In a recently published report, Laboratory Information Management System (LIMS) Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Laboratory Information Management System (LIMS) Market products.
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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.
Global Laboratory Information Management System (LIMS) Market is valued at approximately USD 0.9 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 12.1 % over the forecast period 2020-2027. Laboratory Information Management System (LIMS) is a software-based laboratory and information management system. It has the following features including data tracking support, flexible architecture, and data exchange interfaces, which fully support its use in regulated environments. LIMS can also use for enterprise resource planning tool that manages multiple aspects of laboratory informatics. The global Laboratory Information Management System (LIMS) is being highly demanded due to the coronavirus pandemic as employees are asked to work from home and LIMS tools can manages multiple aspects of laboratory informatics. The 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 and rising R&D expenditure in pharmaceutical and biotechnology companies are the few factors responsible for growth of the market over the forecast period.
Furthermore, the rising advancements and other strategic alliance by market key players will create a lucrative demand for this market. For instance: on 12th July, Abbott launched STARLIMS Quality Manufacturing Solution QM 12.0, a laboratory information management system, to support integration with various types of platforms and manage data from product concept to consumer. However, high maintenance and service costs are the major factors restraining the growth of global Laboratory Information Management System (LIMS) market during the forecast period.
The regional analysis of global Laboratory Information Management System (LIMS) market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world owing to the significant investment in new technologies, growth in biobanks, easy availability of LIMS products and services, and stringent regulatory requirements across various industries. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027.
Major market player included in this report are:
Thermo Fisher Scientific
Abbott Informatics (A Subsidiary of Abbott Laboratories)
Agilent Technologies, Inc.
Autoscribe Informatics (A Wholly Owned Subsidiary of Autoscribe Limited)
Computing Solutions, Inc.
Genologics, Inc. (An Illumina Company)
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Deployment Model:
Remotely Hosted LIMS
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Petrochemical Refineries and Oil & Gas
Food & Beverage and Agriculture
Environmental Testing Laboratories
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Laboratory Information Management System (LIMS) Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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