Laboratory Information Management System Market Trends and Opportunities
The global Laboratory Information Management System Market is projected to reach USD 1.7 billion by 2025 from USD 1.0 billion in 2020, at a CAGR of 12.1%. Growth in this market is driven by the increasing focus on improving the efficiency of laboratories, increasing use of LIMS to comply with stringent regulatory requirements, technological advancements in LIMS offerings, increasing R&D expenditure in pharmaceutical and biotechnology companies, and the growing adoption of cloud-based LIMS.
By type, the broad-based LIMS segment dominated the market in 2019
Based on type, the LIMS market is segmented into broad-based LIMS and industry-specific LIMS. The broad-based LIMS segment accounted for the largest market share in 2019 as these solutions provide users with significant room for customization and interpretation that can support multiple businesses across different geographic locations. Broad-based LIMS helps streamline laboratory workflow processes and improve decision-making and reporting; these advantages are expected to drive their uptake in the coming years.
The life sciences segment is expected to grow at the highest CAGR during the forecast period
Based on industry, the LIMS market is segmented into life sciences, chemical, food & beverage and agriculture, environmental testing, petrochemical refineries and oil & gas, and other industries. The life sciences segment is projected to grow at the highest CAGR during the forecast period. Growth in this segment can primarily be attributed to the rise in outsourcing by pharmaceutical companies, rising stringency of regulatory mandates, increasing number of biobanks/biorepositories, and growing R&D investments/activities in pharmaceutical and biotechnology companies.
The on-premise LIMS segment commanded the largest share of the LIMS market in 2019
Based on the deployment model, the LIMS market is segmented into on-premise, cloud-based, and remotely hosted models. In 2019, the on-premise LIMS segment accounted for the largest share of the market. The large share of this segment is attributed to the fact that these solutions are more customizable and have minimum risk associated with data breaches and external attacks.
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North America to dominate the laboratory information management systems market
In 2019, North America held the largest share of the market, followed by Europe. The large share of this geographical segment is attributed to the strong economies in the US and Canada, which have allowed for significant investments in new technologies, growth in biobanks, easy availability of LIMS products and services, and stringent regulatory requirements across industries.
LabWare (US), LabVantage Solutions (US), and Thermo Fisher Scientific (US) were the leading players in the global LIMS market in 2019. Other major players include Abbott Informatics (US), LabLynx (US), Autoscribe Informatics (US), Agilent Technologies (US), Computing Solutions (US), GenoLogics (Canada), LABWORKS (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 Promium (US).
LabWare (US) is one of the prominent players in the LIMS market. The leading position of the company can be attributed to its strong brand recognition and extensive product portfolio. The company provides scalable, end-to-end solutions to various industries, such as pharmaceutical, environmental testing, contract service, forensic, chemical/petrochemical process, public health, clinical research, food, and biobanking industries. The company focuses on launching technologically advanced products and upgrading its existing ones with the help of inputs from clients. LabWare designs products according to the functional needs of end users and offers industry-specific template solutions that serve as prepackaged initiation points for project implementation.
LabVantage Solutions (US), an innovation-centric company, constantly invests in developing and enhancing its products to understand and better serve its customers. The company focuses on organic growth strategies such as product launches and upgrades to develop its product portfolio as well as to strengthen its position in the market. In this regard, in February 2019, the company released a new version of LabVantage 8.4, a configurable, web-based LIMS solution. The company also strives to strengthen its market position by entering into partnerships. In this regard, the company extended its partnership with Lonza (Switzerland) to offer purpose-built environmental monitoring capabilities integrated with LIMS. This combined solution will provide the life sciences industry with a unified microbiology and analytical solution. Such partnerships and innovative product launches help the company to enhance its product portfolio and strengthen its distribution network.
- swapnil shitole