+13.2% CAGR of "Laboratory Information Management System (LIMS) Market" Growth to 2026: LabWare, LabVantage Solutions, Thermo Fisher Scientific, Abbott Informatics

Laboratory Information Management System (LIMS) Market report deals with many parameters in depth to satisfy the requirements of business or clients. Moreover, it also displays all the information including market definition, classifications, key developments, applications, and engagements along with the detailed actions of key players with respect to product launches, joint ventures, developments, mergers and acquisitions, and effects of the same in terms of sales, import, export, revenue and CAGR values. A team of experienced and consummate market research professionals persistently track key industries to spot key developments, unmet needs, and possible growth opportunities.

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To attain knowledge of all the above factors, this transparent, extensive, and supreme Laboratory Information Management System (LIMS) Market report is generated. Further, leading factors such as market drivers, market restraints, and competitive analysis are examined with the SWOT analysis which is the most established tool for generating a market research report. In this report, market data is broken down in a systematic process to highlight focus areas of the client’s interest. In addition, businesses can get knowledgeable with the level of the marketing problems, reasons for the failure of the particular product already existing in the market, and prospective market for a new product to be launched with this Laboratory Information Management System (LIMS) Market analysis report.

The global LIMS market is projected to reach USD 2.1 billion by 2026 from an estimated USD 1.1 billion in 2021, at a CAGR of 13.2%.

Some of the prominent players operating in the market 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).

This study has been validated through primaries conducted with various industry experts worldwide. These primary sources have been divided into 3 categories, namely by company type, by designation, and by region.

By Company Type- Tier 1 – 38%, Tier 2 – 45%, Tier 3 – 17%
By Designation- Managers – 29%, CXOs – 44%, Executives – 27%
By Region- North America- 42%, Europe- 28%, Asia Pacific- 21%, andRoW – 9%

Growth of this market is attributed to the increasing use of LIMS to comply with stringent regulatory requirements, rising need for the adoption of LIMS, technological advancements in LIMS offerings, increasing R&D expenditure in different industries, and growing adoption of cloud-based LIMS.

Industry-specific LIMS segment is projected to record the highest CAGR

Based on type, the LIMS market is segmented into broad-based LIMS and industry-specific LIMS. The broad-based LIMS segment accounted for the largest share of the market in 2020. Broad-based LIMS solutions provide users with significant room for customization and interpretation that can support multiple businesses across different geographic locations; these factors are driving the adoption of broad-based LIMS. Furthermore, broad-based LIMS solutions also help streamline laboratory workflow processes and improve decision-making and reporting.

Services segment is expected to register the highest growth during the forecast period

Based on the component, the LIMS market is segmented into software and services. Services accounted for the largest share of the market in 2020. This segment is projected to register the highest CAGR during the forecast period. The large share of the services segment can be attributed to the recurring requirement of services, such as training, software upgradation, and software maintenance post-installation.

Cloud based segment is estimated to record the highest CAGR in the forecast period.

Based on the deployment model, the LIMS market is segmented into on-premise, cloud-based, and remotely hosted LIMS. In 2020, the on-premise LIMS segment commanded for the largest share of the market. The large share of this segment can be attributed to the fact that these solutions are more customizable and have minimum risk associated with data breaches and external attacks.

Life sciences segment is estimated to record the highest CAGR in the forecast period.

Based on industry, the LIMS market is broadly segmented into seven categories—life sciences, chemical, food & beverage and agriculture, environmental testing, petrochemical refineries and oil & gas, forensics, and other industries. Life sciences commanded the largest share of the LIMS market, by industry, in 2020. Factors such as growth in the outsourcing of various pharma and biotech processes, increasing stringency of regulations, the increasing number of biobanks/biorepositories, and growing R&D investments/activities in pharmaceutical and biotechnology companies are responsible for the growth of this segment.

North America To Witness Significant Growth From 2021 To 2026

In 2020, 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.

Research Coverage

This report describes and studies the LIMS market based on type, component, deployment model, industry and region. It provides detailed information regarding the major factors influencing the growth of this market and the factors impacting market dynamics. The report includes in-depth competitive analysis and the product matrix of the prominent players in this market, along with their company profiles, product portfolios, recent developments (mergers, acquisitions, partnerships, collaborations, etc.), and key business strategies.

Key Benefits of Buying the Report

This report focuses on various levels of analysis—industry trends, market share of top players, and company profiles, which together form basic views and analyze the competitive landscape, and high-growth regions and their drivers, restraints, challenges, and opportunities. The report will help both established firms as well as new entrants/smaller firms to gauge the pulse of the market and garner greater market shares.

The Laboratory Information Management System (LIMS) Market report encompasses a thorough study of the current situation of the global market along with several market dynamics. To formulate this report, detailed market analysis has been performed with inputs from industry experts. Depending on the client’s demand, a huge amount of business, product, and market-related information has been brought together via this report that eventually helps businesses create better strategies. All of these features are strictly applied while building this Laboratory Information Management System (LIMS) Market research report for a client. It gives an explanation about various definitions and segmentation or classifications of the industry, applications of the industry, and value chain structure.

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