Laboratory Information Management System (LIMS) Market Size to Reach Revenues of over USD 2 Billion by 2026 - Arizton

CHICAGO, April 7, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global laboratory information management system (LIMS) market report.

The laboratory information management system (LIMS) market is expected to grow at a CAGR of around 12% during the period 2020−2026.

Key Highlights Offered in the Report:  

1. The COVID-19 pandemic has infected millions of people across the globe, the majority of the laboratories are filled up with the COVID-19 patient samples to get diagnosed. Many LIMS companies have come up with COVID-19 specific LIMS to labs supporting the laboratory officials to accelerate their processes, safely and efficiently. This has increased the demand for the COVID-19 specific LIMS in the market.
2. The cloud-based LIMS segment dominated the market with more than 44% share in 2020 and is expected to post more than 101% absolute growth. The software as a service model has increased the labs using the LIMS software.
3. The broad-based segment accounted for the majority share in the product segment, majority of the large MNCs prefer using the broad-based LIMS and customizing it as per different needs thereby, driving the demand for the broad-based LIMS in the market.
4. The service in the component segment dominated the segment with a share of around 58% in the market. Training the end-users, provide the required maintenance service play a major role in the LIMS market.
5. The US accounted for around 39% globally and more than 93% in the North American region. The usage of the LIMS is high in developed countries like the US, the UK, Canada, Germany, and France.

Key Offerings:

• Market Size & Forecast by Revenue | 2020−2026
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by products, components, deployment, end-users, and geography
• Competitive Landscape – 5 key vendors and 22 other vendors

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Laboratory Information Management System (LIMS) Market – Segmentation

• Broad-based laboratory information management systems market share accounts for 62% of the global LIMS market in 2020. These solutions are entirely configurable and customized software, featuring a comprehensive range of functionalities and modules. Global enterprises are the major end-users of these solutions as they must integrate multiple LIMS applications from several segments.
• The cloud-based LIMS market is expected to grow at a CAGR of over 12% during 2020–2026. Vendors are increasingly adopting cloud-based LIMS to minimize expenditure and save time and resources. The demand for data safety and security has driven companies to invest mainly in the cloud-based infrastructure, which is another factor driving the adoption.
• In 2020, the life sciences end-user segment accounted for over 54% of the global laboratory information management systems market. The life sciences industry is moving toward personalized treatment for patients using cell and gene therapy technology. Adopting advanced LIMS has helped life sciences companies offer flexibility in the routine QC and improve productivity.

Laboratory Information Management System (LIMS) Market by Product

• Broad-based
• Industry Specific

Laboratory Information Management System (LIMS) Market by Component

• Services
• Software

Laboratory Information Management System (LIMS) Market by Deployment

• Cloud-based
• Web-hosted
• On-premise

Laboratory Information Management System (LIMS) Market by End-users

• Life Sciences Industry
• Chemical & Energy Industries
• Food, Beverage, & Agriculture Industries
• Other Industries

Laboratory Information Management System (LIMS) Market – Dynamics

Several key vendors in the market integrate electronic lab notebook (ELN) with LIMS. This integration allows researchers to efficiently document their work. In the past, researchers used notebooks to record their readings. Complex research such as genome sequencing, oncology research, and chemical-based reactions require an efficient system than notebooks to keep track of the data. Thus, the introduction of ELN software has helped researchers to record, share, analyze, and control experiments easily. ELN is user-friendly and its adoption is slowly increasing. The latest LIMS integrated ELN has increased the penetration of the product in research labs. The integration of LIMS with ELN is considered to be revolutionary. Various segments such as healthcare, oil, and environmental science research require additional administrative support for their day-to-day workflow in labs. They face several challenges in managing data related to SOPs and samples that are very crucial for research. Research related to personalized medicine require more sophisticated privacy data management.

Key Drivers and Trends fueling Market Growth:

• Introduction of LIMS in Labs to Combat COVID-19
• Increasing Demand for Genomic LIMS
• Integration of ELN with LIMS
• Increasing Demand for the Mobile LIMS Application

Laboratory Information Management System (LIMS) Market – Geography

The North American region dominates the LIMS market due to its developed healthcare infrastructure, increased awareness among patients, increased government projects based on the genome sequencing, large number of research labs performing study on various rare diseases, and increased personal usage of sequencing-based diagnostics for fitness. There are more than 530 regenerative medicine companies and stem cell-based medicine manufacturers in the region. These companies are primarily involved in the research and development of products. The laboratories required for these procedures involve advanced infrastructure with LIMS to handle and track a large number of samples. Regulatory approvals for products are a challenging factor for these companies. They use LIMS for easy data analysis, helping them to get faster regulatory approvals.

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Laboratory Information Management System (LIMS) Market by Geography

• North America
• US
• Canada
• Europe
• UK
• Germany
• France
• Italy
• Spain
• APAC
• China
• India
• Japan
• South Korea
• Australia
• Latin America
• Mexico
• Brazil
• Argentina
• Middle East & Africa
• Saudi Arabia
• Turkey
• South Africa

Major Vendors

• Abbott
• Illumina
• Thermo Fisher Scientific
• LabWare
• LabVantage

Other Prominent Vendors

• Accelerated Technologies
• AgileBio
• Autoscribe Informatics
• Ambidata
• Blomesystem
• Benchling
• Bio-ITech BV
• CrelioHealth
• CompuGroup Medical
• Dassault Systèmes
• Dotmatics
• i-LIMS
• LabLite
• LabLynx
• Modul-Bio
• LabPLUS
• Novatek
• PerklinElmer
• Promium
• Siemens Healthineers
• Sapio Sciences
• Sunquest Information Systems 

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SOURCE Arizton Advisory & Intelligence