Laboratory Information Management System Market Worth US$ 2,402.48 Million by 2028 at a CAGR of 11.5% Globally, COVID-19 Impact and Analysis by The Insight Partners
NEW YORK, Aug. 31, 2021 /PRNewswire/ -- According to new research study on "Laboratory Information management system Market to 2028 – Global Analysis and Forecast – by type, deployment, component, application, and end user" the Laboratory Information management system market was valued at US$ 1,122.36 million in 2021 and is projected to reach US$ 2,402.48 million in 2028; it is expected to grow at a CAGR of 11.5% during 2020–2028. The growth of the market is attributed to rising adoption of automation in laboratories, and technological advancements in LIMS systems.
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North America Region to Dominate the Laboratory Information Management System Market
North American market for global laboratory information management systems consists of the US, Canada, and Mexico. The US is the largest market for global laboratory information management systems, followed by Canada and Mexico. The leading position of North America in the LIMS market is primarily attributed to the high regulatory standards followed by the pharmaceutical industry. The rising number of biobanks and the region is attributed to offering significant growth opportunities for market growth during the forecast period. In the US, the demand for LIMS is anticipated to witness growth due to the rise in R&D expenditures made by the companies situated in the US. Various players have been offering LIMS solutions specifically for next-generation sequencing (NGS) experiments and other genomic tests. For instance, Illumina, Inc. offers BaseSpace Clarity LIMS is designed for genomics labs and optimized for next-generation sequencing (NGS) studies.
Asia Pacific LIMS market is mainly represented by China, Japan, India, Australia, and South Korea. The market is also evaluated for the rest of countries in Asia Pacific. The market is driven by the factors such as increasing number of clinical trials, need for further cost containment of clinical trials, and increasing number of pharmaceutical and biotech companies in this region. The Chinese government is standardizing its clinical studies, improving its reimbursement process, and modernizing its regulatory pathway, therefore easing the process for biotech companies to seek convenient approval. As a result, the number of drug approvals in China has increased in the recent years. This has increased the preference for global pharmaceutical players to establish a strong foothold in the country, thereby driving the adoption of LIMS solutions.
Thus, the rising adoption of automated laboratory solutions is escalating the demand for Laboratory Information management system in different regions across the world, thus driving the market growth.
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Technological Advancement in LIMS to accelerate the market growth
The laboratory information management systems market players are coming up with innovative solutions to sustain their presence in the highly competitive market. For instance, in February 2019, LabVantage Solutions launched LabVantage 8.4, the newest version of its LIMS. The LabVantage 8.4 has novel and updated features that enable laboratory managements and staffs to improve the efficiency and effectiveness of laboratory processes. The product is likely to assist them in planning work and managing resource capacity and availability, simultaneously ensuring data privacy. Autoscribe Informatics launched an updated version of its Regulated Manufacturing LIMS, in March 2021; it is a configured solution based on the Matrix Gemini LIMS solution. The product is ideal for all manufacturing organizations, including the highly regulated industries such as medical devices and pharmaceuticals. Moreover, the companies are also upgrading their original automation platforms to meet the escalating demands of researchers and laboratory personnel.
Laboratory Information management system Market: Segmental Overview
Based on Type, the Laboratory Information management system market is segmented into standalone and integrated LIMS. The standalone segment held the largest share of the market in 2021, however the integrated segment is anticipated to register the highest CAGR in the market during the forecast period.
Based on deployment, the Laboratory Information Management System (LIMS) market is segmented into web-based delivery mode, cloud-based delivery mode and on-premises delivery mode. In 2021, the web-based delivery mode segment is likely to hold the largest share of the market, however cloud-based delivery mode segment is expected to grow at the fastest rate during the coming years. Growth of web-based delivery mode segment is attributed to advantages offered such as high security, lower price, instant software updates, and unlimited storage capacity.
Based on component, the Laboratory Information Management System (LIMS) market is segmented into software and services. The software segment is likely to hold the largest share of the market in 2021, however the services segment is anticipated to register the highest CAGR in the market during the forecast period. Growth of software segment is attributed to improved efficiency coupled with more quick results and help in tracking data from various experiments.
Based on application, the Laboratory Information Management System (LIMS) market is segmented into sample management, workflow automation, logistics management, enterprise resource planning, privacy and security controls and other applications. The sample management segment is likely to hold the largest share of the market in 2021, also the same segment is anticipated to register the highest CAGR in the market during the forecast period.
Based on End User, the Laboratory Information Management System (LIMS) market is segmented into hospitals & clinics, pharmaceutical companies, contract research organizations and others. The pharmaceutical companies segment is likely to hold the largest share of the market in 2021, however the contract research organizations segment is anticipated to register the highest CAGR in the market during the forecast period.
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Impact of COVID-19 Pandemic on Laboratory Information management system Market
COVID-19 pandemic has become the most significant challenge across the world. Clinical laboratories are finding it difficult to cope with the rapid influx of COVID-19 testing samples, impacting their ability to provide accurate testing. Implementation of automated solutions like LIMS is expected to relieve this stress on clinical laboratories by promoting efficient testing of voluminous samples. Significant adoption of LIMS has been witnessed since the COVID-19 pandemic's onset, enabling healthcare providers to concentrate on drug and vaccine development by smoothening data collection procedures. Prominent players in the laboratory information systems landscape are collaborating with public and private sector organizations to employ advanced technologies for implementing COVID-19 testing capabilities. For instance, LabWare Technologies has collaborated with the National Health Service to provide laboratory management software to healthcare settings across the United Kingdom.
Laboratory Information management system Market: Competitive Landscape and Key Developments
Thermo Fisher Scientific Inc., Abbott, Illumina, Inc., LABWORKS, LabLynx, Inc., LabVantage Solutions, Inc., Accelerated Technology Laboratories, Inc., LabSoft LIMS by Computing Solutions, Inc., LabWare, Autoscribe Informatics, and among the others are the key companies operating in the Laboratory Information management system market. The major market players are focusing on the new product launch, expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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- In May-2021, Autoscribe Informatics has appointed Axis Solutions Africa as a distributor in the countries such as Zimbabwe, Zambia, and Malawi. This provides Axis Solutions Africa to sell, configure and support the Matrix family of Laboratory Information Management System products in the allotted markets.
- In Jan-2017, LabVantage Solutions, the leading global laboratory informatics provider, announced the release of LabVantage 8 Pharma. The solution provides the pharmaceutical industry with a pre-validated, pre-configured LIMS. The goal of the solution is to reduce cost, reduce risk and improve lab efficiency overall.
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