The global laboratory information management system market size is expected to reach USD 3.56 billion by 2030, registering a CAGR of 7.0% over the forecast period, according to a new report by Grand View Research, Inc. Factors contributing to this growth include growing demand for laboratory automation, investments in the life sciences industry, demand for outsourcing services, and technological advancements. To help in tackling the effect of the COVID-19 pandemic, market players aimed at launching novel lab automation solutions in the market. For instance, LabVantage launched the COVID-19 LIMS, which helps manage the unprecedented acceleration of the laboratory workflow and volume due to the pandemic.
Likewise, in March 2020, Ovation, a U.S.-based startup, started an initiative, which was centered around its cloud-based LIMS and was aimed at enabling independent laboratories to broaden their capabilities and effectively doubling the testing capacity throughout the country. Increasing investment in R&D sectors by pharma and biotechnological companies is another factor propelling the market growth. A rise in demand for laboratory automation is expected to fuel market growth. Significant growth potential in emerging markets presents a huge opportunity for LIMS solutions. China, Singapore, India, Brazil, and several Middle Eastern countries are the major upcoming markets for LIMS.
North America accounted for the largest revenue share in 2021 on account of the favorable government initiatives, demand for genomic studies, and increased investments in R&D by the regional government. Asia Pacific is anticipated to witness the fastest CAGR from 2022 to 2030 owing to the rising demand for outsourcing services and increasing expenditure in the R&D sector. Moreover, several biopharma players are shifting their manufacturing plants in the Asia Pacific region for low-cost production. However, the COVID-19 pandemic had pressured stakeholders from developed markets, such as the U.S. and Europe, to reduce their heavy dependence on Asian countries and shift back to in-house operations.
Request a free sample copy or view report summary: Laboratory Information Management System Market Report
The cloud-based product segment dominated the market in 2021 and is projected to expand further at the fastest CAGR from 2022 to 2030
Technological advancements by market players are expected to drive the growth of the segment
The services component segment accounted for the largest revenue share in 2021 owing to the rising lab automation, which requires implementation, maintenance, and support
The industry participants are focusing on investing in acquisitions, collaborations, product launches, and partnerships to gain a competitive edge
In February 2020, LabVantage Solutions announced the availability of a SaaS package for its purpose-built LIMS platform
The CROs segment is expected to exhibit the fastest CAGR during the forecast period due to increasing demand for outsourcing LIMS solutions to curb the operating costs
Grand View Research has segmented the global laboratory information management system market on the basis of product, component, end use, and region:
LIMS Product Outlook (Revenue, USD Million, 2017 - 2030)
LIMS Component Outlook (Revenue, USD Million, 2017 - 2030)
LIMS End-use Outlook (Revenue, USD Million, 2017 - 2030)
Petrochemical Refineries and Oil & Gas Industry
Food and Beverage & Agriculture Industries
Environmental Testing Laboratories
Other Industries (Forensics & Metal & Mining Laboratories)
LIMS Regional Outlook (Revenue, USD Million, 2017 - 2030)
Middle East & Africa
List of Key Players of Laboratory Information Management System Market
Thermo Fisher Scientific
LabVantage Solutions Inc.
Computing Solutions, Inc.
This report has a service guarantee. We stand by our report quality.
Your transaction & personal information is safe and secure.
Design an exclusive study to serve your research needs.
Get your queries resolved from an industry expert.
Avail customized purchase options to meet your research needs:
"The quality of research they have done for us has been excellent..."