Global Laboratory Information Management System (LIMS) Market Opportunities and Forecast 2023-2030

Laboratory Information Management System (LIMS) Market Overview

In varied countries, pharmaceutical and biotechnology companies face large pressure to suits strict regulatory guidelines for preclinical and clinical testing before launching new drugs into the market. as an example, regulatory needs like twenty-one CFR half eleven and Clinical Laboratory Improvement Amendments (CLIA) within the pharmaceutical and biotech industries embrace documentation and audit trails—from analysis & development and testing to production and internal control. additionally, to those rules, pointers relating to acceptable labelling and advertising are needed to be followed. because of these information management and security issues, most laboratories are progressively adopting LIMS to contour their workflows and suits demanding regulative standards. Also, these systems facilitate laboratories meet regulative needs while not compromising method skilfulness, as they simply get organized with laboratory systems to record and update information (which is simply accessed and analysed). this can be expected to extend the demand for LIMS in laboratories operational in target industries throughout the forecast amount.

China, India, Japan, Singapore, Brazil, and countries are major approaching markets for LIMS. These markets lack correct standards and government rules, therefore giving immense potential for vendors unable to satisfy the standards enforced in developed markets like the United States of America. many biopharma players are shifting their producing plants in Asia for cheap production. this can be making important demand for IP solutions in Asian countries. However, the COVID-19 pandemic has compelled stakeholders from developed markets like the United States of America and Europe to cut back their significant dependence on Asian countries and shift back to in-house operations.
 
The high maintenance and repair prices of LIMS are major restraints during this market. in keeping with trade consultants, the upkeep price of IT solutions is quite the particular value of the software system. Service and maintenance (which includes modification of the software system as per dynamical user requirements) represent a relevant expenditure, amounting to virtually 20–30% of the overall price of possession. Moreover, coaching and implementation prices along represent around V-day of the value. because of these factors, several little and medium-sized laboratories notice it troublesome to speculate in these systems, thereby limiting their adoption. However, with the emergence of cloud-based LIMS offerings, the result of this restraint is predicted to decrease within the returning years.
 

The covid-19 Impact on Laboratory Information Management System (LIMS) Market:

Like several different industries, COVID-19 badly knocked the electronic and semiconductor trade. This new event has compact nearly 230 countries in exactly a couple of weeks, leading to the forced conclusion of producing and transportation activities at intervals and across the countries. This has directly affected the expansion of the sector. It's calculable that COVID-19 to depart over USD thirty billion impacts on the physics and semiconductor trade. The arena is majorly affected thanks to transport restrictions on major physics and semiconductor staple suppliers. However, the rising want for semiconductors in many industries can supply fast market recovery over the longer-term amount.
 
Laboratory Information Management System (LIMS) Market Segment Overview



By type, the LIMS market is divided 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 give users with significant room for customization and interpretation which will support multiple businesses across completely different geographic locations; these factors area unit driving the adoption of broad-based LIMS. furthermore, broad-based LIMS solutions additionally help contour laboratory workflow processes and improve decision-making and reporting.
 
By component, the LIMS market is segmented into software and services. Services accounted for the largest share of the market in 2020. This segment is projected to register the highest CAGR throughout the forecast period. the large share of the services segment can be attributed to the revenant requirement of services, like coaching, software upgradation, and software maintenance post-installation.
 
By deployment model, the LIMS market is divided into on-premise, cloud-based, and remotely hosted LIMS. In 2020, the on-premise LIMS section commanded for the biggest share of the market. the massive share of this section will be attributed to the actual fact that these solutions area unit a lot of customizable and have minimum risk related to information breaches and external attacks.
 
By Industry, the LIMS market is broadly divided 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 LIMS market, by industry, in 2020. Factors like growth within the outsourcing of varied drug company and biotech processes, increasing stringency of laws, the increasing range of biobanks/biorepositories, and growing R&D investments/activities in pharmaceutical and biotechnology firms area unit chargeable for the expansion of this section.
 
Market Analysis, Insights and Forecast – By Type
·       Broad - based LIMS
·       Industry-specific LIMS

Market Analysis, Insights and Forecast – By Component
·       Software
·       Service

Market Analysis, Insights and Forecast – By Deployment model
·       On premise
·       Cloud
·       SaaS
·       PaaS
·       IaaS

Market Analysis, Insights and Forecast – By Industry
·       CRO
·       CMO
·       Pharma
·       Biotech
·       Chemical
·       Agriculture
·       FnB
·       Oil
·       Gas

Laboratory Information Management System (LIMS) Market Regional Overview

Region-wise, in terms of regions, North America commanded the largest share of the market, followed by Europe. North America’s dominance in the market will be attributed to the strong economies of the US and Canada, that have allowed for vital investments in new technologies, growth in biobanks, simple handiness of LIMS product and services, and demanding regulatory needs across industries.

 Laboratory Information Management System (LIMS) Market, By Geography
·       North America (US & Canada)
·       Europe (UK, Germany, France, Italy, Spain, & Rest of Europe)
·       Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
·       LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
 
Laboratory Information Management System (LIMS) Market Competitor overview

Some key developments and strategies adopted by manufacturers in the Laboratory Information Management System (LIMS) are highlighted below.
 
·       In 2020, LabWare introduced the latest version of its LIMS—LabWare 8. The LabWare 8 solution is that the company’s enterprises laboratory platform (ELP) that delivers the capabilities of each LIMS and ELN in an exceedingly single integrated system.

Laboratory Information Management System (LIMS)  Market, Key Players

·       LabWare
·       LabVantage Solutions
·       Thermo Fisher Scientific
·       Abbott Informatics
·       Agilent Technologies Inc.
·       LabLynx, Inc.
·       Dassault Systèmes
·       Labworks LLC
·       Autoscribe Informatics
·       Accelerated Technology Laboratories (ATL).

Frequently Asked Questions (FAQ) :

Q1. What is the total CAGR expected to be recorded for the Laboratory Information Management System (LIMS) Market during the forecast period?

Q2. Which segment is projected to hold the largest share in the Laboratory Information Management System (LIMS) Market?

Q3. What are the driving factors for the Laboratory Information Management System (LIMS) market?

Q4. Which Segments are covered in the Laboratory Information Management System (LIMS) market report?

Q5. Which are the prominent players offering Laboratory Information Management System (LIMS)?