The global laboratory information management systems (LIMS) market is expected to reach USD 2,446.4 billion by 2027 at a CAGR of 9.2 %. Factors that are responsible for the growth of the laboratory information management system (LIMS) market include the rising demand for bio-banking, increasing focus on improvisation of the laboratory, and technological advancements in LIMS offerings.
From the past few years, there has been an explosive rise in the number of samples generated for research and analysis purposes, due to the rising number of life-threatening diseases. Similarly, a significant rise in the focus on the high quality of samples and efficient management of the same has become great points of concern. This rise in the sample is pushing the researchers toward cost pressure, managing regulatory issues, storage issues, and so on. For the sake of better management of these samples, biobanks are continuously taking efforts. The LIMS helps the biobanks in the management and tracking of the samples that are generated within the framework of clinical trials, cohort projects, various biological studies, genomic studies and specific protocols. In addition, the LIMS also plays a key role in advancing the discoveries with the provision of concerned biospecimens to the end users, such as hospitals and clinics. However, factors such as the cost associated with the implementation of a laboratory information management system, among others, may hinder the market growth.
Advancements in R&D labs, especially in pharmaceutical and biotechnological laboratories, are likely to stoke the growth of the market during the forecast period. Growing focus on improving the efficiency of laboratories is also poised to help the market gain tremendous momentum over the coming years. Also, low implementation cost, efficient time management, and compliance with GDP, GCP, and GMP are the key factors escalating the demand for LIMS.
Moreover, the rising practice of genome and DNA study and in-vitro ADME technologies is working in favor of the market. Associated advantages such as high precision and elimination of manual data transcription errors are also anticipated to provide a fillip to the market. Furthermore, the burgeoning popularity of cloud-based systems is projected to positively influence the growth of the overall market.
Laboratory information management systems are being increasingly implemented for biobanking. These systems ensure effective management and tracking of data quality, security, end-user billing, patient demographics, and security. They also improve data sampling and research information integration, thereby making data access easier. However, the dearth of skilled professionals to manage advanced technologies is inhibiting the growth of the market.
The laboratory information management system market is highly competitive, with the presence of several small and big players. In 2020, LabWare (US), LabVantage Solutions (US), and Thermo Fisher Scientific (US) were the leading players in the global LIMS market. Other major players include Abbott Informatics (US), LabLynx (US), Autoscribe Informatics (US), Agilent Technologies (US), Computing Solutions (US), GenoLogics (Canada), LABWORKS (US), DassaultSystèmes (France), Siemens (Germany), Accelerated Technology Laboratories (US), ApolloLIMS (US), Ovation (US), Novatek International (Canada), CloudLIMS (US), Eusoft (Italy), Horizon LIMS (US), and Promium (US).
The global laboratory information management system market can be divided into North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is anticipated to hold a prominent share of the global laboratory information management system market. This dominance can be attributed to the presence of several global players in this region, especially in the U.S. and Canada. Europe is expected to account for a significant share of the market. This trend can be attributed to the increasing focus on innovations through research & development and IT technologies in developed countries in the region.
The market in Asia Pacific is expected to expand at a rapid pace from 2020 to 2027. High adoption of exploration & production solutions along with growing adherence toward regulatory compliances are some of the factors driving the laboratory information management system market in Asia Pacific. Developing economies in Asia Pacific such as India and China are inviting global players to their local markets. This, in turn, is propelling the market in the region.
Report : Laboratory Information Management Systems Market - By Type (Broad based LIMS, Industry Specific LIMS) By Component (Services, Software) By Deployment Model (On premises LIMS, Cloud based LIMS, Remotely Hosted LIMS) BY Industry (Life Sciences, Petrochemical Refineries and Oil & Gas, Chemical, Food & Beverage and Agriculture, Environmental Testing Laboratories, Other Industries) By Region (North America, Europe, Asia Pacific, RoW) - Industry Analysis, Opportunity and Forecast 2020 To 2027