DUBLIN–(BUSINESS WIRE)–The “Laboratory Information Management System (LIMS) Market by Type (Broad, Industry-specific), Component (Software, Services), Delivery (On premise, Remote, Cloud), End User (CRO, Pharma, Biotech, Chemical, Agriculture, FnB, Oil, Gas) – Global Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
The global laboratory information management systems market is projected to reach USD 1,699.3 million by 2025 from an estimated USD 959.9 million in 2020, at a CAGR of 12.1% during the forecast period.
The increasing adoption of LIMS to comply with stringent regulatory requirements, technological advancements in LIMS offerings, increasing R&D expenditure in pharmaceutical and biotechnology companies, and the growing adoption of cloud-based LIMS are some of the factors driving the growth of this market. However, the high maintenance and service costs and the lack of integration standards for LIMS are expected to restrain the growth of this market.
Services segment to grow at the highest CAGR during the forecast period
Based on component, the LIMS market is segmented into services and software. The services segment is expected 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.
Pharmaceutical and biotechnology companies segment to dominate the LIMS market for the life sciences industry
Based on type, the LIMS market for the life sciences industry is segmented into pharmaceutical and biotechnology companies, biobanks and biorepositories, CROs & CMOs, clinical research laboratories, academic research institutes, toxicology laboratories, NGS laboratories, and forensic laboratories. The pharmaceutical and biotechnology companies segment accounted for the largest share of this market in 2019. The large share of this segment can be attributed to the increasing adoption of LIMS systems in pharmaceutical and biotechnology companies to automate laboratory workflows and improve operational efficiency.
The market in Asia to witness the highest growth during the forecast period
In 2019, North America accounted for the largest share of the global LIMS market, followed by Europe. However, the Asian market is estimated to grow at the highest CAGR during the forecast period primarily due to factors such as increasing outsourcing activities in several Asian countries due to the availability of low-cost and skilled labor and the increasing awareness and availability of LIMS.
- Growing Use of LIMs to Comply With Stringent Regulatory Requirements
- Increasing Focus on Improving the Efficiency of Laboratories
- Technological Advancements in LIMs Offerings
- Growing Adoption of Cloud-Based LIMs
- Growing R&D Expenditure in Pharmaceutical and Biotechnology Companies
- High Maintenance and Service Costs
- Lack of Integration Standards for LIMs
- Use of LIMs in the Cannabis Industry
- Dearth of Trained Professionals
- Thermo Fisher Scientific
- Abbott Informatics (A Subsidiary of Abbott Laboratories)
- Agilent Technologies, Inc.
- Lablynx, Inc.
- Autoscribe Informatics (A Wholly Owned Subsidiary of Autoscribe Limited)
- Computing Solutions, Inc.
- Genologics, Inc. (An Illumina Company)
- Labworks LLC
- Dassault Systmes
- Accelerated Technology Laboratories
- Novatek International
- Horizon LIMs (A Part of Redarrow Labs)
- Eusoft S.R.L
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