Laboratory Information Management System (LIMS) Market by Type (Broad), Component (Software, Service), Delivery (On premise, Cloud, SaaS, PaaS, IaaS), Industry (CRO, CMO, Pharma, Biotech, Chemical, Agriculture, FnB, Oil, Gas)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2021-2027
The global Laboratory Information Management System market gathered revenue around USD 1.9 Billion in 2020 and market is set to grow USD 2.15 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 13.40% during the prediction period 2021 to 2027.
Laboratory Information Systems (LIS) are critical to laboratories meeting quality standards, reducing data redundancy, shortening the time between receiving a specimen and producing reports, and improving patient outcomes. Increasing specimen concentrations, as well as increased demands for and dependence on laboratory data to meet public health and clinical needs, have resulted from technological developments in laboratory instrumentation over the last decade. These innovations showed that paper-based records management and results analysis were unreliable and unable to satisfy the laboratory's business requirements. As a result, there has been a massive increase in demand for LIS adoption at all levels. As a result of increased use of LIS, end-users have been able to more clearly express detailed device specifications, prompting vendors to create more appealing and viable LIS options.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Laboratory Information Management System market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Laboratory Information Management System market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
|Market Size||USD 2.15 Billion by 2027|
|Growth Rate||CAGR of 13.40% From 2021 to 2027|
|Forecast Period||2021 to 2027|
|Historic Data||2017 to 2020|
|Report coverage||Growth Factors, Revenue Status, Competitive Landscape, and Future Trends|
|Segments Covered||By Type, Component, Deployment mode, Industries & Region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Companies Mentioned||Thermo Fisher Scientific; Siemens; LabVantage Solutions Inc.; LabWare; PerkinElmer Inc.; Abbott Laboratories; Autoscribe Informatics; Illumina, Inc.; Labworks; LabLynx, Inc.|
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Laboratory Information Management System market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
Market Regional Insights ;
North America dominated the laboratory information management system market and accounted for the largest revenue share of 45.0% in 2020. The dominance is owing to the supportive policies facilitating laboratory automation adoption such as EHR programs. Moreover, the presence of advanced infrastructure, increasing demand for genomic studies, and rising government funding are some other factors attributing towards the growth of the market in the region.
In Asia Pacific, the market for laboratory information management system is expected to witness the fastest CAGR owing to the increasing number of LIMS providing CROs in this region. Major players outsource LIMS from CROs based in the region to reduce the cost of LIMS support systems and improve operational efficiency. Developing economies such as India and China have emerged as major outsourcing hubs. In April 2020, the Ministry of Health in China has defined an action plan for the deployment of e-health-related solutions to geographically dispersed sections of the country encompassing broad areas of medical services and insurance plans, with a large focus on the adoption of electronic record systems to allow data sharing across the national healthcare system.
Opportunities: Significant growth potential in emerging markets
China, India, Japan, Singapore, Brazil, and Middle Eastern countries are major upcoming markets for LIMS. These markets lack proper standards and government regulations, thus offering huge potential for vendors unable to meet the standards implemented in developed markets such as the US. Several biopharma players are also shifting their manufacturing plants in Asia for low-cost production. This is creating significant demand for informatics solutions in Asian countries. However, the COVID-19 pandemic has compelled stakeholders from developed markets such as the US and Europe to reduce their heavy dependence on Asian countries and shift back to in-house operations.
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
- Company Overview
- Company Market Share/Positioning Analysis
- Product Offerings
- Financial Performance
- Recent Initiatives
- Key Strategies Adopted by Players
- Vendor Landscape
- List of Suppliers
- List of Buyers
Some of the prominent players in the Laboratory Information Management System Market include: Thermo Fisher Scientific; Siemens; LabVantage Solutions Inc.; LabWare; PerkinElmer Inc.; Abbott Laboratories; Autoscribe Informatics; Illumina, Inc.; Labworks; LabLynx, Inc.
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
By Product Type
- Broads Based LIMS
- Industry Specific LIMS
By Deployment Model
- Remotely hosted
- Life Sciences
- Petrochemical Refineries and Oil & Gas
- Food & Beverage and Agriculture
- Environmental Testing Laboratories
- Forensic laboratories
- Other End users
- United Kingdom
- Rest of Europe
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of Middle East & Africa
Highlights of the Report:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Laboratory Information Management System market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Laboratory Information Management System market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Laboratory Information Management System markets more accurate and reliable.
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
- Governmental bodies, and organizations creating economic policies
- National and international social welfare institutions
- Company websites, financial reports and SEC filings, broker and investor reports
- Related patent and regulatory databases
- Statistical databases and market reports
- Corporate Presentations, news, press release, and specification sheet of Manufacturers
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
- Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
- In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.
Industry participants involved in this research study include:
- CEOs, VPs, market intelligence managers
- Procuring and national sales managers technical personnel, distributors and resellers
- Research analysts and key opinion leaders from various domains
Key Points Covered in Laboratory Information Management System market Study:
- Growth of Laboratory Information Management System in 2021
- Market Estimates and Forecasts (2017-2027)
- Brand Share and Market Share Analysis
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Recommendation on Key Winning Strategies
- COVID-19 Impact on Demand for Laboratory Information Management System and How to Navigate
- Key Product Innovations and Regulatory Climate
- Laboratory Information Management System Consumption Analysis
- Laboratory Information Management System Production Analysis
- Laboratory Information Management System and Management