The "Laboratory Information Management System Market Size, Share & Trends Analysis Report by Product, by Component, by End-use, by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global laboratory information management system market size is expected to reach USD 1.8 billion by 2028. The market is expected to expand at a CAGR of 4.0% from 2021 to 2028.
Factors contributing to the growth of the laboratory information management system (LIMS) market include growing demand for laboratory automation, investments in life sciences industry, demand for outsourcing, and technological advancements.
To help in tackling the effect of COVID-19, market players aimed at launching novel solutions in the market. For instance, LabVantage launched the COVID-19 LIMS which is helpful in managing the unprecedented acceleration of the laboratory workflow and volume due to the pandemic. Likewise, in March 2020, Ovation, a U.S. based startup launched an initiative that was centered on its cloud-based LIMS and was aimed towards enabling independent laboratories to broaden their capabilities and effectively doubling the testing capacity throughout the country.
Increasing investment in R&D sectors by pharma and biotechnological organizations is another factor propelling the growth of laboratory information management system. According to National Science Foundation (NSF) data in 2018, the spending on R&D has been increased by approximately 3.2% between 2015 and 2017. Increase in demand for laboratory automation is expected to fuel market growth.
Laboratory Information Management System Market Report Highlights
The cloud-based segment dominated the market and accounted for the largest revenue share in 2020. The segment is projected to show a CAGR of over 4.6% from 2021 to 2028. Technological advancements by market players are expected to drive the segment.
The services component segment accounted for the largest revenue share owing to the rising lab automation which required implementation, maintenance, and support.
North America held the largest revenue share in 2020, due to the favorable government initiatives, demand for genomic studies, and increased investment in R&D by the government.
The industry participants are focusing on investing in acquisitions, collaborations, product launches, and partnerships to gain a competitive edge.
The CRO segment is expected to exhibit the lucrative CAGR of 4.6% due to increasing demand for outsourcing LIMS solutions to curb the operating cost.
In Asia Pacific, the market is anticipated to witness lucrative growth of around 5.4% owing to the rising demand for outsourcing and increasing expenditure in the R&D sector.
In February 2020, LabVantage Solutions announced the availability of a SaaS package for its purpose-built LIMS platform.
Key Topics Covered:
Chapter 1 Research Methodology & Scope
Chapter 2 Executive Summary
2.1 Market Outlook
2.2 Segment Outlook
2.3 Competitive Outlook
Chapter 3 Laboratory Information Management System Market Variables Trends & Scope
3.1 Market Lineage Outlook
3.1.1 Parent Market Outlook
3.1.2 Ancillary Market Outlook
3.2 Penetration & Growth Prospect Mapping By Delivery Mode
3.3 User Perspective Analysis
3.3.1 Market Influencer Analysis
3.4 List Of Key End Users
3.4.1 Potential Target Audience (Over The Forecast Period)
3.4.2 U.S.: Regional Demand Analysis By End User
3.5 Technology Overview
3.5.1 Laboratory Information Management System Changing Technology & Adoption
3.6 Product Pipeline Analysis
3.6.1 R&D Investments By Companies
3.7 Regulatory Framework
3.7.1 List Of Regulations, By Country
3.8 Market Dynamics
3.8.1 Market Driver Analysis
22.214.171.124 Rising adoption of laboratory automation
126.96.36.199 Increasing investments in the life sciences industry
188.8.131.52 Growing demand for outsourcing
184.108.40.206 Technological Advancements
3.8.2 Market Restraints Analysis
220.127.116.11 Lack of Skilled Professionals
3.8.3 Industry Challenges
18.104.22.168 Lack of Integration Standards For Laboratory Informatics
3.9 Industry Analysis - Porter's
3.10 Laboratory Information Management System - SWOT Analysis, by Factor (Political & Legal, Economic, Social and Technological)
3.11 Laboratory Information Management System - Heat Map Analysis
Chapter 4 Laboratory Information Management System Market: Competitive Analysis
4.1 Market Participation Categorization
4.2 Company Market Share Analysis
4.2.1 Lims Company Market Share Analysis
4.2.2 List Of Key Strategies, By Company
22.214.171.124 Market Leader
126.96.36.199 Market Innovators
Chapter 5 Laboratory Information Management System: COVID-19 Impact
5.1 COVID-19 Impact Analysis
Chapter 6 Laboratory Information Management System Market: Product Analysis
6.1 Product Business Analysis
Chapter 7 Laboratory Information Management System Market: Component Analysis
7.1 Component Business Analysis
Chapter 8 Laboratory Information Management System Market: End-use Analysis
8.1 End-use Business Analysis
8.1.1 Life sciences
8.1.2 Contract Research Organizations (CROS)
8.1.3 Chemical industry
8.1.4 Food and beverage & agriculture industries
8.1.5 Environmental testing laboratories
8.1.6 Petrochemical refineries & oil and gas industry
Chapter 9 Laboratory Information Management System Market: Regional Market Analysis, By Product, Component and End-use 2016 - 2028 (USD Million)
9.1 Definition & Scope
9.2 Regional Market Share Analysis, 2020 & 2028
9.3 Regional Market Dashboard
9.4 Regional Market Snapshot
9.5 Market Size, & Forecasts, Volume and Trend Analysis, 2016 to 2028
Chapter 10 Company Profiles
10.1 Company Overview
10.2 Financial Performance
10.3 Product Benchmarking
10.4 Strategic Initiatives
Thermo Fisher Scientific, Inc.
LabVantage Solutions, Inc.
Accelerated Technology Laboratories
For more information about this report visit https://www.researchandmarkets.com/r/kxjazg
View source version on businesswire.com: https://www.businesswire.com/news/home/20210510005354/en/
Laura Wood, Senior Press Manager
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