The Global Laboratory Information Management System market is projected to reach USD 2.1 billion by 2026, at a CAGR of 13.2%. The growth of this 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.
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).
Download PDF Brochure:
Drivers: 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 labelling 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.
Opportunities: Significant growth potential in emerging markets
China, India, Japan, Singapore, Brazil, and Middle Eastern countries are major upcoming markets for LIMS. These markets lack proper standards and government regulations, thus offering huge potential for vendors unable to meet the standards implemented in developed markets such as the US. Several biopharma players are also shifting their manufacturing plants in Asia for low-cost production. This is creating significant demand for informatics solutions in Asian countries. However, the COVID-19 pandemic has compelled stakeholders from developed markets such as the US and Europe to reduce their heavy dependence on Asian countries and shift back to in-house operations.
Challenge: Interfacing challenges with informatics software
With the changing nature of procedures and technologies, it has become increasingly important for laboratories to streamline their workflows. The changing nature of procedures requires automation of solutions with greater flexibility and interfacing capabilities of LIMS with laboratory and production instruments. Major players are increasingly utilizing automated instruments that require updated advanced interfaces, while, on the other hand, some small companies may have decade-old instruments that require a different kind of interface. Delivering solutions compatible with diverse laboratory and manufacturing systems is a major challenge faced by LIMS providers. Also, providers find it extremely challenging to deliver solutions to meet the specific requirements of user companies.
Request Sample Pages:
North America to Witness Significant Growth From 2021 to 2026
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.
Laboratory Information Management System Market Segmentation:
By Product Type
- Broads Based LIMS
- Industry Specific LIMS
By Deployment Model
- Remotely hosted
- Life Sciences
- Petrochemical Refineries and Oil & Gas
- Food & Beverage and Agriculture
- Environmental Testing Laboratories
- Forensic laboratories
- Other End users
- LIMS industry Dynamics
- In June 2020, LabWare introduced the latest version of its LIMS LabWare 8. The LabWare 8 solution is the company’s enterprises laboratory platform (ELP) that delivers the capabilities of both LIMS and ELN in a single integrated system.
- In July 2020, LabVantage launched 8.5, an upgraded version of its LabVantage platform that offers a fully integrated SDMS.
Get 10% Free Customization on this Report:
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062