dassault Systèmes (France), Siemens (Germany), Accelerated Technology Laboratories (US), ApolloLIMS (US), Ovation (US), Novatek International (Canada), CloudLIMS (US), Eusoft (Italy), Horizon LIMS (US), and Premium (US) among others.
The market competition has been stepped up by the availability of many players offering Laboratory Information Management systems (LIMS). For Instance, In February 2020, LabVantage announced the addition of a fully integrated scientific data management system to its LIMS Platform.
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
Laboratory Information Management System (LIMS) Market Segments:
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