Laboratory Information Management System (LIMS) Market size shall reach a value of $2,652 Million in 2027, growing with a CAGR of 9.1% during the forecast period of 2020 to 2027.
Laboratory Information Management System(LIMS) Market Growth and Trends
The growing incidence of and concern for chronic diseases bolsters the demand for advanced diagnostic and laboratory services, where governments are implementing various initiatives for patients affected by chronic illness such as cancer in order to make treatment more cost-effective. Such growth in supporting disease treatment methods and research will rapidly drive the demand for associated technologies and solutions in the form of laboratory information management systems. Their functionality in providing quick and accurate subtyping for diseases, and also providing instant access to cancer data, reducing redundancy and costs, along with facilitation of integration and collection of data from different types of instruments and systems add to the demand-generating factors expected to favour market growth. Technological advancements in laboratory information management system offerings, increasing R&D expenditure in pharmaceutical and biotechnology companies, and the increasing adoption of cloud-based systems further propel the demand aspect, of which the cloud-based segment is expected to register the highest CAGR in the coming years. On-demand self-serving analytics, convenience of use, reliability, affordability, no upfront capital investment for hardware, adaptability and flexibility have already ensured a high and steady growth of the cloud-based laboratory information management systems segment. The use of these systems in hospitals and hospital laboratories can considerably reduce the waiting time for patients and improve the quality of diagnostics. They also have the ability to facilitate virtual discussions with experts and also create digital slide images of specimens, such as blood smears or frozen sections, available online. These benefits are leading hospitals across the world to increasingly adopt laboratory information management systems.
The maintenance cost of IT solutions exceeds the actual price of the software, requirement of specialized laboratory units, and interfacing issues, owing to which several small- and medium-sized laboratories find it difficult to invest in these systems which limits their adoption.
Laboratory Information management System Market Segmentation
The laboratory information management system is expected to grow significantly in upcoming years. This market has been segregated based on type, end user, components, product, and geography. Further, there are two types of laboratories information management systems are available in the market - multipurpose and purpose built. Based on product, the market has been segregated as on premise, cloud-based and web-based. However, web segment accounted for the second largest revenue share of the market. The key reason attributed to the growth of web-based laboratory information management systems is its high adaptability amongst the customers. The on-premise segment is also expected to grow significantly due to its reliability and customization services. However, the cloud-based segment dominated the market and registered 49% of the total market revenue generated in 2021. By end users, the market has been classified into hospitals, biotechnological laboratories, pharmacies, oil, gas, petroleum, and biobanks. Based on end user, pharmacies accounted for the largest market revenue. Biotechnological laboratories are also anticipated to enable growth for this market as government is investing heavily for the advancement of these laboratories. In addition, efficient time management, low implementation cost, and compliance with GMP, and GCP are also the major factors driving the growth of laboratory information management system market.
Laboratory Informations Mnagement System(LIMS) Market Regional Analysis
The Laboratory Information Management System Market accounts for over 1 billion dollars in 2020, and the growth is estimated to be 1.7 billion by 2025. At the rate of CAGR, 12% happened due to the technological development and investment of resources. In 2019, North America accounted for the largest Laboratory Information Market due to its resources and Europe was the second largest in generating revenue. Companies that contribute to the market are Lab Lynx (US), About Informatics (US), Computing Solutions (US), thermal fisher scientific (US), Lab vantage (US), Genelogics (Canada), Apollo (US), Cloud LIMs, etc. Due to its highest number of laboratories, China is growing at a very high rate in this market.
Laboratory Informations Mnagement System(LIMS) Market Share & Competition
Some of the major players of the market are Abbott Laboratories, McKesson Corporation, LabVantage, LabLynx, and Siemens Healthcare GmbH, Astrix Technology Group, Auto scribe Informatics, Dohmen Company (HORIZON), Infosys Limited, Blaze Systems Corporation, Computing Solutions, CSOLS, Inc., Dassault Systemes SE, Thermo Fisher Scientific Inc., Novatek International, Promium, LLC, LabWare, Inc., LabWorks LLC, and Waters Corporation, among others. Emerging as well as well-established industry players are focusing on technological advancements for laboratory information management system which in turn is driving the market growth in a positive direction. For instance, Labvantage solutions launched its scientific data management system which was fully integrated with 8.5 edition in 2020. This company accounted for a significant market revenue during 2021 and is anticipated to project commendable market growth during the forecast period. This market has two major components that are software and services. Both the components are cost-effective in data management and are easily deployable which attribute towards the market growth. The market is expected to gain more popularity with the forecast period due to the services being customizable according to the need of customers.
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Laboratory Informations Mnagement System(LIMS) Market Segments & Revenue Breakdown
By type (Revenue, USD Million, 2022 - 2032):
• Purpose built
By Product (Revenue, USD Million, 2022 - 2032):
• On premise
• Web based
By End use (Revenue, USD Million, 2022 - 2032):
By Component (Revenue, USD Million, 2022 - 2032):
By region (Revenue, USD Million, 2022 - 2032):
• United States
• United Kingdom
• South Korea
• Middle East
• Rest of World (Latin America, Africa, and the Middle East)
Laboratory Information management System Market Competitors:
• Abbott Laboratories
• McKesson Corporation
• LabLynx, and Siemens Healthcare GmbH
• Astrix Technology Group
• Autoscribe Informatics
• Dohmen Company (HORIZON)
• Infosys Limited
• Blaze Systems Corporation
• Computing Solutions
• CSOLS, Inc.
• Dassault Systemes SE
• Thermo Fisher Scientific Inc.
• Novatek International
• Promium, LLC
• LabWare, Inc.
• LabWorks LLC
• Waters Corporation
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