Global Laboratory Information Management Systems Market 2021 (Includes Business Impact of COVID-19)

                                          
Report updated on 11th September, 2021: Global Laboratory Information Management Systems Market 2021 (Includes Business Impact of COVID-19)
Global Laboratory Information Management Systems Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2030 is a recent report generated by Trusted Business Insights. The global laboratory information management systems market report has been segmented on the basis of product type, component, delivery mode, end user, and region.
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The global Laboratory Information Management Systems market size was valued at USD $1.06 billion in 2020 and is projected to reach USD $2.93 billion by 2030, and is anticipated to expand at a CAGR of 10.70% over the forecast period from 2020 to 2030.


Global Laboratory Information Management Systems Market: Overview


Laboratory information management system (LIMS) is also known as Laboratory information systems (LIS) or laboratory management system (LMS). LIMS is a computerized system for inventory management, laboratory data, clinical research, patient data management, and project management. LIMS helps to reduce overall operational costs and manage database efficiently.


Global Laboratory Information Management Systems Market: Dynamics


Increasing demand for laboratory information management systems, owing to some factors such as rising investment in healthcare IT infrastructure and structured regulatory framework across various countries in developed nation and rising preference towards providing quality care by end users such as hospitals and clinical laboratories. These are major factors expected to drive growth of the global market over the forecast period.

In addition, rising demand for technologically advanced healthcare solutions for health testing, monitoring, and recording and increasing demand for lab automation processes are some other factors expected to further fuel growth of the target market over the forecast period.

However, high system cost and lack of skilled professionals are major factors expected to restrain growth of the global market over the forecast period.

Ongoing trend observed in the market is rising adoption of smartphones, point-of-care devices, mobile solutions, wearable devices, and e-services is expected to support growth of the target market over the forecast period.

Increasing manufacturers focus towards innovative product launches, regional expansion, merger, collaboration, partnership, and acquisition activities in order to increase their revenue share are expected to create potential revenue opportunities for players operating in the target market over the forecast period. For instance, in October 2017, LabVantage Solutions, Inc. introduced its latest version of LIMS -LabVantage 8.3. Moreover, in February 2018, Accelerated Technology Laboratories entered in a collaboration with SciCord Electronic Laboratory Notebook (ELN) to improve companys LIMS portfolio.


Global Laboratory Information Management Systems Market: Segment Analysis


Among the delivery mode, the cloud-based product segment is expected to register highest share in terms of revenue over the forecast period, owing to its feature such as access data from multiple locations, many systems, and many branches.

Among end user, the CRO segment is expected to dominate in the target market and is expected to continue its dominance over the forecast period owing to increasing demand for outsourcing LIMS solutions in order to reduce operating cost. Among component, the services component segment is expected to account for highest share in terms of revenue and is expected to continue its dominance over the forecast period.


Global Laboratory Information Management Systems Market: Regional Analysis


The market in North America is expected to register highest share in the global market in terms of revenue over the forecast period, owing to favorable government initiatives, increasing investment in research and development activities by various government organization, and rising demand for genomic studies across various countries in this region. In addition, well developed infrastructure in various countries in this region is another factor expected to support growth of target market in North America. The market in Asia Pacific is expected to account for highest CAGR over the forecast period, owing to increasing number of LIMS providing CROs in various countries in this region.

Global Laboratory Information Management Systems Market Segmentation:

Segmentation by product type:

  
Standalone
  
Integrated

Segmentation by component:

  
Hardware
  
Software
  
Services

Segmentation by delivery mode:

  
On Premise
  
Cloud Based

Segmentation by end user:

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


Key Market Players included in the report:


  
Abbott Informatics
  
Agilent Technologies
  
Autoscribe LIMS
  
Benchling
  
Bio-ITech
  
BITLogix
  
Broughton Software
  
Cleriant Labs
  
CloudLIMS
  
Computing Solutions Inc.
  
FindMolecule
  
Fink & Partner
  
IBM Corporation
  
Illumina Inc.
  
Labvantage Solutions Inc.
  
Labware Inc.
  
Labworks LLC
  
McKesson Corporation
  
MilliporeSigma
  
NetLims
  
Next-Step
  
Novatek International
  
PerkinElmer Inc.
  
Pillar Science
  
Quartzy
  
Roper Technologies Inc.
  
RURO
  
Shimadzu Corporation
  
Siemens
  
SLCLAB
  
Sunquest Information Systems
  
Thermo Fisher Scientific Inc.


Below are the key development related to Laboratory Information Management Systems Market in 2020 and 2021.


July 2021: Francisco Partners to Acquire STARLIMS. Francisco Partners, a leading global investment firm that specializes in partnering with technology businesses, announced that it has signed a definitive agreement to acquire the STARLIMS informatics product suite and related business assets from Abbott (NYSE: ABT). Abbott is a global healthcare company with leading businesses and products in diagnostics, medical devices, nutritionals and branded generic medicines. Source

December 2020: CompuGroup Medical acquires Schuyler House and its successful laboratory information system, SchuyLab. CompuGroup Medical increases its footprint in the US, expands its portfolio of lab management software. A global leader in healthcare technology, CompuGroup Medical (CGM) is expanding its US presence with the acquisition of Schuyler House, an established developer of laboratory information systems with headquarters in Valencia, California, and offices in Columbia, Missouri. Schuyler House has a 25-year history in the development of lab management software. The SchuyLab laboratory information system has been one of the most sustainably successful systems in the physician office lab and reference lab markets during the last decades. Source