The global laboratory information management system (LIMS) market is expected to reach USD 901.6 Million by 2021 from an estimated value of USD 634.0 Million in 2016 growing at a CAGR of 7.3% during the forecast period.
The report "Laboratory Information Management System/LIMS Market by Product (Broad, Industry-specific), Component (Software, Services), Delivery (On-premise, Remote, Cloud) & End User (CROs, CMO, Pharma, Biotech, Chemical, Agriculture, Oil, Gas) - Forecasts to 2021", that analyzes and studies the major market drivers, restraints, opportunities, and challenges in North America, Europe, Asia, and the Rest of the World (RoW)
The global LIMS market is expected to reach USD 901.6 Million by 2021 from an estimated value of USD 634.0 Million in 2016 growing at a CAGR of 7.3% during the forecast period.
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Factors such as need for regulatory compliance; growing LIMS adoption in biobanks/biorepositories, academic research institutes, CROs, and CMOs; technological advancements; growing R&D expenditure in pharmaceutical and biotechnology companies, and growing awareness through conferences & forums are propelling the growth of this market. Moreover, cloud-based LIMS and potential in emerging geographies are expected to offer a wide range of growth opportunities for the LIMS market.
On the other hand, lack of integration standards and high maintenance cost & service expenses are the major factors that may limit growth of the market to a certain extent.
The LIMS market is segmented on the basis of product type, deployment model, component, industry, and region. Based on product type, the market is segmented into broad-based LIMS and industry-specific LIMS.
The broad-based LIMS segment is expected to grow at the highest CAGR, as these systems are user-friendly, reduce total cost of ownership, provide faster return on investment, integrate seamlessly with other laboratory systems, and easily accessible throughout the enterprise.
Based on region, the LIMS market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). In 2016, North America is expected to dominate the market, followed by Europe.
The LIMS market in the Asian region is in the nascent stage. However, it is expected to grow at the highest CAGR during the forecast period mainly due to the increasing R&D activities and the development of supporting infrastructure in research laboratories.
Prominent players in the market include Thermo Fisher Scientific Inc. (U.S.), LabWare, Inc. (U.S.), LabVantage Solutions, Inc.
(U.S.), Abbott Informatics (U.S.), Core Informatics, LLC (U.S.), LabLynx, Inc. (U.S.), Labworks, LLC (U.S.), GenoLogics (Canada), Computing Solutions, Inc.
(U.S.), and Autoscribe Informatics (U.K.).
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