Surging need for improving the efficiency of lab operations is a key factor influencing the global market growth

Market Size – USD 882.2 Million in 2020, Market Growth - CAGR of 9.3%, Market Trends – Rising demand for cloud-based laboratory information management systems

The global laboratory information management systems (LIMS) market size is expected to reach USD 1.91 Billion by 2028 at a CAGR of 9.3%, according to a new report by Reports and Data. Market revenue growth is mainly attributed to growing need for advanced and effective laboratory information management, emerging new features in LIMS, and rising adoption in the pharmaceutical and biotechnology industries. Increasing demand for cloud-based LIMS owing to greater convenience, higher affordability, and better adaptability and reliability is a key factor boosting the global laboratory information management systems (LIMS) market growth to a significant extent. Rise in research & development activities in the life sciences sector, increasing focus on laboratory automation, and growing adoption of LIMS across the food & beverage, agriculture, chemical, environmental testing, and several other industries further drive 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.

Key companies profiled in the report include

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

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The report is an investigative study that determines market growth and market scope on the basis of market trends, consumer behavior shifts, consumption and production patterns, product portfolio offered by the market, growth rate, drivers and constraints, financial positions, and existing challenges and limitations of the Laboratory Information Management Systems (LIMS) market.

The report discusses in detail the global production capacity, demand and supply ratio, market dynamics, and comprehensive analysis of the competitive landscape. It provides an industry-wide analysis of the market share of each players along with their business portfolio, production and manufacturing capacity, product portfolio, business expansion plans, financial standing, and strategic alliances such as mergers and acquisitions, joint ventures, and collaborations, among others.

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The regional bifurcation of the market analyzes key market segments such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The report discusses in detail the market growth, market size, revenue growth, market share, production and consumption, demand and supply, current and emerging trends, and technological developments in each region.

The key geographical regions analyzed in the market report are:

North America (U.S.A., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
AsiaPacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Laboratory Information Management Systems (LIMS) Market Segmentation based on Types:

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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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.
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