(MENAFN- Market Press Release) November 25, 2022 4:48 am - The global Laboratory Information Management System (LIMS) market is valued at $1.3 billion in 2021 and is expected to grow at a CAGR of over 10% to cross $2 billion by 2025. The data management tool known as a LIMS helps labs in automating their workflows, tracking data (samples, instruments, and QA/QC results), and storing, processing, and reporting data. All these features are crucial to sustain and improve productivity and efficiency of any biological lab, from pharma, biotech, environmental facilities, F&B to biobanking.
The global Laboratory Information Management System (LIMS) market is driven by rising regulatory compliance requirements, technological advancements in LIMS offerings and benefits offered by LIMS to improve lab's productivity and efficiency.
Shift towards Cloud-based LIMS
Traditional on-premise LIMS face challenges to survive in a data-driven world due to the increased requirement for data sharing across and between organizations. On-premise systems lack scalability and easy integration, are often time-consuming and costly to implement and manage. The LIMS industry is observing rise in the acceptance of cloud-based model as it can address most of these issues with quick deployment, minimum upfront costs, high flexibility and scalability making it affordable for all laboratories.
Trending Subscription-based Pricing Models
Every pricing model has benefits and drawbacks of its own. Larger companies that have sufficient resources and support staff frequently choose to buy a perpetual license. However, smaller companies/start-ups usually opt for cost-effective, pay as you go subscription and SaaS pricing model. Vendors provide both perpetual and subscription licenses for labs choosing to install LIMS on-premise or in the cloud.
Explore Premium Report on Laboratory Information Management System (LIMS) Market @ demand for Purpose-built LIMS over Broad-based/Multi-purpose LIMS
“The LIMS market is moving from one-size-fits-all across industries approach towards purpose-built pre-configured LIMS that addresses different pain points of each industry such as pharma, biotech, F&B, oil & gas, biobanking, environmental testing, etc.” - VP, Sales & Marketing, Leading LIMS Company, US
US Leads the Adoption of Laboratory Information Management System Laboratory Information Management System (LIMS) Market
North America commanded the largest share of the market, followed by Europe. This is primarily attributed to the strong economies of the US and top EU countries, established lab infrastructure, greater degree of automation and digital technologies, significant investments in new technologies, growth in biobanks, easy availability of LIMS products and services. Although APAC has a minor share in the LIMS market currently, emerging countries in this region are expected to witness strong growth.
Competitive Landscape: Laboratory Information Management System (LIMS) Market
The key players having a strong foothold in the global laboratory information management system (LIMS) market include Abbott Informatics, Agilent Technologies, Autoscribe Informatics, AgileBio, ATL, Computing Solutions, Dassault Systèmes, Labworks, LabLynx, LabWare, LabVantage, Thermo Fisher Scientific.
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