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(Medical-NewsWire.com, April 01, 2020 ) The global laboratory LIMS 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.
By type, the broad-based LIMS segment is expected to dominate the market in 2018
Based on type, the LIMS market is segmented into broad-based LIMS and industry-specific LIMS. The broad-based LIMS segment is expected to account for the largest market share in 2018 as these solutions provide users with significant room for customization and interpretation that can support multiple businesses across different geographic locations. Broad-based LIMS help streamline laboratory workflow processes and improve decision-making and reporting, these advantages are also expected to drive their uptake in the coming years.
The on-premise LIMS segment is expected to dominate the market in 2018
Based on deployment model, the LIMS market is segmented into on-premise, cloud-based, and remotely hosted models. In 2018, the on-premise LIMS segment is expected to account for the largest share of the market. The large share of this segment is attributed to the fact that these solutions are more customizable and have minimum risk associated with data breaches and external attacks.
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The life sciences segment is expected to grow at the highest CAGR during the forecast period
Based on industry, the LIMS 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 projected to grow at the highest rate during the forecast period. Growth in this segment can primarily be attributed to the rise in outsourcing by pharmaceutical companies, need to adhere to regulatory mandates, increasing number of biobanks/biorepositories, and growing R&D investments/activities in pharmaceutical and biotechnology companies.
North America to dominate the Laboratory Information Management System market
In 2018, North America is expected to dominate the market followed by Europe. The large share of this geographical segment is attributed to the strong economies in 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.
The laboratory information management system market is fragmented, with the presence of several large as well as emerging players. In 2017, LabWare (US), Thermo Fisher Scientific (US), Abbott Informatics (US), LabVantage Solutions (US) were the leading players in the Laboratory Information Management System market. Other major players include LabLynx (US), Autoscribe Informatics (US), Computing Solutions (US), GenoLogics (Canada), LABWORKS (US), Dassault Systčmes (France), Siemens (Germany), and Accelerated Technology Laboratories (US).
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