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Laboratory Information Management System (LIMS) Market Report Scope & Overview:

The Laboratory Information Management System (LIMS) Market Size was valued at USD 2.28 billion in 2023, and is expected to reach USD 3.77 billion by 2031 and grow at a CAGR of 6.5% over the forecast period 2024-2031.

LIMS represents Laboratory Information Management System, and it is a product-based research center and data the board framework with qualities that help the tasks of current labs. Adaptable plan, information following help, and information exchange connection points are extremely significant highlights that work with its application in directed circumstances.

Laboratory Information Management System (LIMS) Market Revenue Analysis

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From simple sample monitoring to an enterprise resource planning tool that controls several areas of laboratory informatics, LIMS has progressed in terms of capabilities and applications. LIMS are increasingly being used in biobanking. Security, end-client charging, patient socioeconomics, and security are undeniably guaranteed by these stages. They likewise make information access more sensible by expanding information inspecting and research data combination. LIMS features sample management, data mining, data analysis, and an electronic laboratory network as applications.

MARKET DYNAMICS

DRIVERS

  • Quick decision-making processes are becoming more required in biotechnology.

  • Increasing demand in research laboratories for modern computational tools

  • Rising use of lims to meet requirements in the life science field without making compromises process versatility

  • Latest technologies like ai and machine learning are being integrated.

RESTRAINTS

  • Data management and software costs are increasing.

  • Data integration format without well-defined standards

  • Government entities must regulate informatics extremely strictly.

OPPORTUNITIES

  • Rise in decisions strategic in the informatics field, like partnerships, product launch, and collaborations

  • Advances in R&D laboratories, particularly in the pharmaceutical sector

  • Rise in a variety of government and non - government initiatives

  • Emerging markets have enormous development potential.

CHALLENGES

  • Insufficient number of qualified and trained professionals to use the computational tools

  • Complexity of data and a lack of user-friendly tools

  • Using informatics software to solve problems

IMPACT OF COVID-19

Covid illness (COVID19) is a respiratory contaminations irresistible sickness brought about by the Covid 2 (SARSCoV2) that causes extreme intense respiratory condition. Coronavirus, which was for the most part obscure until the flare-up in Wuhan, China, in December 2019, has gone from a provincial issue to a worldwide pandemic very quickly. Coronavirus was proclaimed a pandemic by the World Health Organization (WHO) on March 11, 2020. Because of the urgency of combating the outbreak, pharma and biotech businesses, researchers, diagnostic labs, and testing facilities working on COVID-19 research have used innovative technologies and solutions that go beyond standard methods to improve processes.

COVID-19 research laboratories and diagnostic labs must handle a number of steps (such as test management, sample handling, inventory control, packaging, and shipment). In addition, research labs working on COVID-19 treatments or vaccinations require a comprehensive end-to-end solution to increase the quality, productivity, and speed of vaccine production. This is anticipated to boost adoption of informatics solutions like LIMS, which improve research and testing as well as data administration.

By Type

There are two types of Laboratory Information Management Systems (LIMS) on the market: standalone and integrated. In 2023, the standalone sector had a bigger market share, but the integrated segment is expected to grow at a faster rate throughout the forecast period.

By Deployment Model

On-Premise, Cloud-Based are the three segments of the market. The on-premise segment has the largest market share and is expected to grow at the fastest rate throughout the projected period. The elements that can be attributed include governments' continued efforts to secure sensitive data relating to national security and individual data of citizens, and businesses' concerns about the safety of their own organizational data. These elements are projected to boost the on-premise segment's growth over the coming years. Organizations can lower their operational costs by using the cloud because they don't have to invest in additional computing resources. Segment growth is often fueled by secondary benefits such as cost-effectiveness and increased efficiency.

By Component

Software and services have been separated from the market. In 2023, the services category led the market, accounting for almost 59% of total sales. This is because the demand for LIMS deployment, integration, maintenance, validation, and support has skyrocketed. Also, the expanded interest for LIMS re-appropriating arrangements is projected to drive the market forward. Because large pharmaceutical research labs lack the necessary resources and capabilities to deploy analytics, these services are outsourced. Short-term, project-based, or long-term outsourcing are all options.

By End User

Life sciences, Contract Research Organizations (CROs), petrochemical refineries and the oil & gas industry, chemical industry, food & beverage & agriculture industries, environmental testing laboratories, and other industries such as forensic, metal & mining laboratories have been divided into the market. In 2023, the life sciences end-use segment accounted for the biggest proportion of global revenue, accounting for more than 40% of total revenue. This is due to the widespread use of LIMS in pharmaceutical labs. Lack of qualified in-house personnel, increased productivity, cost efficiency, and rising need for biobanks and biorepositories are all likely to contribute to the segment's growth.

KEY MARKET SEGMENTATION

By Type

  • Integrated

  • Standalone

By Component

  • Software

  • Services

By Deployment Model

  • Cloud-based

  • On-premise

By End Use

  • Environmental Testing Laboratories

  • Petrochemical Refineries and Oil & Gas

  • Chemical

  • Life Sciences

  • Forensic laboratories

  • Food & Beverage and Agriculture 

  • Other

REGIONAL ANALYSIS

The market was dominated by North America, with Europe coming in second. The strong economies of the United States and Canada have enabled considerable investments in new technologies, growth in biobanks, simple availability of LIMS goods and services, and severe regulatory requirements throughout industries, resulting in North America's dominance in the market.

