The laboratory information management system market is expected to reach USD 1,133.5 million by 2023, at a CAGR of 7.3% during the forecast period of 2018 to 2023.
The laboratory information management system market is growing at a decent pace
across the world. These systems help researchers and laboratory professionals
across industries to reduce manual efforts, labor cost, cost of error, and
throughput time; offer paperless information management and effective data
analytics; improve data traceability, accessibility, security and sharing;
streamline processes; enhance quality management; abide by the regulatory
requirements; and provide better control of all business processes and decision
support.
Growing
automation in laboratories, technological advancements in LIMS, growing need
for regulatory compliance, increasing awareness through conference, seminars,
& workshops, and increasing R&D spending are the key drivers propelling
the global laboratory information management system market growth during the
forecast period. The emerging economies such as Latin America, Asia-Pacific,
and Middle East & Africa offer huge potential for growth. In addition,
increasing adoption of cloud-based LIMS solutions provide immense growth
opportunities for players in the laboratory information management system
market.
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The study
offers a comprehensive analysis of laboratory information management system
market with respect to various segments on the basis of type, mode of delivery,
component, and end user. The laboratory information management system market is
mainly categorized by type (multi-purpose LIMS, and purpose-built LIMS), by
mode of delivery (on-premise solutions,cloud-based solutions, and web-based
solutions), by component (service, and software), by end user (life sciences
industry, chemical testing laboratories, food & beverage and agriculture
industries, petrochemical and oil & gas industries, and others).
The multi-purpose LIMS segment is expected to continue to dominate the laboratoryinformation management system market during the forecast period, mainly due to
various technological advancements, growing application of LIMS in biobanking,
academic research & CROs, and growing replacement of old legacy LIMS with
COTS LIMS.
Further, an
in-depth analysis of the geographic scenario of the industry provides detailed
qualitative and quantitative insights for the five major geographies (North
America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa)
along with the coverage of major countries in each region. The geographic
analysis provides detailed insights on the key trends of the industry in the
listed regions & countries. The geographic analysis section also comments
on the key market players shaping the growth of the industry in the respective
countries. Geographically, North America commanded the largest share in the
global laboratory information management system market in 2017. This is mainly
attributed to the growing demand for integration of laboratory systems, rising
government funding for research activities, growth in biobanks/biorepositories,
stringent regulatory requirements across industries, growing replacement of old
legacy systems with COTS solutions, and presence of several key players in this
region.
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The report
also includes a competitive landscape based on an extensive assessment of the
key strategic developments adopted by leading market participants in the
industry over the past 4 years (2015-2018). The key players in the laboratory
information management system market are Abbott Informatics (a subsidiary of
Abbott Laboratories), Astrix Technology Group, Autoscribe Informatics, Blaze
Systems Corporation, Computing Solutions, Incorporated (CSI) (LabSoft), CSOLS,
Inc., Dassault Systemes SE, EuSoft Srl., Genohm SA, Genologics, Inc., (Illumina
Company), Dohmen Company (HORIZON), Infosys Limited, LabLynx, Inc., LabVantage
Solutions, Inc., LabWare, Inc., LabWorks LLC, Novatek International, Promium,
LLC, Thermo Fisher Scientific Inc., and Waters Corporation, among others.
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