Global Laboratory Information Management System Market By End-use, By Component, By Product, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027

The Global Laboratory Information Management System Market size is expected to reach $1. 3 billion by 2027, rising at a market growth of 6. 1% CAGR during the forecast period. A laboratory information management system is utilized to simplify the workflow of labs, which includes assigning the tasks to the researchers automatically to formulate where a sample requires to be passed through for its next phase of the workflow.

New York, May 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Laboratory Information Management System Market By End-use, By Component, By Product, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" - https://www.reportlinker.com/p06075909/?utm_source=GNW
LIMS is also capable of being programmed to give any instruments or tools on the basis of pre-set rules and criteria.

The increasing practice of genome and DNA study is estimated to fuel the global laboratory information management system market. The rapid expansion of biotechnology by private companies and academic research and the fundamental application of this technology in medicine and agriculture will pave the way for the growth LIMS market. In addition, the knowledge of human sequence variation has also altered the method of medicine. It is likely to increase the applications for LIMS at various aspects.

COVID 19 Impact

With the outbreak of the Covid-19 pandemic, the demand for lab testing has boosted like never before, thus, increasing the stress on lab specialists or experts and its infrastructure. These kinds of burdensome situations are not suitable in case when there is an influx of huge number of potential bio-hazardous samples each day in the laboratories. Moreover, the increasing delay in testing these samples results in delayed clinical decision making and thus block the emergency departments and isolation units. By using the capabilities of LIMS for simplifying all the phases like pre-analytical, analytical, and post-analytical, hence the LIMS has proven to be very beneficial in the ongoing COVID-19 pandemic.

End-use Outlook

Based on End-use, the market is segmented into CROs, Petrochemical Refineries & Oil and Gas Industry, Life Sciences, Chemical Sector, Food and Beverage and Agriculture Sector, Environmental Testing Laboratories, and Other sectors. The contract research organization (CRO) segment is estimated to witness several profitable opportunities in the laboratory information management system market. This growth is attributed to the growing demand for outsourcing by biotechnological and pharmaceutical organizations. Along with this, the advantages like focus on major competencies, cost efficiency, mutual benefits to both contractor and customers are among the major factors, which are augmenting the growth of this segment.

Component Outlook

Based on Component, the market is segmented into Services and Software. Based on Component, the services segment garnered the highest revenue share in the laboratory information management system market in 2020. This growth is attributed to the rising need for LIMS integration, implementation, validation, maintenance, and support. In addition, the increasing demand for LIMS outsourcing solution is projected to fuel the growth of the segment.

Product Outlook

Based on Product, the market is segmented into Cloud-based, Web-hosted, and On-premise. By product, the cloud-based segment acquired the highest market share in the laboratory information management system market in 2020. The key factor behind the dominance of the segment is that the data on the cloud is easily accessible from numerous locations, systems and branches, which would push the market growth during the forecast period. In addition, decreasing IT workforce, easy deployment and cost-efficient data management are also surging the growth of the segment.

Regional Outlook

Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Asia-Pacific region is anticipated to register the highest growth rate in the laboratory information management system market due to the rising number of LIMS offering CROs in this region. The key players of the market outsource LIMS from CROs based in this region to minimize the cost of LIMS support systems and enhance operational efficiency. Emerging nations like India and China have become the key outsourcing hubs.

The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Abbott Laboratories, Thermo Fisher Scientific, Inc., and Siemens AG are the major forerunner in the Laboratory Information Management System Market. Companies such as LabVantage Solutions, Inc., LabWare, Inc. are some of the key innovators in the market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Thermo Fisher Scientific, Inc., Abbott Laboratories, Siemens AG, LabWare, Inc., LabVantage Solutions, Inc. (TCG Lifesciences), LabLynx, Inc., Autoscribe Informatics, Inc., Labworks LLC, Accelerated Technology Laboratories, Inc., and Illumina, Inc.

Recent strategies deployed in Laboratory Information Management System Market

Partnerships, Collaborations, and Agreements:

May-2021: Autoscribe Informatics collaborated with Axis Solutions Africa. Under this collaboration, Autoscribe Informatics appointed Axis Solutions Africa as distributor in Zambia, Zimbabwe, and Malawi to distribute, configure and complement the Matrix family of Laboratory Information Management System (LIMS) products.

Oct-2020: LabVantage Solutions came into a contract with the United States Army Medical Research Acquisition Activity (USAMRAA). This contract aims to supply the LabVantage Pharma laboratory information management system (LIMS) to the Walter Reed Army Institute of Research (WRAIR). WRAIR would utilize LabVantage Pharma to complement vaccine production programs for COVID-19 and other diseases at its Pilot Bioproduction Facility.

Sep-2020: LabVantage Solutions partnered with DKSH Business Unit Technology. This partnership would cover twelve nations in the Asia Pacific region. DKSH Business Line Scientific Instrumentation would offer application support, marketing & sales, and aftersales services for LabVantage.

