Laboratory Information Management System (LIMS) Market Worth $ 2.1 Billion By 2026
CHICAGO, September 22, 2021 / PRNewswire / – According to New Market Research Report “Laboratory Information Management System (LIMS) Market by type (large), component (software, service), delivery (on-premise, cloud, SaaS, PaaS, IaaS), industry (CRO, CMO, pharmaceuticals, biotechnology, chemicals, agriculture, FnB, oil, gas) – Global forecast to 2026 “, published by MarketsandMarkets â¢, the global LIMS market is expected to reach $ 2.1 billion by 2026 based on an estimate $ 1.1 billion in 2021, at a CAGR of 13.2%.
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The growth of this Laboratory Information Management Systems market is attributed to the increasing use of LIMS to comply with stringent regulatory requirements, the growing need for LIMS adoption, the technological advancements in LIMS offerings, the increasing R&D spending in different industries and the increasing adoption of LIMS based cloud.
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 start of the epidemic in Wuhan, China, in December 2019, COVID-19 went from a regional crisis to a global pandemic in just a few weeks. The World Health Organization (WHO) has declared COVID-19 as a pandemic on March 11, 2020. State of emergency to tackle the epidemic has led pharmaceutical and biotechnology companies, researchers, various diagnostic laboratories and testing facilities to conduct COVID-19 research to adopt advanced technologies and solutions going beyond traditional channels to improve workflows. Research labs or diagnostic labs focused on COVID-19 research must manage multiple steps (such as test management, sample handling, inventory control, packaging, and shipping). Additionally, research labs focused on developing COVID-19 treatments or vaccines need an effective end-to-end solution to improve the quality, productivity and speed of the vaccine manufacturing process. This will likely increase the adoption of IT solutions, such as LIMS, which improve research and testing activities, as well as efficient data management.
Industry Specific LIMS Segment Expected to Record 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 a great deal of room for customization and interpretation that can support multiple businesses in different geographic locations; these factors are driving the adoption of a generalized LIMS. In addition, broad-based LIMS solutions also help streamline laboratory workflow processes and improve decision making and reporting.
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The services segment is expected to register the highest growth during the forecast period
On the basis of component, the LIMS market is segmented into software and services. Services accounted for the largest share of the laboratory information management systems market in 2020. This segment is expected to register the highest CAGR during the forecast period. The large share of the service segment can be attributed to recurring service needs, such as training, software upgrades, and software maintenance after installation.
The cloud-based segment is estimated to register the highest CAGR during the forecast period.
Based on the deployment model, the LIMS market is segmented into LIMS on-premise, cloud-based and remotely hosted. In 2020, the on-premise LIMS segment held 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 minimal risk associated with data breaches and external attacks.
The Life Sciences segment is estimated to register the highest CAGR during the forecast period.
Based on industry, the LIMS market is broadly segmented into seven categories: life sciences, chemicals, food and beverage and agriculture, environmental testing, petrochemical and oil and gas refineries, forensics, and other industries. Life sciences accounted for the largest share of the laboratory information management systems market, by industry, in 2020. Factors such as the growth in outsourcing of various pharmaceutical and biotechnology processes, the increasing rigor of regulations, the growing number of biobanks / biodeposits and the 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 had the largest share of the Laboratory Information Management Systems (LIMS) market, followed by Europe. North America market dominance can be attributed to the strong economies of the United States and Canada, which have enabled significant investments in new technologies, the growth of biobanks, the easy availability of LIMS products and services and strict regulatory requirements in all sectors.
The major players operating in the Laboratory Information Management Systems market are LabWare (US), LabVantage Solutions (US), Thermo Fisher Scientific (US), Abbott Informatics (US), Agilent Technologies Inc. (US), LabLynx, Inc. (US). ), Dassault SystÃ¨mes (France), Labworks LLC (United States), Autoscribe Informatics (United States) and Accelerated Technology Laboratories (ATL).
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Laboratory Information Systems (LIS) Market by product (stand-alone, integrated), component (services, software), delivery method (on-premise, cloud-based), end-user (hospital labs, independent labs, POL, other end-users) and region – Global forecast up to in 2026
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