The Laboratory Information Management Systems (LIMS) Market is projected to grow at a rate of 9.3% in terms of value, from USD 882.2 Million in 2020 to reach USD 1.91 Billion by 2028
The Laboratory Information Management Systems (LIMS) Market is projected to grow at a rate of 9.3% in terms of value, from USD 882.2 Million in 2020 to reach USD 1.91 Billion by 2028. A growing inclination to improve the efficacy of laboratories by implementing an information management system to support various operations by handling tasks such as tracking of data, and providing a data exchange interface with a flexible architecture, among others, thus setting a standard for operations by upholding workflows, examinations & tests, and reporting processes. Besides, it helps in optimizing various laboratory operations to keep pace with the diversified and strict demands of clients.
Strict regulatory norms set up by the government to authenticate the data used in the analysis by laboratories, for disaster management in laboratories, record archival, etc. are further expected to push the market for Laboratory Information Management Systems.
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With efforts being taken to better the operational efficiency of the laboratories, the demand for Laboratory Information Management Systems is on a high along with a surge in the cost owing to technological advancement done to improve the functioning of the software. Thus, a rise in the price of deploying the Laboratory Information Management Systems may restrict 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.
Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Involved in This Market:
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.
The globla Laboratory Information Management Systems (LIMS) market study focuses on the revenue growth trajectories of the leading companies in this market. This section of the report throws light on the highly competitive landscape of the Laboratory Information Management Systems (LIMS) market, pointing out the major players. The report further discusses the strategic initiatives undertaken by each of these market players, including mergers & acquisitions, collaborations, joint ventures, new product launches, new business deals, and technological innovations.
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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.
For the purpose of this report, the global laboratory information management systems (LIMS) market is segmented based on type, component, deployment, industry vertical, and region:
Type Outlook (Revenue, USD Million; 2018-2028)
- Industry-specific
- Broad-based
Component Outlook (Revenue, USD Million; 2018-2028)
- Software
- Services
Deployment Outlook (Revenue, USD Million; 2018-2028)
- On-premise
- Cloud-based
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
- Others
- Food & Beverage Industry
- Agriculture Industry
- Chemical Industry
- Oil & Gas industry
- Environmental Testing Laboratories
- Others
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Regional Outlook (Revenue, USD Million; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Rest of Middle East & Africa
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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