Laboratory Information Management System (LIMS) Market - by 2026 - Global Trends, Share Analysis, Leading Players, Business Opportunities
- In June 2020, LabWare introduced the latest version of its LIMS—LabWare 8. The LabWare 8 solution is the company’s enterprises laboratory platform (ELP) that delivers the capabilities of both LIMS and ELN in a single integrated system.
Northbrook, IL -- (SBWire) -- 09/06/2022 --The Global Laboratory Information Management System Market is projected to reach USD 2.1 billion by 2026 from an estimated USD 1.1 billion in 2021, at a CAGR of 13.2%.
Growing use of LIMS to comply with stringent regulatory requirements;
In various countries, pharmaceutical and biotechnology companies face immense pressure to comply with strict regulatory guidelines for preclinical and clinical testing before launching new drugs into the market. For instance, regulatory requirements such as 21 CFR Part 11 and Clinical Laboratory Improvement Amendments (CLIA) in the pharmaceutical and biotech industries include documentation and audit trails-from research & development and testing to production and quality control. In addition to these regulations, guidelines regarding appropriate labeling and advertising are also required to be followed.
Owing to these data management and security concerns, most laboratories are increasingly adopting LIMS to streamline their workflows and comply with stringent regulatory standards. Also, these systems help laboratories meet regulatory requirements without compromising process versatility, as they easily get configured with laboratory systems to record and update data (which can be easily accessed and analyzed). This is expected to increase the demand for LIMS in laboratories operating in target industries during the forecast period.
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Coronavirus disease 2019 (COVID?19) is an acute respiratory infectious disease caused by severe acute respiratory syndrome coronavirus 2 (SARS?CoV?2). Largely unknown before the outbreak began in Wuhan, China, in December 2019, COVID-19 has moved from a regional crisis to a global pandemic in just a few weeks. The World Health Organization (WHO) declared COVID-19 as a pandemic on March 11, 2020. The state of urgency to combat the outbreak led pharma & biotech companies, researchers, various diagnostic labs, and testing facilities conducting COVID-19 research to adopt advanced technologies and solutions exceeding traditional avenues to improve workflows. Research laboratories or diagnostic labs focusing on COVID-19 research need to handle multiple steps (such as test management, sample handling, inventory control, packaging, and shipment). Also, research laboratories focused on developing treatments or vaccines for COVID-19 need an effective end-to-end solution to improve the quality, productivity, and rapidity of the vaccine manufacturing process. This is likely to increase the uptake of informatics solutions, such as LIMS, which enhance research and testing activities, along with efficient data management.
Industry-specific LIMS segment is projected to record the highest CAGR
Based on type, the LIMS market is segmented into broad-based LIMS and industry-specific LIMS. The broad-based LIMS segment accounted for the largest share of the market in 2020. Broad-based LIMS 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 LIMS solutions also help streamline laboratory workflow processes and improve decision-making and reporting.
Services segment is expected to register the highest growth during the forecast period
Based on the component, the LIMS market is segmented into software and services. Services accounted for the largest share of the market in 2020. This segment is projected 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 upgradation, and software maintenance post-installation.
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North America To Witness Significant Growth From 2021 To 2026
In 2020, North America commanded the largest share of the market, followed by Europe. North America's dominance in the market can be attributed to the strong economies of 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 prominent players operating in the market are LabWare (US), LabVantage Solutions (US), Thermo Fisher Scientific (US), Abbott Informatics (US), Agilent Technologies Inc. (US), LabLynx, Inc. (US), Dassault Systèmes (France), Labworks LLC (US), Autoscribe Informatics (US), and Accelerated Technology Laboratories (ATL).
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