Growth of this market is attributed to the increasing use of LIMS to comply with stringent regulatory requirements, rising need for the adoption of LIMS, technological advancements in LIMS offerings, increasing R&D expenditure in different industries, and growing adoption of cloud-based LIMS.
New York, Oct. 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Laboratory Information Management System Market by Type, Component, Delivery, Industry - Global Forecasts to 2026" - https://www.reportlinker.com/p04284035/?utm_source=GNW
Industry-specific LIMS segment is projected to record the highest CAGR
Based on type, the LIMS marketis segmented into broad-based LIMS and industry-specific LIMS.The broad-based LIMS segment accounted for the largest share of the market in 2020.
Broad-based LIMS solutions provide users with significant room for customization and interpretation that can support multiple businesses across different geographic locations; these factors are driving the adoption of broad-based LIMS. Furthermore, broad-based LIMS solutions also help streamline laboratory workflow processes and improve decision-making and reporting.
Services segment is expected to register the highest growth during the forecast period
Based onthe component, the LIMS market is segmented into software and services.Services accounted for the largest share of the market in 2020.
This segment is projected 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.
Cloud based segment is estimated to record the highest CAGR in the forecast period.
Based on the deployment model, the LIMS marketis segmented into on-premise, cloud-based, and remotely hosted LIMS.In 2020, the on-premise LIMS segment commanded for the largest share of the market.
The large share of this segment can be attributed to the fact that these solutions are more customizable and have minimum risk associated with data breaches and external attacks.
Life sciences segment is estimated to record the highest CAGR in the forecast period.
Based on industry, the LIMS market is broadly segmented into seven categories—life sciences, chemical, food & beverage and agriculture, environmental testing, petrochemical refineries and oil & gas, forensics, and other industries.Life sciences commanded the largest share of the LIMS market, by industry, in 2020. Factors such as growth in the outsourcing of various pharma and biotech processes, increasing stringency of regulations, the increasing number of biobanks/biorepositories, and growing R&D investments/activities in pharmaceutical and biotechnology companies are responsible for the growth of this segment.
North America To Witness Significant Growth From 2021 To 2026
In 2020, North America commanded the largest share of the market, followed by Europe. North America’s dominance in the market can be attributed to the strong economies of the US and Canada, which have allowed for significant investments in new technologies, growth in biobanks, easy availability of LIMS products and services, and stringent regulatory requirements across industries.
This study has been validated through primaries conducted with various industry experts worldwide. These primary sources have been divided into 3 categories, namely by company type, by designation, and by region.
• By Company Type- Tier 1 – 38%, Tier 2 – 45%, Tier 3 – 17%
• By Designation- Managers – 29%, CXOs – 44%, Executives – 27%
• By Region- North America- 42%, Europe- 28%, Asia Pacific- 21%, andRoW – 9%
Some of the prominent players operating in the market are LabWare (US), LabVantage Solutions (US), Thermo Fisher Scientific (US), Abbott Informatics (US), Agilent Technologies Inc. (US), LabLynx, Inc. (US), Dassault Systèmes (France), Labworks LLC (US), Autoscribe Informatics (US), and Accelerated Technology Laboratories (ATL).
This report describes and studies the LIMS market based on type, component, deployment model,industry and region.It provides detailed information regarding the major factors influencing the growth of this market and the factors impacting market dynamics.
The report includes in-depth competitive analysis and the product matrix of the prominent players in this market, along with their company profiles, product portfolios, recent developments (mergers, acquisitions, partnerships, collaborations, etc.), and key business strategies.
Key Benefits of Buying the Report
This report focuses on various levels of analysis—industry trends, market share of top players, and company profiles, which together form basic views and analyze the competitive landscape, and high-growth regions and their drivers, restraints, challenges, and opportunities. The report will help both established firms as well as new entrants/smaller firms to gauge the pulse of the market and garner greater market shares.
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