Press release
Nearly 58% of Laboratory Information Management Market to be stimulated by Services Segment, Analyzes Fact.MR
The Laboratory Information Management System (LIMS) Market is gaining in popularity due to advancements in R&D labs, particularly in pharmaceutical and biotechnological labs. Other important factors supporting the growth of the market include low implementation costs, effective time management, and compliance with GMP.In 2021, the services category led the market, accounting for almost 58% of total sales. Large pharmaceutical research labs lack the necessary resources and capabilities to deploy analytics; as a result these services are outsourced. But with the progression of software systems from SaaS to more advanced PaaS, community networks, the software segment is predicted to increase steadily.
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Key Takeaways from the Market Study
Global Laboratory Information Management Market is expected to reach a market size of US$ 1.9 Bn by 2022.
In 2022, North America to contribute more than 40% market revenue.
Cloud Based applications is estimated to account for 43% of the market revenue in 2022
Life Science segment to be over US$ 1 Bn by 2032, growing a CAGR of over 8%
The market in APAC is projected to experience a CAGR of 10% across the 2022-2032 forecast period.
Extensive development of the service sector has prompted prominent LIMS providers, particularly in pharmaceutical and biotechnological labs, is projected to garner significant revenue for LIMS in the coming years, comments a Fact.MR analyst.
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Competitive Landscape
Abbott Laboratories, LabVantage, McKesson Corporation, LabLynx, and Siemens Healthcare GmbH, among others, are some of the key competitors in the market. With the growing demand for mobile health and developments in LIMS, a small number of smaller competitors are projected to enter the market and gain a significant stake.
Some of the recent developments of key Laboratory Information Management System providers are as follows:
In August 2021, CTI Clinical Trial and Consulting Services (CTI) and LabWare, Inc. announced to extend laboratory services to support rare disease and cell and gene therapy research.
In March 2021, LabVantage Solutions, Inc. introduced LabVantage Analytics, that allows customers to effortlessly explore, analyze, and visualize LIMS, enterprise, and external data to get meaningful business insights.
Market Segments Covered in Laboratory Information Management Systems Analysis
By Component :
Software
Services
By Deployment Model :
On-premise
Web-based
Web-Hosted
By End-User :
CROs
Petrochemical Refineries & Oil and Gas Industry
Chemical Industry
Food and Beverage & Agriculture Industries
Environmental Testing Laboratories
Other Industries
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Key Points Covered in Laboratory Information Management System Survey:
Market Estimates and Forecasts (2017-2032)
Key Drivers and Restraints Shaping Market Growth
Segment-wise, Country-wise, and Region-wise Analysis
Competition Mapping and Benchmarking
Market Share Analysis
COVID-19 Impact on Laboratory Information Management System and How to Navigate
Recommendation on Key Winning Strategies
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the metal magnesium market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Laboratory Information Management System Market Forecast by Component (Software, Services), Deployment Mode (On-Premise, Cloud-based, Web-based), End-User (Life Sciences, CROs, Petrochemical Refineries & Oil and Gas Industry, Chemical Industry, Food and Beverage & Agriculture Industries, Environmental Testing Laboratories, Other Industries) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East).
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