May-2020: LabWare signed a partnership agreement with Tangen Biosciences, a molecular diagnostic company. Under the partnership, LabWare would distribute Tangen’s GeneSpark device as a part of the LabWare’s Portable Disease Surveillance Lab kit due to the COVID-19 pandemic.

Acquisition and Mergers:

Mar-2017: Thermo Fisher acquired Core Informatics, provider of a leading cloud-based platform supporting scientific data management. Under this acquisition, Core’s capabilities have significantly improved Thermo Fisher’s prevailing informatics solutions and support its cloud platform that complements the company’s genetic analysis, qPCR and proteomics systems.

Product Launches and Product Expansions:

Mar-2021: LabVantage Solutions announced the added validation to a number of its subscription-based LIMS. This validation support to a cloud-hosted, Software-as-a-Service (SaaS) LIMS boosted the confidence for companies, which function in regulated industries like biobanking, pharmaceuticals, and clinical & molecular diagnostics.

Mar-2021: LabVantage Solutions launched LabVantage Analytics, a full-featured, self-service advanced analytics solution. This solution aims to let customers easily explore, evaluate and visualize LIMS, enterprise, and external data to achieve actionable business insights.

Feb-2021: Abbott Informatics unveiled STARLIMS SDMS V12.2. This launch is a part of the Abbott Informatics STARLIMS integrated solution, which is available as a standalone product to assist customers to gain compliance with the data integrity expectations of the Food and Drug Administration (FDA) and also other regulatory authorities.

Sep-2020: Abbott Informatics launched STARLIMS Technology Platform v12.1. This launch brings crucial stabilizations and advancements all over several areas of functionality.

Jul-2020: Thermo Fisher launched an industry-leading product, compliance, and services portfolio. It is compatible with existing Good Manufacturing Practice (cGMP) and developed to allow rapid start-up of clinical & commercial cell and gene therapy manufacturing.

Jun-2020: LabWare introduced LabWare 8, a unique Enterprise Laboratory Platform. This platform brings together the offerings of a Laboratory Information Management System (LIMS) and an Electronic Laboratory Notebook (ELN) in one comprehensive solution. LabWare 8 is a more adaptable & functionally complete LIMS system and provides a proven solution for each size of the laboratory.

May-2020: Autoscribe Informatics released a new and enhanced Matrix Gemini Pharmaceutical/Manufacturing LIMS. This new LIMS aims to fulfill the changing requirements of the pharmaceutical, manufacturing, and regulated industries. This solution enables companies to track the full batch manufacturing cycle.

Apr-2020: LabVantage Solutions introduced its purpose-built COVID-19 LIMS solution. This solution is developed to jump-start the capacity of laboratories universally to enter biospecimens into a biobank and swiftly start conducting COVID-19-related testing & research.

Apr-2020: LabLynx announced the development of the first LIMS (Laboratory Information Management System) made especially to COVID-19 diagnostic testing. The system is called CovidLiMS and offers features like crucially, swift setup-to-live time: 2-5 days that includes training.

Mar-2020: Thermo Fisher introduced Advanced Analytical Instrument and Software to enhance Laboratory Workflows. The Thermo Scientific conquer core HPLC systems expand the performance of the Vanquish platform to offer a productivity-improving solution for routine laboratories.

Feb-2020: LabVantage Solutions introduced a Software-as-a-Service (SaaS) package. Through LabVantage SaaS, users would pay a simple subscription fee to get access to the whole LabVantage platform including laboratory information management system (LIMS), laboratory execution system (LES), electronic laboratory notebook (ELN), and scientific data management system (SDMS).

Scope of the Study

Market Segments covered in the Report:

By End-use

• CROs

• Petrochemical Refineries & Oil and Gas Industry

• Life Sciences

• Chemical Sector

• Food and Beverage and Agriculture Sector

• Environmental Testing Laboratories,

• Other sectors

By Component

• Services

• Software

By Product

• Cloud-based

• Web-hosted

• On-premise

By Geography

• North America

o US

o Canada

o Mexico

o Rest of North America

• Europe

o Germany

o UK

o France

o Russia

o Spain

o Italy

o Rest of Europe

• Asia Pacific

o China

o Japan

o India

o South Korea

o Singapore

o Malaysia

o Rest of Asia Pacific

• LAMEA

o Brazil

o Argentina

o UAE

o Saudi Arabia

o South Africa

o Nigeria

o Rest of LAMEA

Companies Profiled

• Thermo Fisher Scientific, Inc.

• Abbott Laboratories

• Siemens AG

• LabWare, Inc.

• LabVantage Solutions, Inc. (TCG Lifesciences)

• LabLynx, Inc.

• Autoscribe Informatics, Inc.

• Labworks LLC

• Accelerated Technology Laboratories, Inc.

• Illumina, Inc.

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• Highest number of market tables and figures

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