Global Laboratory Information Management System (LIMS) Markets, 2022-2030 by Product (Cloud-based, Web-based), Component (Software, Services), End Use (Life Sciences, CROs) - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Laboratory Information Management System Market, 2022-2030" report has been added to ResearchAndMarkets.com's offering.

The global laboratory information management system market size is expected to reach USD 3.56 billion by 2030, registering a CAGR of 7.0%

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.

Laboratory Information Management System Market Report Highlights

• 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

Market Dynamics

Market Driver Analysis

• Rising adoption of laboratory automation
• Increasing investments in life sciences industry
• Growing demand for outsourcing
• Technological advancements

Market Restraints Analysis

• Lack of skilled professionals

Industry Challenges

• Lack Of Integration Standards For Laboratory Informatics

Industry Analysis - Porter's

Laboratory Information Management System - SWOT Analysis, by Factor (Political & Legal, Economic, Social and Technological)

Laboratory Information Management System - Heat Map Analysis

Companies Mentioned

• LabWare
• Thermo Fisher Scientific, Inc.
• Abbott Informatics
• LabVantage Solutions, Inc.
• LabLynx, Inc.
• Autoscribe Informatics
• Illumina, Inc.
• LABWORKS
• Siemens
• Accelerated Technology Laboratories

For more information about this report visit https://www.researchandmarkets.com/r/mr2qp5