Laboratory Information Management System Market Worth $3.5 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, Feb. 22, 2023 /PRNewswire/ -- The global laboratory information management system market size is expected to reach USD 3.5 billion by 2030, expanding at 6.7% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. Technological advancements in pharmaceutical laboratories and rising demand for laboratory automation are expected to fuel the demand for the laboratory information management system (LIMS) in the coming years.

Key Industry Insights & Findings from the report:

• The cloud-based product segment dominated the market in 2022 and is anticipated to expand further at the fastest CAGR during the forecast period.
• Based on the end-use segment, the life sciences industry was the largest, accounting for a share of over 40% in 2022. Rapid advancements in healthcare due to rising R&D are anticipated to fuel the demand for LIMS during the forecast period.
• Based on the component, the services segment accounted for the largest revenue share in 2022 owing to rising laboratory automation.
• North America accounted for the largest market share of over 44% in 2022. The presence of well-established pharmaceutical companies & research laboratories and higher awareness about LIMS among end-users are expected to drive its demand in the region.
• The laboratory information management system industry is competitive with the presence of many companies. These involve implementing strategic initiatives, including acquisitions, collaborations & partnerships, and new product launches. For instance, in September 2022, Illumina released LIMS v7.0, enabling the deployment and running of the Illumina LIMS software-provided hardware, including Virtual Machines (VMs).

Read 150-page market research report, "Laboratory Information Management System Market Size, Share & Trends Analysis Report By Product (Cloud-based, Web-hosted), By Component (Software, Services), By End-use (Life Sciences, CROs), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Laboratory Information Management System Market Growth & Trends

Moreover, the rise in the number of genome and DNA studies and in vitro ADME technologies are some of the factors propelling the growth of this market. Additionally, Growing R&D applications, especially in the pharmaceutical industry, such as generic drug development and genome & cancer studies, are anticipated to fuel market growth in the coming years.

Furthermore, the technological advancement in LIMS solutions over the past decade is huge. Companies are constantly upgrading their existing LIMS solution to sustain their market share. For instance, STARLIMS Corporation, formerly Abbott Informatics, has launched LIMS for mobile phones so that data can be accessed anytime, irrespective of location. Besides, it released the STARLIMS technology platform V12.2. The release will include a modernized Electronic Lab Notebook system using innovative HTML5 technology.

Some of the major market players such as Thermo Fisher Scientific; Siemens; LabVantage Solutions Inc.; LabWare; PerkinElmer Inc.; Abbott Laboratories; Autoscribe Informatics; Illumina, Inc.; Labworks; LabLynx, Inc.; Computing Solutions, Inc.; CloudLIMS.com; Ovation; LABTRACK; and AssayNet account for a substantial market share, owing to their extensive product offerings.

Key players are focusing on expanding their current portfolio. For instance, in Septemer 2022, Thermo Fisher Scientific, Inc., released version 7.7.1 of Watson Laboratory Information Management System software, designed to enable the hosting of Watson in a cloud setting while satisfying the requirements of 21 CFR Part 11 - Open System. 

Laboratory Information Management System Market Segmentation

Grand View Research has segmented the global laboratory information management system market based on product, component, end-use, and region

Laboratory Information Management System Market - Product Outlook (Revenue, USD Million, 2018 - 2030)

• On-premise
• Web-hosted
• Cloud-based

Laboratory Information Management System Market - Component Outlook (Revenue, USD Million, 2018 - 2030)

• Software
• Services

Laboratory Information Management System Market - End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Life Sciences
• CROs
• Petrochemical Refineries & Oil and Gas Industry
• Chemical Industry
• Food and Beverage & Agriculture Industries
• Environmental Testing Laboratories
• Other Industries (Forensics and Metal & Mining Laboratories)

Laboratory Information Management System Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Asia Pacific
• Japan
• China
• India
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE

List of Key Players in the Laboratory Information Management System Market

• Thermo Fisher Scientific
• Siemens
• LabVantage Solutions Inc.
• LabWare
• PerkinElmer Inc.
• Abbott Laboratories
• Autoscribe Informatics
• Illumina, Inc.
• Labworks
• LabLynx, Inc.
• Computing Solutions, Inc.
• CloudLIMS.com
• Ovation
• LABTRACK
• AssayNet

Check out more related studies published by Grand View Research:

• U.S. Laboratory Informatics Market - The U.S. Laboratory informatics market size is expected to reach USD 1.62 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 3.5% over the forecast period. The rising demand for lab automation and information management activities owing to the increasing amount of data generated by research laboratories is one of the primary growth stimulants for the market. The COVID-19 pandemic management has become the key challenge across the globe. Clinical laboratories are struggling to manage the rapid influx of COVID-19 testing samples, which, in turn, is affecting their ability to offer precise testing.
• Laboratory Informatics Market - The global laboratory informatics market size is expected to reach USD 4.91 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.9% from 2022 to 2030. Increasing requirements for life sciences companies to comply with regulatory demands has further promoted the incorporation of Laboratory Information Management Systems (LIMS) as it helps professionals understand and fulfill complex regulatory obligations. Furthermore, demand for cost-efficient workflow management systems is anticipated to drive the market over the forecast period. The rising adoption of LIMS solutions by biobanks, coupled with the increasing demand for integrated healthcare solutions, is the key factor contributing to the growth of the market. In addition, growing awareness levels amongst the end-use segments and the technological evolution of LIMS solutions are anticipated to fuel the growth in the coming years.
• Digital Pathology Market - The global digital pathology market size is expected to reach USD 1.74 billion by 2030, registering a CAGR of 7.5% over the forecast period, according to a new report by Grand View Research, Inc. Increasing prevalence of chronic diseases triggers the demand for advanced diagnostics, which is expected to drive the market growth. Growing economic stability and awareness about the benefits of the use of computer-aided diagnostics is further contributing to the market growth. As with other laboratory medicine disciplines, the COVID-19 pandemic has had a surprising impact on digital pathology. The pandemic has shortened all but the most serious surgeries and cancer treatments.

Browse through Grand View Research's  Healthcare IT Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.

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