The Global Laboratory Information Management System Market in terms of revenue was estimated to be worth $1.1 billion in 2021 and is poised to reach $2.1 billion by 2026, growing at a CAGR of 13.2% from 2021 to 2026. The updated version of the report covers the historical market for LIMS for the years 2019, 2020, the estimated market for 2021, and a forecast until 2026, along with a CAGR from 2021 to 2026. The new research study comprises the profiles of 25 players (15 top players and 10 startups or SMEs), compared to 15 players in the previous study. The growth of this market is attributed to the increasing use of LIMS to comply with stringent regulatory requirements, the rising need for the adoption of LIMS, technological advancements in LIMS offerings, increasing R&D expenditure in different industries, and the growing adoption of cloud-based LIMS.
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Market Growth Drivers
- Growing use of LIMS to comply with stringent regulatory requirements
- Increasing focus on improving the efficiency of laboratories
- Technological advancements in LIMS offerings
- Growing adoption of cloud-based LIMS
- Growing R&D expenditure in pharmaceutical and biotechnology companies
Market Growth Opportunities
- Use of LIMS in the cannabis industry
- The growing popularity of cloud-based LIMS
- Significant growth potential in emerging markets
Industry Challenges
- A dearth of trained professionals
- Interfacing challenges with informatics software
The prominent players operating in the laboratory information management system industry are 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).
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North America to Witness Significant Growth in global laboratory information management system market 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.
Report Objectives
- To define, describe, and forecast the global laboratory information management systems (LIMS) market based on type, component, deployment model, industry, and region
- To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia, and the Rest of the World (RoW)
- To profile key market players and comprehensively analyze their product portfolios, market positions, and core competencies
- To track and analyze competitive developments such as acquisitions; product launches and upgrades; expansions; agreements, partnerships, and acquisitions; and R&D activities in the LIMS market
Recent Developments
- 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.
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