Global Laboratory Information Management Systems (LIMS) Market, By Component (Services, Software), Product Type (Broad-Based, Industry-Specific), Delivery (On-Premise, Cloud-Based, Remotely-Hosted), Industry Type (Life Sciences Industry, Chemical/Energy, Food & Beverage & Agriculture Industries, Diagnostics/Medical Device, Clinical Research Organization/Contract Manufacturing Organizations (CRO/CMO) and Others), Distribution Channel (Direct tenders, Retail Sales), Region (North America, Europe, Asia-Pacific, South America, Middle East & Africa,) Industry Trends and Forecast to 2029
Global Laboratory Information Management Systems (LIMS) market is expected to gain significant growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyzes that the market is growing with the CAGR of 9.3% in the forecast period of 2022 to 2029 and is expected to reach USD 2,515,639.77 thousand by 2029. Increase in the requirement of quick-decision making process in biotechnology is expected to drive the growth of the market significantly.
A laboratory information management systems (LIMS) software helps in the effective management of samples and data associated with it. With the help of LIMS, a lab can integrate instruments, manage samples, and automate the workflows. LIMS software is also being used in modern genomics. The unprecedented amount of data that is generated from modern genomics is easily managed with the help of the LIMS software. Owing to the increased efforts of clinicians and researchers for the betterment of lab operations and the increasing number of samples in the labs, the demand for LIMS software is increasing, which is further contributing to the growth of the market to an extent.
Integration of varied technologies, such as artificial intelligence and machine learning is the major driving factor in the market. Data complexity and lack of user friendly tools can prove to be a challenge, however increase in strategic decisions, such as partnerships and collaborations, in informatics field can prove to be an opportunity. The restraint is the higher cost of data management & software. Also, challenges faced due to the impact of COVID-19 on the supply chain are one of the major restraining factors.
The laboratory information management systems (LIMS) market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the laboratory information management systems (LIMS) market scenario contact Data Bridge Market Research for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Global laboratory information management systems (LIMS) market is segmented into five notable segments which are based on component, product type, delivery, industry type, and distribution channel. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of component, the global laboratory information management systems (LIMS) market is segmented into services and software. In 2022, services segment is expected to dominate the market as it allows scientific data to be captured, migrated, processed, and interpreted for immediate use or for future research.
- On the basis of product type, the global laboratory information management systems (LIMS) market is segmented into industry specific and board based. In 2022, board based segment is expected to dominate the market as they can collect and share data securely and instantaneously from anywhere to any devices.
- On the basis of delivery, the global laboratory information management systems (LIMS) market is segmented into on premise, cloud based, and remotely hosted. In 2022, cloud based segment is expected to dominate the market owing to the increasing demand for integrating workflow and data complexity in the R&D sector.
- On the basis of industry type, the global laboratory information management systems (LIMS) market is segmented into life science industry, chemical/energy, food and beverage and agriculture industries, diagnostics/medical device, contract research organizations/contract manufacturing organizations (CRO/CMO), and others. In 2022, life science industry segment is expected to dominate the market as the industry involves research, manufacturing of pharmaceuticals, medical devices, and many others as it helps in managing and analyzing data efficiently in the research laboratory.
- On the basis of distribution channel, the global laboratory information management systems (LIMS) market is segmented into direct tenders and retail sales. In 2022, direct tenders segment is expected to dominate the market as it guarantees payment and creates a sustainable business by ensuring a specific amount of sales for the company.
The Laboratory Information Management Systems (LIMS) market is analyzed and market size information is provided by the country, component, product type, delivery, industry type, and distribution channel as referenced above.
The countries covered in the laboratory information management systems (LIMS) market report are the U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Switzerland, Netherlands, Russia, Turkey, Belgium, Rest of Europe, Japan, China, South Korea, India, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, South Africa, Israel, U.A.E., Saudi Arabia, Egypt, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America.
The U.S. dominates the North America region owing to its advanced infrastructure for research & development in informatics and rising demand for genomic studies. Germany dominates the Europe region as the government regulations in the country for data protection are encouraging the demand for integrated informatics frameworks in the pharmaceutical industry. China dominates the Asia-Pacific region due to increased focus on the adoption of electronic records systems in the country to allow data sharing across the national health system.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Growing Usage of LIMS to Comply in Life Science Field Requirements without Compromising Process Versatility is Boosting the Market Growth
The laboratory information management systems (LIMS) market also provides you with detailed market analysis for every country growth in particular market. Additionally, it provides the detail information regarding the market players’ strategy and their geographical presence. The data is available for historic period 2011 to 2020.
Competitive Landscape and Laboratory Information Management Systems (LIMS) Market Share Analysis
Laboratory Information Management Systems (LIMS) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, and technology lifeline curve. The above data points provided are only related to the companies’ focus related to the laboratory information management systems (LIMS) market.
Some of the major players operating in the global laboratory information management systems (LIMS) market are Thermo Fisher Scientific Inc., PerkinElmer Inc., Autoscribe Informatics, Shimadzu Corporation, Novatek International, Benchling, Agaram Technologies Pvt Ltd, Agilent Technologies, Inc., LabWare, STARLIMS Corporation, IBM Corporation, Roper Technologies, Inc, Eusoft Ltd., Illumina, Inc., McKesson Corporation, Infors AG, Siemens, Zoho Corporation Pvt. Ltd., LabVantage Solutions Inc., and CloudLIMS.com among others.
Many contracts and agreements are also initiated by the companies’ worldwide which are also accelerating the Laboratory Information Management Systems (LIMS) market.
- In March 2021, PerkinElmer, Inc. expanded its Singals informatics platform to build on the capabilities in the biologics drug discovery space in collaboration with Insightful Science, a software company in the life sciences community. This will help the company to expand its product portfolio and develop its platform to reach new consumers.
- In September 2020, Roper Technologies, Inc. announced the acquisition of Vertafore, a leading SaaS solutions provider. This acquisition helped the company to improve its offerings over SaaS solutions. Hence customers can be offered a variety of solutions with advanced technology and also diversify the product portfolio.