Laboratory Information Management System (LIMS) Market worth $2.1 billion by 2026 - Industry-Specific Opportunities and Trends Affecting the Growth

MarketsandMarkets™ Research Report's View on Revenue Impact?

The Global Laboratory Information Management System (LIMS) Market is projected to reach USD 2.1 billion by 2026 from an estimated USD 1.1 billion in 2021, at a CAGR of 13.2%.

Factors Responsible for Growth and In-Depth Analysis?

Growing use of LIMS to comply with stringent regulatory requirements;

In various countries, pharmaceutical and biotechnology companies face immense pressure to comply with strict regulatory guidelines for preclinical and clinical testing before launching new drugs into the market. For instance, regulatory requirements such as 21 CFR Part 11 and Clinical Laboratory Improvement Amendments (CLIA) in the pharmaceutical and biotech industries include documentation and audit trails-from research & development and testing to production and quality control. In addition to these regulations, guidelines regarding appropriate labeling and advertising are also required to be followed. Owing to these data management and security concerns, most laboratories are increasingly adopting LIMS to streamline their workflows and comply with stringent regulatory standards. Also, these systems help laboratories meet regulatory requirements without compromising process versatility, as they easily get configured with laboratory systems to record and update data (which can be easily accessed and analyzed). This is expected to increase the demand for LIMS in laboratories operating in target industries during the forecast period.

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The Growth of this Laboratory Information Management System Market is attributed to the increasing use of LIMS to comply with stringent regulatory requirements, rising need for the adoption of LIMS, technological advancements in LIMS offerings, increasing R&D expenditure in different industries, and growing adoption of cloud-based LIMS.

Leading Key Players and Analysis:

LabWare (US), LabVantage Solutions (US), Thermo Fisher Scientific (US), Abbott Informatics (US), Agilent Technologies Inc. (US), LabLynx, Inc. (US), Dassault Systèmes (France), Labworks LLC (US), Autoscribe Informatics (US), and Accelerated Technology Laboratories (ATL) are key players in LIMS Market.

Geographical Analysis in Detailed?

North America commanded the largest share of the market, followed by Europe. North America's dominance in the market can be attributed to the strong economies of the US and Canada, which have allowed for significant investments in new technologies, growth in biobanks, easy availability of LIMS products and services, and stringent regulatory requirements across industries.

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Industry Segmentation:

Industry-specific LIMS segment is projected to record the 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 significant room for customization and interpretation that can support multiple businesses across different geographic locations; these factors are driving the adoption of broad-based LIMS. Furthermore, broad-based LIMS solutions also help streamline laboratory workflow processes and improve decision-making and reporting.

Services segment is expected to register the highest growth during the forecast period

Based on the component, the LIMS market is segmented into software and services. Services accounted for the largest share of the Laboratory Information Management System Market in 2020. This segment is projected to register the highest CAGR during the forecast period. The large share of the services segment can be attributed to the recurring requirement of services, such as training, software upgradation, and software maintenance post-installation.

Cloud based segment is estimated to record the highest CAGR in the forecast period.

Based on the deployment model, the LIMS market is segmented into on-premise, cloud-based, and remotely hosted LIMS. In 2020, the on-premise LIMS segment commanded for 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 minimum risk associated with data breaches and external attacks.

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