Laboratory-Information-Management-System-LIMS market Revenue Analysis

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REGIONAL COVERAGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

KEY PLAYERS:

Some of the major key players are as follows: Autoscribe Informatics, Abbott Laboratories, Illumina, Inc., LabVantage Solutions Inc., Labworks, Siemens, Thermo Fisher Scientific, PerkinElmer Inc., LabWare, LabLynx Inc, and other players.

Abbott Laboratories-Company Financial Analysis

Company Landscape Analysis

Laboratory Information Management System (LIMS) Market:
Report Attributes Details
Market Size in 2023 US$ 2.28 Billion
Market Size by 2031 US$ 3.77 Billion
CAGR CAGR of 6.5% From 2024 to 2031
Base Year 2023
Forecast Period 2024-2031
Historical Data 2020-2022
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Type (Integrated, Standalone)
• By Component (Software, Services)
• By Deployment Model (Cloud-based, On-premise, remotely hosted)
• By End Use (Environmental Testing Laboratories, Petrochemical Refineries and Oil & Gas, Chemical, Life Sciences, Forensic laboratories, Food & Beverage and Agriculture, Other)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Autoscribe Informatics, Abbott Laboratories, Illumina, Inc., LabVantage Solutions Inc., Labworks, Siemens, Thermo Fisher Scientific, PerkinElmer Inc., LabWare, LabLynx Inc, and other players.
DRIVERS • Quick decision-making processes are becoming more required in biotechnology.
• Increasing demand in research laboratories for modern computational tools
• Rising use of lims to meet requirements in the life science field without making compromises process versatility
RESTRAINTS • Data management and software costs are increasing.
• Data integration format without well-defined standards
• Government entities must regulate informatics extremely strictly.

Frequently Asked Questions

Ans: The Laboratory Information Management System (LIMS) Market size was valued at US$ 2.28 bn in 2023.

Ans: The Laboratory Information Management System (LIMS) Market is growing at a CAGR of 6.5% over the forecast period 2024-2031.

  • Quick decision-making processes are becoming more required in biotechnology.

  • Increasing demand in research laboratories for modern computational tools

  • Quick decision-making processes are becoming more required in biotechnology.

  • Increasing demand in research laboratories for modern computational tools

Ans: The Laboratory Information Management System (LIMS) Market is segmented into four segments, By Type, By Component, By Deployment Model, and By End Use.

Table of Contents

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies

4.3.2.1 US

4.3.2.2 Canada

4.3.2.3 Germany

4.3.2.4 France

4.3.2.5 United Kingdom

4.3.2.6 China

4.3.2.7 Japan

4.3.2.8 South Korea

4.3.2.9 Rest of the World

5. Value Chain Analysis

6. Porter’s 5 forces model

7.  PEST Analysis

  

8. Laboratory Information Management System (LIMS) Market Segmentation,

By Type

8.1 Integrated

8.2 Standalone

9. Laboratory Information Management System (LIMS) Market Segmentation, By Component

9.1 Software

9.2 Services

10. Laboratory Information Management System (LIMS) Market Segmentation, By Deployment Model

10.1 Cloud-based

10.2 On-premise

10.3 Remotely hosted

11. Laboratory Information Management System (LIMS) Market Segmentation, By End Use

11.1 Environmental Testing Laboratories

11.2 Petrochemical Refineries and Oil & Gas

11.3 Chemical

11.4 Life Sciences

11.5 Forensic laboratories

11.6 Food & Beverage and Agriculture 

11.7 Other

12. Regional Analysis

12.1 Introduction

12.2 North America

12.2.1 USA

12.2.2 Canada

12.2.3 Mexico

12.3 Europe

12.3.1 Germany

12.3.2 UK

12.3.3 France

12.3.4 Italy

12.3.5 Spain

12.3.6 The Netherlands

12.3.7 Rest of Europe

12.4 Asia-Pacific

12.4.1 Japan

12.4.2 South Korea

12.4.3 China

12.4.4 India

12.4.5 Australia

12.4.6 Rest of Asia-Pacific

12.5 The Middle East & Africa

12.5.1 Israel

12.5.2 UAE

12.5.3 South Africa

12.5.4 Rest

12.6 Latin America

12.6.1 Brazil

12.6.2 Argentina

12.6.3 Rest of Latin America

13 Company Profiles

13.1 Autoscribe Informatics

13.1.1 Financial

13.1.2 Products/ Services Offered

13.1.3 SWOT Analysis

13.1.4 The SNS view

13.2 Abbott Laboratories

13.3 Illumina, Inc.

13.4 LabVantage Solutions Inc.

13.5 Labworks

13.6 Siemens

13.7 Thermo Fisher Scientific

13.8 PerkinElmer Inc.

13.9 LabWare

13.10 LabLynx, Inc.

14 Competitive Landscape

14.1 Competitive Benchmark

14.2 Market Share Analysis

14.3 Recent Developments

15 Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.

 

The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.

Data Bank Validation

Step 4: QA/QC Process

After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.

Step 5: Final QC/QA Process:

This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.


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