The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global laboratory information management system (LIMS) market size is likely to reach USD 2.22 billion by 2025, according to a new report by Grand View Research, Inc., rising at a CAGR of 9.1% during the forecast period. Burgeoning trend of laboratory automation is estimated to stoke the growth of the market.
Increasing investments in R&D activities by pharma and biotechnological organizations are providing a significant push to the market. Growing focus on improving efficiency of laboratories is also expected to help the market gain tremendous momentum over the coming years. Rising emphasis on complying with stringent regulations is also encouraging the deployment of laboratory information management systems, as they comply with GDP, GCP, and GMP.
Laboratory information management systems help in ensuring effective management and tracking of data quality, security, end-user billing, patient demographics, and security. being increasingly implemented for bio banking. They also enable improved data sampling and research information integration. As a result, their demand is high in bio-sampling applications. However, limited availability of skilled professional to manage advanced technologies is projected to hamper growth prospects.
Further key findings from the report suggest:
- The services component segment accounted for the largest revenue share in 2017, owing to rising lab automation, which requires implementation, maintenance, and support.
- The CRO segment is poised to experience a lucrative CAGR of 9.8% during the forecast period, due to increasing demand for outsourcing LIMS solutions to curb operating cost.
- North America was the leading revenue contributor in the market in 2017, due to favorable government initiatives, soaring demand for genomic studies, and growing investments in R&D activities by governments
- Asia Pacific is anticipated to witness remarkable growth during the forecast period due to rising demand for outsourcing and increasing expenditure in the R&D sector. Japan is projected to be a sight of high growth rate in the region
- Some of the key companies present in the market are Thermo Fisher Scientific, Inc.; Siemens Group SA; LabWare; PerkinElmer Inc.; Abbott Laboratories; and Autoscribe Informatics.