22 Sep, 2021, 10:30 ET
CHICAGO, Sept. 22, 2021 /PRNewswire/ -- According to the new market research report "Laboratory Information Management System (LIMS) Market by Type (Broad), Component (Software, Service), Delivery (On premise, Cloud, SaaS, PaaS, IaaS), Industry (CRO, CMO, Pharma, Biotech, Chemical, Agriculture, FnB, Oil, Gas) - Global Forecasts to 2026", published by MarketsandMarkets™, the global LIMS Market is projected to reach USD 2.1 billion by 2026 from an estimated USD 1.1 billion in 2021, at a CAGR of 13.2%.
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The Growth of this Laboratory Information Management System Market is attributed to the increasing use of LIMS to comply with stringent regulatory requirements, rising need for the adoption of LIMS, technological advancements in LIMS offerings, increasing R&D expenditure in different industries, and growing adoption of cloud-based LIMS.
The companies have a large market spread across various countries in North America, Europe, Asia Pacific, and the Rest of the World.
Coronavirus disease 2019 (COVID–19) is an acute respiratory infectious disease caused by severe acute respiratory syndrome coronavirus 2 (SARS–CoV–2). Largely unknown before the outbreak began in Wuhan, China, in December 2019, COVID-19 has moved from a regional crisis to a global pandemic in just a few weeks. The World Health Organization (WHO) declared COVID-19 as a pandemic on March 11, 2020. The state of urgency to combat the outbreak led pharma & biotech companies, researchers, various diagnostic labs, and testing facilities conducting COVID-19 research to adopt advanced technologies and solutions exceeding traditional avenues to improve workflows. Research laboratories or diagnostic labs focusing on COVID-19 research need to handle multiple steps (such as test management, sample handling, inventory control, packaging, and shipment). Also, research laboratories focused on developing treatments or vaccines for COVID-19 need an effective end-to-end solution to improve the quality, productivity, and rapidity of the vaccine manufacturing process. This is likely to increase the uptake of informatics solutions, such as LIMS, which enhance research and testing activities, along with efficient data management.
Industry-specific LIMS segment is projected to record the highest CAGR
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 share of the market in 2020. Broad-based LIMS solutions provide users with significant room for customization and interpretation that can support multiple businesses across different geographic locations; these factors are driving the adoption of broad-based LIMS. Furthermore, broad-based LIMS solutions also help streamline laboratory workflow processes and improve decision-making and reporting.
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Services segment is expected to register the highest growth during the forecast period
Based on the component, the LIMS market is segmented into software and services. Services accounted for the largest share of the Laboratory Information Management System Market in 2020. This segment is projected to register the highest CAGR during the forecast period. The large share of the services segment can be attributed to the recurring requirement of services, such as training, software upgradation, and software maintenance post-installation.
Cloud based segment is estimated to record the highest CAGR in the forecast period.
Based on the deployment model, the LIMS market is segmented into on-premise, cloud-based, and remotely hosted LIMS. In 2020, the on-premise LIMS segment commanded for the largest share of the market. The large share of this segment can be attributed to the fact that these solutions are more customizable and have minimum risk associated with data breaches and external attacks.
Life sciences segment is estimated to record the highest CAGR in the forecast period.
Based on industry, the LIMS market is broadly segmented into seven categories—life sciences, chemical, food & beverage and agriculture, environmental testing, petrochemical refineries and oil & gas, forensics, and other industries. Life sciences commanded the largest share of the Laboratory Information Management System Market, by industry, in 2020. Factors such as growth in the outsourcing of various pharma and biotech processes, increasing stringency of regulations, the increasing number of biobanks/biorepositories, and growing R&D investments/activities in pharmaceutical and biotechnology companies are responsible for the growth of this segment.
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North America to Witness Significant Growth from 2021 To 2026
In 2020, North America commanded the largest share of the Laboratory Information Management System (LIMS) Market, followed by Europe. North America's dominance in the market can be attributed to the strong economies of 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.
The prominent players operating in the Laboratory Information Management System Market are LabWare (US), LabVantage Solutions (US), Thermo Fisher Scientific (US), Abbott Informatics (US), Agilent Technologies Inc. (US), LabLynx, Inc. (US), Dassault Systèmes (France), Labworks LLC (US), Autoscribe Informatics (US), and Accelerated Technology Laboratories (ATL).
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