Laboratory Information Management System Market Worth $1.8 Billion By 2028
The global Laboratory Information Management System Market size is expected to reach USD 1.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.0% from 2021 to 2028. Factors contributing to the growth of the laboratory information management system (LIMS) market include growing demand for laboratory automation, investments in life sciences industry, demand for outsourcing, and technological advancements.
To help in tackling the effect of COVID-19, market players aimed at launching novel solutions in the market. For instance, LabVantage launched the COVID-19 LIMS which is helpful in managing the unprecedented acceleration of the laboratory workflow and volume due to the pandemic. Likewise, in March 2020, Ovation, a U.S. based startup launched an initiative that was centered on its cloud-based LIMS and was aimed towards enabling independent laboratories to broaden their capabilities and effectively doubling the testing capacity throughout the country.
Increasing investment in R&D sectors by pharma and biotechnological organizations is another factor propelling the growth of laboratory information management system. According to National Science Foundation (NSF) data in 2018, the spending on R&D has been increased by approximately 3.2% between 2015 and 2017. Increase in demand for laboratory automation is expected to fuel market growth.
Related Press Release @ Laboratory Information Management System Market Report
Laboratory Information Management System Market Report Highlights
- The cloud-based segment dominated the market and accounted for the largest revenue share in 2020. The segment is projected to show a CAGR of over 4.6% from 2021 to 2028. Technological advancements by market players are expected to drive the segment
- The services component segment accounted for the largest revenue share owing to the rising lab automation which required implementation, maintenance, and support
- North America held the largest revenue share in 2020, due to the favorable government initiatives, demand for genomic studies, and increased investment in R&D by the government
- The industry participants are focusing on investing in acquisitions, collaborations, product launches, and partnerships to gain a competitive edge
- The CRO segment is expected to exhibit the lucrative CAGR of 4.6% due to increasing demand for outsourcing LIMS solutions to curb the operating cost
- In Asia Pacific, the market is anticipated to witness lucrative growth of around 5.4% owing to the rising demand for outsourcing and increasing expenditure in the R&D sector
- In February 2020, LabVantage Solutions announced the availability of a SaaS package for its purpose-built LIMS platform