The cloud-based segment occupied over 44% of the global LIMS market share in 2020.
According to the latest Arizton's market research report, the global laboratory information management system (LIMS) market to cross over USD 2 billion by 2026, growing at a CAGR of around 12% during the forecast period.
Know More About the Global LIMS Market Growth
LIMS is a software-based laboratory and information management system that supports modern laboratory operations. LIMS is one of the major segments in the diagnostic market. Growing automation in laboratories and technology advances are driving the global LIMS market growth. The recent trend of managing laboratory data through cloud-based services is increasing in the global market. Several labs faced delays in purchasing additional computers, storage devices, and there was a shortage of skilled personnel to manage databases. LIMS helped laboratories to overcome these challenges and is expected to witness high demand in the upcoming years. Security is considered to be one of the crucial reasons for end-users shifting from legacy to cloud-based systems. The cloud-based platform is usually maintained by third-party vendors with updated security systems. The cloud-based LIMS segment occupied over 44% market share in 2020.
The integration of LIMS with ELN will revolutionize the global industry. ELN provides smart collaboration by uniting scientists across the world, irrespective of their locations, helping them to share their data and discuss their ideas. Most of the ELN integrated with LIMS are configured as per the requirements of departments which is increasing the demand for LIMS integrated ELN. Mobile devices and automation are considered to be the future of laboratories. With the help of mobile applications, researchers can access information related to their labs from anywhere in the world and increase the productivity of their work. These factors are expected to accelerate the growth of the global LIMS market.
What’s Trending in the Market?
- To speed up the testing procedures, various COVID-19 LIMS has been introduced in the global LIMS market.
- AgileBio introduced a pack of software components for laboratories to manage their services online. This helped laboratories to provide end-to-end solutions, track sample collection, status, results, and the inventory and raw materials available in the laboratory.
- Thermo Fisher Scientific’s LIMS provides prep capabilities in NGS workflow solution, linking sample data to metadata and assay data, and tracks sample progression through workflow steps in real-time.
- Global LIMS market players are constantly investing in developing advanced cannabis LIMS with user-friendly features.
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by products, components, deployment, end-users, and geography
- Competitive Landscape – 5 Key Company Profiles and 22 Other Prominent Vendors
Which Region is Dominating the Global LIMS Market?
The laboratories required for these procedures involve advanced infrastructure with LIMS to handle and track a large number of samples. In 2020, the US and Canada accounted for over 93% and 6% market share, respectively in the North American LIMS market. LIMS specific to agriculture has helped farmers to automate these processes. In North America, a large population is involved in agriculture practice. Farmers are customizing LIMS as per their requirements. It has become one of the perfect tools for labs managing agriculture procedures. North America to witness an incremental growth of approximately USD 1 billion by 2026. New oil refineries are fueling the demand for LIMS exclusively designed for the oil refineries. The usage of LIMS is increasing in the food and beverages segment and other segments such as laboratories involved in radiation testing.
How are the Market Players Contributing to the Global LIMS Market?
Major players such as Illumina, Thermo Fisher Scientific, Abbott, LabVantage, and LabWare are accounting for a substantial global LIMS market share. Several LIMS companies are developing and commercializing products, expanding their manufacturing facilities, and partnering with others in the market. Global players are investing extensively in R&D and product development activities to enhance their product portfolios. One of the major company Abbott provides a wide range of services and training to end-users to use LIMS efficiently. The company focuses on solid innovation and unique product design. For example, only a few companies provide mobile LIMS, and Abbott is one among them. Players are increasingly focusing on launching innovative software to penetrate and tap the large growth potential of the market. Illumina brand image in the genome sequencing market is attracting customers to use LIMS in all genome research laboratories and genome sequencing service providers LIMS innovation specific to genome sequencing has increased opportunities for the company’s products in the market.
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