Laboratory Information Management System Market Worth $1,133.5 million by 2023 at a CAGR of 7.3%, Global Industry Forecast to 2023
Meticulous Research®, leading global market research company published a research report titled “Laboratory Information Management System Market by Type (Multipurpose, Purpose built), Component (Services, Software), Delivery (On Premise, Web, Cloud), End User (Pharma, Biotech, MDx, Biobank, CRO, F&B, Oil, Gas, Petroleum, Chemical, Environment) – Global Forecast to 2023”.
According to this latest publication from Meticulous Research®, the global laboratory information management system market will grow at a CAGR of 7.3% from 2018 to 2023 to reach USD 1,133.5 million by 2023, driven by various factors such as growing automation in laboratories, technological advancements in LIMS systems, growing need for regulatory compliance, and increasing R&D spending, and increasing awareness through conferences, seminars & workshops. Emerging economies such as Latin America, Asia-Pacific, and Middle East & Africa further provides significant potential for growth. Moreover, rapid adoption of cloud-based LIMS solutions provides immense growth opportunities for various stakeholders in the laboratory information management system market.
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The laboratory information management system market is mainly categorized by type (multi-purpose LIMS, and purpose-built LIMS), mode of delivery (on-premise solutions, cloud-based solutions, and web-based solutions), component (services and software), end user (life sciences industry, food & beverage and agriculture industries, petrochemical and oil & gas industries, chemical testing laboratories, environmental testing laboratories, and others), and by geography.
Based on type, multi-purpose LIMS segment is expected to continue to dominate the market during the forecast period, mainly due to various technological advancements in LIMS, growing replacement of old legacy LIMS with COTS LIMS, and growing application of LIMS in biobanking, academic research institutes, and CROs.
Based on mode of delivery, on-premise solutions held the largest share in the laboratory information management system market in 2017. This is mainly because these solutions are more customizable than other deployment models; laboratories have total ownership and authority; and this model is perceived to be more secure.
On the basis of component, services is the largest component of laboratory information management system market in terms of value, mainly due to huge demand for cloud services and increasing lab automation which subsequently propels the demand for LIMS services such as implementation, validation, integration, maintenance, and training and support.
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Based on end user, life sciences industry commanded the largest share in the laboratory information management system market in 2017, mainly due to growing regulatory pressure to maintain data integrity, validity, and security. Moreover, increasing need to improve lab productivity and cost efficiency and trend towards automation is driving life sciences industries to invest in lab informatics.
The major players in the global laboratory information management system market are Abbott Informatics (a subsidiary of Abbott Laboratories), Astrix Technology Group, Autoscribe Informatics, Blaze Systems Corporation, Computing Solutions, Incorporated (CSI) (LabSoft), Csols, Inc., Dassault Systemes SE, EuSoft Srl., Genohm SA, Genologics, Inc., (Illumina Company), Dohmen Company (HORIZON), Infosys Limited, LabLynx, Inc., LabVantage Solutions, Inc., LabWare, Inc., LabWorks LLC, Novatek International, Promium, LLC, Thermo Fisher Scientific Inc., and Waters Corporation, among others.
Key questions answered in the report
Which are the high growth market segments in terms of product, mode of delivery, component, end user, and regions/countries?
What is the historical market for laboratory information management system market across the globe?
What are the market forecasts and estimates from the period 2018-2023?
What are the major drivers, restraints, opportunities, and challenges in the laboratory information management system market?
Who are the major players in the laboratory information management system market and what share of the market do they hold?
How is the competitive landscape?
What are the recent developments in the laboratory information management system market?
What are the different strategies adopted by the major players in the laboratory information management system market?
What are the geographical trends and high growth regions/countries?
Who are the local emerging players in the laboratory information management system market and how do they compete with the global players?
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