LIMS market Report Overview
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The global LIMS market size was USD 676.5 million in 2021, & the market is projected to touch USD 1195.88 million in 2031, exhibiting a CAGR of 5.8% during the forecast period. LabWare, Thermo Fisher, LabVantage Solutions, STARLIMS Corporation, PerkinElmer, Genologics, Promium, Core Informatics, LabLynx, Autoscribe Informatics, Khemia Software, LabLogic Systems, Computing Solutions, Novatek International, Chemware, and CloudLIMS are the top companies operating in the LIMS market.
The global COVID-19 pandemic has been unprecedented and staggering, with LIMS experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.
A laboratory information management system (LIMS) is a software system. This software helps to support laboratory operations.
The growth of this market is significantly growing due to growing adoption of cloud-based software, increased use of laboratory information management system to comply with stringent regulatory requirements, and huge technology advancement coupled with ongoing R&D activities with several investments by market players. Government regulations to adopt LIMS to perform laboratory operations. The system allows to manage the flow of sample effectively, improve lab efficiency, and associate data. Further, the features of the software are to managing staff training, managing inventory & supplies, tracking the location of samples, user-friendly. These advanced features of the laboratory information management system are anticipated to fuel market progress. The management system supports single user or multi-department or multi-national. High need to reduce healthcare costs and development of innovative tools. On the contrary, interfacing challenges with informatics software and lack of trained workers is anticipated to limit market growth in the upcoming years. Further, high maintenance and service costs are estimated to restrict market opportunities.
COVID-19 Impact: High Need for Effective Remote Working to Accelerate Market Growth
The COVID-19 pandemic positively influence digitalization of laboratories. The pandemic brought drastically demand for the innovation in LIMS. Adoption of cloud-based technology and high need for effective remote working accelerated market growth. However, complete lockdown restrictions led to interrupt lab technician’s workflow. But, allowance for essential services and government supports boosted market progress.
LATEST TRENDS
"Multiple Features of LIMS to Boost Market Progress"
The system allows to manage the flow of sample effectively, improve lab efficiency, and associate data. Further, the features of the software are to managing staff training, managing inventory & supplies, tracking the location of samples, user-friendly. These advanced features of the laboratory information management system are anticipated to fuel market progress. The management system supports single user or multi-department or multi-national. High need to reduce healthcare costs and development of innovative tools. These factors are predicted to surge LIMS market progress in the forthcoming years.
LIMS market Segmentation
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- By Type
Based on type, the market is divided into on premise LIMS, cloud-based LIMS, and remotely hosted LIMS.
Cloud-based LIMS is expected to be the top part of the type segmentation
- By Application
Based on the application, the market is divided into research and development lab, analytical services lab, manufacturing lab, and others.
Research and development lab is expected to be the top part of application segmentation.
DRIVING FACTORS
"Growing R&D Activities in Life Science Sector to Flourish Market Progress"
Today, pharmaceutical companies are focusing on R&D (research and development) activities. The need for drug development process and growth in biotechnology sector is anticipated to boost market growth. Several pharmaceutical manufacturers are adopting LIMS for its several advanced properties. Increased R&D spending and huge need for efficient management in the laboratory is estimated to flourish market progress in the forthcoming years. Further, rise in disposable income and high need to maintain laboratory operations coupled with reduce human errors by enabling workflow automation is anticipated to surge market growth.
"Increased Government Support for Digitalization to Influence Market Growth"
The growing support for digitalization by government across the countries and development in laboratories is estimated to surge market growth. High need for lab automation and rise in demand for informative vendors is predicted to drive market growth in the upcoming years. Rapid development to enormous scope for laboratory information solutions is anticipated to drive market growth in the forthcoming years. Further, the growth of this market is significantly growing due to growing adoption of cloud-based software, increased use of laboratory information management system to comply with stringent regulatory requirements, and huge technology advancement coupled with ongoing R&D activities with several investments by market players, which is expected to fuel market growth.
RESTRAINING FACTORS
"Interfacing Challenges with Informatics Software and Lack of Trained Workers to Hamper Market"
Interfacing challenges with informatics software and lack of trained workers is anticipated to limit market growth in the upcoming years. Further, high maintenance and service costs are estimated to restrict market opportunities.
LIMS market Regional Insights
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"Well-Established Economy and Financial Capability in North America to Drive Market Share "
North America is estimated to account for the largest LIMS market share owing to well-established economy and financial capability. Presence of key market players in the region and strict government regulation which is estimated to push market growth. High spending on laborites development and increased R&D activities. Further, the need for integration of laboratory systems is anticipated to boost market growth. High need for lab automation and rise in demand for informative vendors is predicted to drive market growth in the upcoming years. Rapid development to enormous scope for laboratory information solutions is anticipated to drive market growth in the forthcoming years. In addition, easy availability and growth in biobanks is anticipated to push market growth.
KEY INDUSTRY PLAYERS
"Leading Players Adopt New Strategies to Stay Competitive"
The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.
List of Market Players Profiled
- LabWare (U.S.)
- Thermo Fisher (U.S.)
- LabVantage Solutions (U.S.)
- STARLIMS Corporatio (U.S.)
- PerkinElmer (U.S.)
- Genologics (Canada)
- Promium (U.S)
- Core Informatics (U.S.)
- LabLynx (U.S.)
- Autoscribe Informatics (U.S.)
- Khemia Software (U.S.)
- LabLogic Systems (U.K.)
- Computing Solutions (U.S.)
- Novatek International (Canada)
- Chemware (U.S.)
- CloudLIMS (U.S.)
REPORT COVERAGE
This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 676.5 Million in 2021 |
Market Size Value By |
US$ 1195.88 Million by 2031 |
Growth Rate |
CAGR of 5.8% from 2021 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered | |
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By Type
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By Application
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Frequently Asked Questions
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What value is the LIMS market expected to touch by 2031?
The global LIMS market size is expected to reach USD 1195.88 million in 2031.
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What CAGR is the LIMS market expected to exhibit by 2031?
The LIMS market is expected to exhibit a CAGR of 5.8% by 2031.
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What are the driving factors of the LIMS market?
Drivers of this LIMS market are growing R&D activities in life science sector and increased government support for digitalization.
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Which are the top companies operating in the LIMS market?
LabWare, Thermo Fisher, LabVantage Solutions, STARLIMS Corporation, PerkinElmer, Genologics, Promium, Core Informatics, LabLynx, Autoscribe Informatics, Khemia Software, LabLogic Systems, Computing Solutions, Novatek International, Chemware, and CloudLIMS are the top companies operating in the LIMS market.
