PUBLISHER: Allied Market Research | PRODUCT CODE: 1239614
PUBLISHER: Allied Market Research | PRODUCT CODE: 1239614
The Lab information management systems (LIMS) market valued for $1,475.14 million in 2021 and is estimated to reach $4,155.34 million by 2031, exhibiting a CAGR of 10.9% from 2022 to 2031. A laboratory information management system is also known as a laboratory management system that enables support for laboratory operations which can track workflow and specimens, aggregate data for research or business intelligence purposes, and ensure laboratory operation is compliant with various regulations and standards. Lab information management system (LIMS) is often used to automate and streamline laboratory processes, such as sample tracking and results reporting. These systems are widely used in various industries such as the life science industry, chemicals industries, oil & gas industries and among others.
The key factors that drive the growth of the market are the increase in technological advancements of lab information management systems (LIMS) and rise in the demand for lab automation. Moreover, there is an increase in research and development activities for drug discoveries, has resulted in an increase in the adoption of lab information management systems across the world. As this system helps research & development labs to organize their samples and analyses into different groups for better analysis.
In addition, rise in large-scale implementation of laboratory information management systems in various industries, and increase in the number of samples generated for research and analysis, due to the rise in number of life-threatening diseases across the world are the key factors that propel the growth of the market.
However, the high cost of the lab management information system and the lack of skilled professionals in the industries are the major factors expected to impact the growth of the market in upcoming years. On the other hand, the rapid development of healthcare infrastructures, along with the government's support to digitalized services in developing countries such as China, India and others are the key factors that provide lucrative market growth opportunities during the forecast period.
The lab information management system market is segmented on the basis of product type, delivery mode, component, industry type, and region. By product type, it is categorized into Industry-specific LIMS & broad based/ multi-purpose LIMS. By delivery mode, the market is bifurcated into on premises and cloud based and web based. By component, the market is categorized into software and services. By industry type, the market is fragmented into life science, chemical & energy industries, food, beverage & agriculture industries, and clinical research organizations/contract manufacturing organizations (CRO/CMO), and others. The life science segment is further classified into hospitals, physician offices, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
North America accounted for a majority of the lab information management system market share in 2021 and is anticipated to remain dominant during the forecast period. The market is mainly driven by the presence of well-established healthcare facilities and a rise in government funding for research and development activities across the region are the key factors that propel the growth of the market. Moreover, the presence of several key players involved in R&D activities to develop technologically advanced LIMS software and contribute to market growth in this region.
Asia-Pacific is expected to register the fastest CAGR during the forecast period, owing to the increase in the adoption of AI-enabled laboratory information management systems among countries, such as India, China, and Japan, to provide seamless reporting in hospitals and test centers are key factors which propel the growth of the market.
The key players that operate in the lab information management system market (LIMS) include: PerkinElmer Inc., Agilent Technologies Inc, Thermo Fisher Scientific Inc., Illumina Inc., Siemens AG, LabLynx, Inc, Genetic Technologies Inc. CrelioHealth Inc., LabWare, Inc., and Abbott Laboratories.