Laboratory Information Management System (LIMS) Market - Forecast(2022 - 2027)

Report Code: HCR 0488 Report Format: PDF + Excel

Laboratory Information Management System (LIMS) Market Overview

Laboratory Information Management System (LIMS) Market size is estimated to reach $2.4 billion by 2026, growing at a CAGR of 8.7% during the forecast period 2021-2026. Laboratory Information Management system (LIMS) is a software that is utilized in laboratories for data management and to process a mass of laboratory samples to control laboratory workflow. Enterprise Resource Planning (ERP) software is planned to possess one unified database to control different functions of the business. The utility of Enterprise Resource Planning (ERP) systems in the laboratory can be expedited or even improved when they are combined with laboratory information management systems (LIMSs) in a manner that unifies the internal and external business procedures of the laboratory. Process development execution systems (PDES) are software systems utilized to direct the growth of high-tech manufacturing technologies like semiconductor manufacturing, It is recognized that a laboratory information management system (LIMS), also termed as a laboratory information system (LIS) or laboratory management system (LMS), is a software-based solution with characteristics that back the operations of a contemporary laboratory. Classically, the LIMS, LIS, and process development execution system (PDES) have all carried out identical functions. An electronic signature system is a legal technique to acquire consent or authorization on electronic documents or forms. In a Food and Drug Administration (FDA) regulated environment, 21 CFR Part 11 compliance is crucial when utilizing a Laboratory Information Management System (LIMS) to process electronic signature system that falls under the FDA’s predicate rule.

The increased demand for 24/7 laboratory testing in clinical laboratories with electronic signature system owing to the onset of the Novel Coronavirus (COVID-19) pandemic has fuelled the growth of the Laboratory Information Management System (LIMS) Market. The heightened progress in R&D laboratories, particularly in pharmaceutical and biotechnological laboratories is set to propel the growth of the Laboratory Information Management System (LIMS) Market during the forecast period 2021-2026. This represents the Laboratory Information Management System (LIMS) Industry Outlook.

Report Coverage

The report: Laboratory Information Management System (LIMS) Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Laboratory Information Management System (LIMS) Market.

By Type: Multi-Purpose, Purpose-Built.

By Component: Software, Services.

By Mode Of Delivery: On-Premise, Cloud-Based

By End User: Hospitals, Clinics, Others.

By Geography: North America (the U.S, Canada and Mexico), Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, Rest of South America) and Rest Of The World (Middle East, Africa).

Key Takeaways

  • Geographically, North America Laboratory Information Management System (LIMS) Market accounted for the highest revenue share in 2020 and it is poised to dominate the market over the period 2021-2026 owing to the increasing acceptance of laboratory information management systems (LIMS) with enterprise resource planning (ERP) and the existence of a well-established healthcare infrastructure in the North American region.
  • Laboratory Information Management System (LIMS) Market growth is being driven by the heightening demand for bio-banking and expanded focus on enhancement of the laboratory with enterprise resource planning (ERP) and electronic signature system. However, the soaring cost connected to the application of a laboratory information management system is one of the major factors hampering the growth of Laboratory Information Management System (LIMS) Market.
  • Laboratory Information Management System (LIMS) Market Detailed Analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Laboratory Information Management System (LIMS) Market report.  

Laboratory Information Management System (LIMS) Market Segment Analysis – By Component:

The Laboratory Information Management System (LIMS) Market based on component can be further segmented into Software and Services. The Software Segment held the largest market share in 2020. This growth is owing to the increased efficiency in management of samples and data connected with laboratory information management software (LIMS) equipped with electronic signature system. The boost in the endeavors of clinicians and researchers for superior laboratory performance and the surge in the count of samples in the laboratories are further propelling the growth of this segment.

Furthermore, the Services segment is estimated to grow with the fastest CAGR of 9.3% during the forecast period 2021-2026 owing to the heightening requirement for LIMS implementation, integration, maintenance, validation, and support and the soaring demand for LIMS outsourcing solutions with enterprise resource planning (ERP).

Laboratory Information Management System (LIMS) Market Share, By Component, 2020(%)


Laboratory Information Management System (LIMS) Market Segment Analysis – By Mode Of Delivery:

The Laboratory Information Management System (LIMS) Market based on the mode of delivery can be further segmented into On-Premise and Cloud Based. The Cloud-Based Segment held the largest market share in 2020. This growth is owing to the increased accessibility of data from different locations, different systems and different branches. By establishing user profiles for every lab member to log in, integrated with authentication settings to maximize safety, every laboratory can offer its members real-time convenience and keep data secure. The accelerated implementation time, increased automatic updates, decreased IT manpower, cost-effective data management with enterprise resource planning (ERP), great security and effortless deploy ability are further propelling the growth of this segment.

