ROCKVILLE, Md., March 09, 2022 (GLOBE NEWSWIRE) -- The Laboratory Information Management Market revenues were estimated at US$ 1.8 Bn in 2021 and are anticipated to grow at a CAGR of 8.1% from 2022-2032, according to a recently published Fact.MR report. By the end of 2032, the market is expected to reach US$ 4.2 Bn. Laboratory Information System Market is expected to accumulate US$ 298 Mn absolute $ opportunity through services segment.
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
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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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About the Healthcare Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Healthcare team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the chemicals industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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