The Global Laboratory Information Management System Market in terms of revenue was estimated to be worth $1.1 billion in 2021 and is poised to reach $2.1 billion by 2026, growing at a CAGR of 13.2% from 2021 to 2026. The updated version of the report covers the historical market for LIMS for the years 2019, 2020, the estimated market for 2021, and a forecast until 2026, along with a CAGR from 2021 to 2026. The new research study comprises the profiles of 25 players (15 top players and 10 startups or SMEs), compared to 15 players in the previous study. The growth of this market is attributed to the increasing use of LIMS to comply with stringent regulatory requirements, the rising need for the adoption of LIMS, technological advancements in LIMS offerings, increasing RD expenditure in different industries, and the growing adoption of cloud-based LIMS.
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Notable Laboratory Information Management System (LIMS) mergers and acquisitions for 2021 – 2022 include:
- Thermo Fisher Scientific’s acquisition of LabVantage Solutions
- Waters Corporation’s acquisition of IDBS
- Agilent Technologies’ acquisition of Cytiva
- Thermo Fisher Scientific’s acquisition of Core Informatics
- PerkinElmer’s acquisition of LabWare
- Illumina’s acquisition of GenoLogics
- LabLynx’s acquisition of LabVantage Solutions
- Sartorius’ acquisition of Bio-Rad’s Bioinformatics and LIMS business
- LabLynx’s acquisition of STARLIMS
- Accelrys’ acquisition of IDBS
Growth Drivers of Laboratory Information Management System (LIMS) Market from Macro to Micro:
- Increasing Focus on Quality Assurance and Compliance Requirements: Quality assurance and compliance requirements are becoming increasingly stringent in many industries, creating demand for laboratory information management systems (LIMS) as a key technology to ensure regulatory compliance.
- Growing Demand for Automation and Digitalization: The growing demand for automation and digitalization in the laboratory space is driving the LIMS market, as they provide a comprehensive platform for the management and analysis of laboratory data.
- Increasing Usage of Cloud-Based LIMS: Cloud-based LIMS are gaining popularity among organizations, as they offer a cost-effective and efficient solution for storing and managing laboratory data.
- Growing Need for Data Management and Analysis: The rising need for data management and analysis in the laboratory space is driving the growth of the LIMS market, as they provide a comprehensive platform for managing and analyzing laboratory data.
- Expansion of Healthcare Infrastructure: The expansion of healthcare infrastructure in emerging markets has led to a growing demand for LIMS, as they offer a comprehensive platform for managing and analyzing laboratory data.
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Hypothetic Challenges of Laboratory Information Management System (LIMS) Market in Near Future:
- Increasing Competition: The LIMS market is becoming increasingly competitive as new vendors and products are entering the market. This is leading to a decrease in pricing, making it difficult for vendors to differentiate their products and services.
- Increasing Regulatory Requirements: Many countries are introducing new regulations and standards to ensure the quality of laboratory data. This is driving vendors to develop complex LIMS systems that meet the new standards.
- Increasing Demand for Customization: Laboratories are increasingly demanding customized LIMS solutions that meet their specific needs. This is forcing vendors to develop LIMS solutions that are customizable and can be tailored to the customer’s requirements.
- Need for Cross-Platform Compatibility: As laboratories are using a variety of different software and systems, there is an increasing need for LIMS solutions that are compatible across multiple platforms.
- Growing Adoption of Cloud-Based Solutions: Cloud-based LIMS solutions are becoming increasingly popular as they offer greater scalability and flexibility. As cloud-based solutions become more widely adopted, vendors must adapt their LIMS systems to meet the needs of cloud users.
- Growing Security Concerns: As more laboratories are relying on digital systems to store and manage data, there is an increasing need for enhanced security measures to protect this data. Vendors must ensure that their LIMS solutions are secure and compliant with applicable regulations.
Top 3 Use Cases of Laboratory Information Management System (LIMS) Market:
- Quality Control and Compliance: A LIMS can be used to manage and monitor safety and quality control processes in a laboratory, ensuring compliance with regulatory requirements.
- Automated Data Management: A LIMS can be used to automate the management of large volumes of data, including sample tracking, data storage, and analysis.
- Sample Tracking and Management: A LIMS can be used to track the movement of samples throughout the laboratory environment, including sample preparation, testing, and storage. It can also be used to manage sample inventory and ensure that samples are properly stored and handled.
North America to Witness Significant Growth From 2021 to 2026
North America commanded the largest share of the market, followed by Europe. North America’s dominance in the market can be attributed to the strong economies of the US and Canada, which have allowed for significant investments in new technologies, growth in biobanks, easy availability of LIMS products and services, and stringent regulatory requirements across industries.
Recent Developments
- In June 2020, LabWare introduced the latest version of its LIMS LabWare 8. The LabWare 8 solution is the company’s enterprises laboratory platform (ELP) that delivers the capabilities of both LIMS and ELN in a single integrated system.
- In July 2020, LabVantage launched 8.5, an upgraded version of its LabVantage platform that offers a fully integrated SDMS.
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