Laboratory Information Management System (LIMS) Market size is forecast to reach $1.57 billion by 2025, growing at a CAGR of 11.29% during the forecast period 2020-2025. Laboratory Information Management System (LIMS) is software that allows us to effectively manage samples and associated data. The features and uses of a LIMS have evolved over the years from simple sample tracking to an enterprise resource planning (ERP) tool that manages multiple aspects of laboratory informatics. LIMS and process development execution system (PDES) have all performed similar functions since their evolution. One key to compliance with regulatory concerns standards is audit logging of all changes to LIMS data, and in some cases a full electronic signature system is required for rigorous tracking of field-level changes to LIMS data. Growing practice of genome and DNA study and in-vitro ADME technologies, benefits like low implementation cost, efficient time management, and compliance with GDP, GCP, and GMP, and popularity of cloud-based systems are driving the market growth in recent years. In addition, major market development of key players like Labvantage Solutions is additional factors driving the growth of the market.
Product - Segment Analysis
Cloud based products held the largest share in the product segment of Laboratory Information Management System Market in 2019, and are estimated to grow at a CAGR of 10.5% during the forecast period 2020-2025. The growth of this segment is primarily driven by advantages like accessibility of data from multiple locations, multiple systems, and from multiple branches and overall operational efficiency of a laboratory. It is estimated that cloud based products likely to be the fastest growing segment and set to register the highest CAGR during the forecast period 2020-2025, owing to demand for its benefits like reduced IT manpower, cost-effective data management, and easy deploy ability.
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End Use - Segment Analysis
Life science held the major share in the end use segment of Laboratory Information Management System Market in 2019. Growing number of applications of LIMS in pharmaceutical laboratories, lack of in-house qualified resources and increasing demand for bio banks and bio repositories of LIMS in pharmaceutical laboratories are driving the demand of this segment. This has led to considerable increase in market growth of the segment in recent years. Contract research organizations (CROs) is forecast to grow at the fastest rate with the highest CAGR during the forecast period 2020-2025, owing to outsourcing from pharmaceutical and biotechnological companies, and associated advantages such as cost efficiency.
Geography - Segment Analysis
North America dominated the geography segment of Laboratory Information Management System Market with a share of more than 43.61% in 2019, followed by Europe. Favorable policies facilitating laboratory automation adoption such as EHR programs, presence of advanced infrastructure, surging demand for genomic studies, and increasing government funding in research and healthcare are helping in significant market growth in the region. Europe held the second place in the geography segment share of the market. In Europe, rise in the demand for Laboratory Information Management System Industry owing to increased demand about its benefits and the launch of new market players have helped the market.
Asia-Pacific is estimated to grow at the fastest rate at a higher CAGR during the forecast period 2020-2025. This is owing to rising demand for increasing number of LIMS providing CROs and development trends of new generation processes.
Drivers – Laboratory Information Management System Market
Growing practice of genome and DNA study
Biotechnology has grown rapidly through both academic research and private companies. The primary applications of this technology are in medicine (production of vaccines and antibiotics) and agriculture. Moreover, deeper knowledge of human sequence variation has begun to alter the practice of medicine. This is set to give in way for more applications for LIMS. Major Key players are diving investments into these rising innovations. This is set to drive the market growth in the forecast years 2020-2025.
Growing popularity of cloud-based systems
Cloud computing is gaining popularity among mid-size and small business, enabling many businesses to access to application software over high-speed internet connection without the need for investing in computer software and hardware. Deploying LIMS software hosted in the cloud (the Software as a Service model) as well as storing data in the Cloud attracts interest as a perceived low cost option. This is set to help in market growth during the forecast period 2020-2025.
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Challenges – Laboratory Information Management System Market
Shortage of skilled professionals
In general, labor demand growth has given rise to skill shortages and associated wage pressures, often amplified by out-migration. However, employment/working age population ratios are relatively low. In contrast to the earlier period of weak labor demand it is now the supply side of the labor market that constrains new job creation. Thus, it is anticipated to hamper the market growth during the forecast period 2020-2025.
Laboratory Information Management System Industry Outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Laboratory Information Management System Market. In 2019, the top players present in the market consolidate Laboratory Information Management System Market share. Laboratory Information Management System Market top 10 companies are Thermo Fisher Scientific, Inc., Siemens Group SA, Labvantage Solutions, Abbott Laboratories, Accelerated Technology Laboratories, Inc., Novatek International, LabLynx Inc., LabWare Inc., PerkinElmer Inc. and Promium LLC among others.
Acquisitions/Product Launches
In April 2020, Labvantage Solutions announced the availability of its new purpose-built COVID-19 LIMS solution. The new solution is designed to jump-start the ability of laboratories everywhere to enter biospecimens into a biobank and rapidly begin conducting COVID-19-related testing and research.
In February 2018, Accelerated Technology Laboratories announced the integration with SciCord Electronic Laboratory Notebook (ELN), offering clients a single solution to meet their LIMS and ELN needs.
Key Takeaways
North America dominated the Laboratory Information Management System Market in the year 2019 owing to favorable policies facilitating laboratory automation adoption such as EHR programs, presence of advanced infrastructure, surging demand for genomic studies, and increasing government funding in research and healthcare. The Laboratory Information Management System Market scope for different regions will be provided in the final report.
Growing practice of genome and DNA study and in-vitro ADME technologies, benefits like low implementation cost, efficient time management, and compliance with GDP, GCP, and GMP, and increasing popularity of cloud-based systems is estimated to drive the industry growth during the forecast period 2020-2025.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Laboratory Information Management System Market report.
Shortage of skilled professionals is anticipated to hamper the market growth of the Laboratory Information Management System Industry.
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