Furthermore, the On-Premise segment is estimated to grow with the fastest CAGR of 9.5% during the forecast period 2021-2026 owing to the increased customization with enterprise resource planning (ERP) and trustworthiness in comparison with other LIMS services.

Laboratory Information Management System (LIMS) Market Segment Analysis – By Geography:

The Laboratory Information Management System (LIMS) Market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America and Rest of the World. North America (Laboratory Information Management System (LIMS) Market) held the largest share with 38% of the overall market in 2020. The growth of this region is owing to the increasing count of innovative product launches and the soaring concentration of key players like Abbott Laboratories in the region. The favorable policies facilitating acceptance of laboratory automation like electronic health records (EHR) and electronic signature system, the existence of progressive infrastructure, boost in demand for genomic studies, and increased government funding are fuelling the growth of the Laboratory Information Management System (LIMS) Market in the North American region.

Furthermore, the Asia-Pacific region is estimated to be the region with the fastest CAGR rate over the forecast period 2021-2026. This growth is owing to factors like increasing utilization of Laboratory Information Management Systems (LIMS) in Contract Research Organizations (CROs) in the Asia-Pacific region. Dominant players outsource LIMS from CROs based in the region to decrease the cost of LIMS support systems and enhance operational efficiency along with enterprise resource planning (ERP). This is fuelling the progress of the Laboratory Information Management System (LIMS) Market in the Asia-Pacific region.

Laboratory Information Management System (LIMS) Market Drivers

  • Global Prevalence Of Incessant Ailments Is Projected To Drive The Growth Of Laboratory Information Management System (LIMS) Market:

As per World Health Organization (WHO), nearly 70% of demises from cancer happen in low- and middle-income countries. Furthermore, WHO figures indicate that total yearly cost of cancer in 2010 was approximated at US $1.16 trillion. The increasing count of cancer cases worldwide is propelling cancer research to enhance cancer therapy. The prototypical disposition of cancer research needs the processing and combination of datasets in a strong technological environment. A suitable Laboratory Information Management System (LIMS) for Cancer Research must back the complete procedure from tissue and sample collection and annotation to data analysis and reporting. A Laboratory Information Management System (LIMS) for cancer research needs to be malleable, robust, and compliant and may be equipped with electronic signature system. It is required to be able to control data flow across various disciplines and permit the researchers to effortlessly share and receive data, metadata, and results with other researchers in real-time. Combining a Laboratory Information Management System (LIMS) with the various devices like DNA sequencers, visual tools, and additional software, like EMR, EHR, pathology systems, statistical tools, will offer the oncologist with a complete view of the cancer patient in a real-life situation. These features are fuelling the growth of the Laboratory Information Management System (LIMS) Market during the forecast period 2021-2026.

  • Technological Innovations Are Expected To Boost The Demand Of Laboratory Information Management System (LIMS):

Technological innovations are driving the growth of the Laboratory Information Management System (LIMS) market. Laboratory Information Management System (LIMS) may be equipped with electronic signature system. Labworks has developed a Laboratory Information Management System (LIMS) for agriculture and farming. The LABWORKS solution for Agriculture Labs is the key to managing the different challenges encountered, from tracking submissions from internal inspectors, other government entities and private and public customers, to seed and feed testing and labelling, pesticide testing, equine drug testing, animal industry, food, fuel, fertilizer and other testing and reporting against state and/or federal regulations. These kinds of technological innovations are driving the demand of the Laboratory Information Management System (LIMS) during the forecast period 2021-2026.

Laboratory Information Management System (LIMS) Market Challenges

  • Laboratory Information Management System (LIMS) Implementations Are Challenging:

LIMS implementations are frequently demanding owing to the cost investment, budget limitations, dedication of resources, competing priorities within the company, and guaranteeing the correct features are included within the system. As the system is configured, it may be effortless to overload the software with features. One needs to concentrate on the principal system objectives from the beginning. Acquiring the Minimal Viable Product (MVP) first will assist in staying focused on functionality. If there are too many requirements to the project scope that are unnecessary, there could be gaps between system capabilities and requirements, resulting in a compromised implementation procedure. Yet another challenge in LIMS application is selecting the correct vendor. Purchasing a LIMS based on word of mouth or the suggestion pf a colleague is nearly always a bad idea. In a technique hugely based on data, utilizing qualitative assessments to decide the LIMS is not supportive. Rather, one needs to spend time and effort comparing prospective LIMS suppliers. These issues are hampering the growth of the Laboratory Information Management System (LIMS) Market.

