DUBLIN, April 28, 2021 /PRNewswire/ — The «Laboratory Information Management System (LIMS) Market – Global Outlook and Forecast 2021-2026» report has been added to ResearchAndMarkets.com’s offering.
The global laboratory information management system market by revenue is expected to grow at a CAGR of approx. 12 % during the period 2020-2026.
The growing automation in laboratories, technological advancements in LIMS, the need for regulatory compliance, and increasing R&D spending are the key drivers boosting the market growth. However, the growing demand for managing laboratory data via cloud-based solutions is a significant factor boosting the market growth. The storage of data via cloud-based solutions is reliable, agile, and secure.
There is an increase in the adoption of cloud-based LIMS among healthcare laboratories. These solutions offer a host of benefits, including reliability, security, and constant data storage access. A large volume of data due to the increase in the number of patients undergoing diagnostics has increased complexities in workflow management.
LIMS has proved highly beneficial for laboratories during the COVID-19 pandemic. Laboratories equipped with LIMS have constantly been performing the diagnostics faster with reducing turnaround times. This has a major impact on reducing the quarantine period of suspected patients and initiating a proper treatment of COVID-19 positive patients.
Global Laboratory Information Management System 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 demand is growing as modern LIMSs help to connect several applications under a single system, thereby helping enterprises to operate efficiently, share and secure data, develop standard operating procedures, manage day-to-day accounts.
A major advantage of broad-based solutions is cost-efficiency. These solutions involve low maintenance with multiple labs sharing a single LIMS solution. North America expects to account for a revenue share of over USD 523 million by 2026. The presence of over 530 regenerative medicine companies involving the use of advanced infrastructure such as LIMS to handle a large number of samples and track the status of the sample is likely to drive the demand. Industry-specific LIMSs expect to grow at a CAGR of approx. 12% during 2020-2026. They are exclusive and are specially designed for industries. These systems or solutions are observing high demand from agricultural and contract research organizations.
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, web-based LIMSs accounted for the share of over 41% in the global LIMS market. The implementation of remote LIMS helps laboratories reduce risks, develop business opportunities, and offer flexibility in working.
These solutions help companies and organizations to run laboratories remotely and from multiple locations. With the outbreak of the COVID-19 pandemic, most laboratories conducted their data-oriented processes from home using cloud-hosted, remote-based LIMSs. Several laboratories, CROs, research institutes, and pharma and biotech companies have worked uninterruptedly during the pandemic, thereby increasing productivity. Therefore, web-hosted solutions help achieve long operational life, decrease ownership cost, and offer excellent investment returns.
INSIGHTS BY GEOGRAPHY
North America accounted for the share of over 42% of the global LIMS market in 2020. There is a large population that is involved in agriculture practices in the region. Over 3 million hectares of land are used for organic farming alone; LIMSs specific to agriculture have helped farmers automate several processes, thereby witnessing growth.
The increasing adoption in oil refineries helps end-users reduce production costs, simplify laboratory operations, and comply with quality standards and regulations. Similarly, the usage of LIMS is increasing in the food and beverage segment. With the coronavirus creating havoc across North America, especially the US witnessing high mortality, testing has been performed rapidly. A high percentage of testing was handled through COVID-19-specific LIMSs installed in several laboratories, helping technicians ease works, sharing results through mails, and tracking the samples.
Moreover, the US accounted for the largest share of the North American LIMS market in 2020. The shortage of skilled laboratory technicians, an increased number of diagnostic tests conducted across the country, and increased investments related to the life science industry are the major factors responsible for driving the demand for LIMS in the market.
INSIGHTS BY VENDORS
Illumina, Thermo Fisher Scientific, Abbott, LabVantage, and LabWare account for significant shares in the global market.
Several companies are developing or commercializing products, expanding their manufacturing facilities, and partnering with others in the market. For instance, in 2020, Illumina introduced software for whole-genome analysis to examine rare diseases.
Similarly, Thermo Fisher Scientific has made a strategic partnership with First genetics JCS to promote NGS in Russia. Several regional vendors are investing in new software in Europe, APAC, and North America. Many regional and local companies pose a threat to global players due to their innovative and cost-effective products and technologies. However, this also indicates tremendous growth opportunities both for existing and future/emerging players.
KEY QUESTIONS ANSWERED
- How big is the laboratory information management system market?
- What is the LIMS market growth?
- Which regions are likely to contribute maximum revenue to the market during the forecast period?
- What is the growth of the LIMS market in India?
- Who are the key players in the laboratory information management system market?
- What growth strategies are adopted by leading players to gain market share?
Market Opportunities & Trends
- Introduction of LIMs In Labs To Combat Covid-19
- Increasing Demand For Genomic LIMs
- Usage of LIMs In Medical Cannabis Industry
Market Growth Enablers
- Growing Adoption Of Cloud-Based LIMs
- Integration Of ELN With LIMs
- Increasing Demand For Mobile LIMs
- Increasing Incidence Of LIMs Failure
- High Cost Of LIMs Implementation
- Technical Challenges Among Lab Technicians
- Thermo Fisher Scientific
Other Prominent Vendors
- Accelerated Technologies
- Autoscribe Informatics
- Bio-ITech BV
- CompuGroup Medical
- Dassault Systemes
- Siemens Healthineers
- Sapio Sciences
- Sunquest Information Systems
For more information about this report visit https://www.researchandmarkets.com/r/5zxi2o
Research and Markets
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SOURCE Research and Markets