BANGALORE, India | 26th January 2021: Laboratory Information Management System (LIMS) Market is Segmented by Type (Software, Services), by Application (Pharmaceutical, Biotech, Chemical, Agriculture, Oil & Gas), Key Vendors and Regional Growth: Global Opportunity Analysis and Industry Forecast, 2021 – 2026. This report is published on Valuates Reports in the LIMS Category.
The global Laboratory Information Management System (LIMS) Market size is projected to reach USD 1413.4 Million by 2026, from USD 836.1 Million in 2019, at a CAGR of 7.7% during 2021-2026.
Major factors driving the growth of library management system market size are, technological advancements in LIMS offerings, increasing R&D expenditure in pharmaceutical and biotechnology companies, and the growing adoption of cloud-based LIMS. Furthermore, the incorporation of LIMS helps labs achieve at least 80 percent paperless operations.
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LIMS MARKET SIZE ANALYSIS
The rising prevalence of chronic diseases is expected to drive the growth of the Laboratory Information Management System Market size. The rising prevalence and concern for chronic diseases necessitate the need for advanced diagnostic and laboratory services. The Government is introducing numerous programs for patients with chronic illnesses, such as cancer, to make their care cost-effective. Laboratory Information Systems can provide fast and reliable sub-typing for diseases, provide rapid access to cancer data, minimize complexity and costs, and promote the integration and collection of data from various types of instruments and systems.
Growing practice in genome, DNA studies and in-vitro ADME (Absorption, Distribution, Metabolism and Excretion) technologies are working in favor of the market. Associated benefits, such as high precision and elimination of manual data transcription errors, are also expected to increase the growth of LIMS market size.
Moreover, the increasing popularity of cloud-based systems is expected to fuel the growth of the Laboratory Information Management System market size. Cloud-based LIMS is cost-effective than on-premise or client-server systems. This is because you don’t need all the hardware or IT infrastructure in order to support the application. Many cloud-based services are built to be used ‘as-is’ so you don’t need a lot of service days, such as training or setup, to start using the system.
TOP COMPANIES IN THE LIMS MARKET
Market players are adopting organic growth tactics, such as the launch of new products on the market, to retain their global position.
Some of the top companies in the Laboratory Information Management System Market include:
- Thermo Fisher Scientific, Inc. (U.S.)
- LabWare, Inc. (U.S.)
- LabVantage Solutions, Inc. (U.S.)
- Abbott Informatics (U.S.)
- Core Informatics, LLC (U.S.)
- LabLynx, Inc. (U.S.)
- Labworks, LLC (U.S.)
- GenoLogics (Canada)
- Computing Solutions, Inc. (U.S.)
- Autoscribe Informatics (U.K.).
LIMS MARKET SHARE ANALYSIS
Based on type, the software segment is expected to hold the largest LIMS market share. This dominance of the software segment is attributed to the growing demand for LIMS software due to the rising number of samples in laboratories.
The broad-based LIMS segment accounted for the largest market share in 2019, as these solutions give users considerable room for customization and interpretation that can benefit multiple businesses across various geographic locations.
During the forecast period, the life sciences segment is projected to rise at the highest CAGR. Growth in this segment is mainly due to the increase in pharmaceutical companies’ outsourcing, increasing strictness of regulatory mandates, the rising number of biobanks/biorepositories, and the increasing investment/activity of pharmaceutical and biotechnology companies in R&D.
North America is expected to hold the largest Laboratory Information Management System Market share during the forecast period. This dominance of North America is attributed to the growth in biobanks, easy availability of LIMS products and services, and stringent regulatory requirements across various industries.
Asia-Pacific region is expected to show the highest growth rate during the forecast period due to the increasing number of LIMS providing CROs in this region.
LIMS MARKET SEGMENTATION
Laboratory Information Management Systems (LIMS) Breakdown Data by Type
Laboratory Information Management Systems (LIMS) Breakdown Data by Application
- Oil & Gas
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SIMILAR REPORTS :
– LIMS Software Market is Segmented by Type On Cloud, On-Premise, by Application Enterprises, Schools and by various regions.
– Healthcare Laboratory Informatics Market is Segmented by Type LIMS, ELN, SDMS, CDS, LES, by Application Biotech Companies, Clinical, Pharmaceuticals and by various regions.
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