Laboratory Information Management System (LIMS) Market - Landscape:

Novel product launches, acquisitions, technological advancements, strategic collaborations and R&D expenditures are key strategies adopted by players in the Laboratory Information Management System (LIMS) Market. Key companies of this market include:

  1. Abbott Laboratories
  2. Siemens Healthineers
  3. LabVantage
  4. LabLynx
  5. Mckessen Corporation
  6. Thermo Fisher Scientific
  7. LabWare
  8. Labworks
  9. PerkinElmer Inc.
  10. Autoscribe Informatics

Acquisitions/Product Launches:

  • In October 2021, LabVantage Solutions, the chief provider of laboratory informatics solutions and services, launched LabVantage Analytics – a full-featured, self-service advanced analytics solution that is completely integrated into the LabVantage LIMS platform.
  • In May 2021, Siemens Healthineers introduced Somatom X.ceed, a novel high-resolution, high-speed CT (computed tomography) scanner engineered particularly for the most demanding clinical areas where time and accuracy are of essence.
Related Reports:

Laboratory Information System /LIS Market
Report Code: HCR 0494

Clinical Information System Market – Forecast (2021 - 2026)
Report Code: HCR 0123

1. Laboratory Information Management System (LIMS) Market - Overview
    1.1 Definitions and Scope
2. Laboratory Information Management System (LIMS) Market - Executive Summary
    2.1 Market Revenue, Market Size, and Key Trends
    2.2 Key trends by Component
    2.3 Key trends by Mode Of Delivery
    2.4 Key trends by Geography
3. Laboratory Information Management System (LIMS) Market - Comparative Analysis
    3.1 Company Benchmarking – Key Companies
    3.2 Financial Analysis– Key Companies
    3.3 Market Share Analysis– Key Companies
    3.4 Patent Analysis
    3.5 Pricing Analysis- Average Selling Price
4. Laboratory Information Management System (LIMS) Market - Startup Companies Scenario Premium
    4.1 Key Startup Company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Venture Capital and Funding Scenario
5. Laboratory Information Management System (LIMS) Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Case Studies of Successful Ventures
6. Laboratory Information Management System (LIMS) Market - Forces
    6.1 Market Drivers
    6.2 Market Constraints/Challenges
    6.3 Porters Five Force Model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. Laboratory Information Management System (LIMS) Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Market Life Cycle
8. Laboratory Information Management System (LIMS) Market – By Type (Market Size –$Million/$Billion)
    8.1 Multi-Purpose
    8.2 Purpose-Built
9. Laboratory Information Management System (LIMS) Market – By Component (Market Size –$Million/$Billion)
    9.1 Software
    9.2 Services
10. Laboratory Information Management System (LIMS) Market – By Mode Of Delivery (Market Size –$Million/$Billion)
    10.1 On-Premise
    10.2 Cloud Based
11. Laboratory Information Management System (LIMS) Market – By End User (Market Size –$Million/$Billion)
    11.1 Hospital
    11.2 Clinics
    11.3 Others
12. Laboratory Information Management System (LIMS) Market - By Geography (Market Size –$Million/$Billion)
    12.1 North America
        12.1.1 U.S.
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 U.K.
        12.2.2 Germany
        12.2.3 France
        12.2.4 Italy
        12.2.5 Spain
        12.2.6 Russia
        12.2.7 Rest of Europe
    12.3 Asia-Pacific
        12.3.1 China
        12.3.2 India
        12.3.3 Japan
        12.3.4 South Korea
        12.3.5 Australia & New Zealand
        12.3.6 Rest of Asia-Pacific
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Rest of South America
    12.5 Rest of the World
        12.5.1 Middle East
        12.5.2 Africa
13. Laboratory Information Management System (LIMS) Market - Entropy
14. Laboratory Information Management System (LIMS) Market – Industry/Segment Competition Landscape Premium 
    14.1 Market Share Analysis
        14.1.1 Global Market Share – Key Companies
        14.1.2 Market Share by Region – Key companies
        14.1.3 Market Share by Countries – Key Companies
        14.1.4 Competition Matrix
        14.1.5 Best Practices for Companies
15. Laboratory Information Management System (LIMS) Market – Key Company List by Country Premium Premium
16. Laboratory Information Management System (LIMS) Market Company Analysis
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10 Company 10
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