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(Medical-NewsWire.com, February 14, 2019 ) The global laboratory information management system market is expected to reach USD 1,355.0 million by 2023 from USD 747.3 million in 2018, at a CAGR of 12.6%. Growth in this market is driven by the increasing use of LIMS to comply with stringent regulatory requirements, increasing focus on improving the efficiency of laboratories, technological advancements in LIMS offerings, increasing R&D expenditure in pharmaceutical and biotechnology companies, and growing adoption of cloud-based LIMS.
This report segments the LIMS market into type, component, deployment model, industry, and region. Based on type, the market is segmented into broad-based LIMS and industry-specific LIMS. The broad-based LIMS segment accounted for the largest market share in 2018. These 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 solutions also help streamline laboratory workflow processes and improve decision-making and reporting. These advantages also expected to drive their uptake in the coming years.
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Based on component, the LIMS market is segmented into software and services. The services segment is expected 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 upgrading, and software maintenance post-installation.
By delivery model, the market is segmented into on-premise, cloud-based, and remotely hosted. The cloud-based segment is expected to register the highest CAGR during the forecast period. Factors such as on-demand self-serving analytics, ease of use, affordability, reliability, no upfront capital investment for hardware, adaptability & flexibility, and a pay-as-you-go pricing model have ensured the high growth of cloud-based LIMS.
Based on industry, the laboratory information management system market is segmented into life sciences, chemical, food & beverage and agriculture, environmental testing laboratories, petrochemical refineries and oil & gas, and other industries. The life sciences segment is expected to account for the largest share of the market in 2018. The large share of this segment can be attributed to the rise in outsourcing by pharmaceutical companies, increasing number of biobanks/biorepositories, and the growing R&D investments/activities in pharmaceutical and biotechnology companies.
The laboratory information management system market is highly competitive with the presence of several small and big players. Prominent players in the market include LabWare (US), Thermo Fisher Scientific (US), Abbott Informatics (US), LabVantage Solutions (US), were the leading players in the LIMS market. Other major players include LabLynx. (US), Autoscribe Informatics (US), Computing Solutions (US), GenoLogics (Canada), LABWORKS (US), Dassault Systèmes (France), Siemens (Germany), and Accelerated Technology Laboratories (US).
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