What is the future growth analysis of global Laboratory Information Management System Market?
The global laboratory information management system market is expected to reach USD 1,355.0 million by 2023 from USD 747.3 million in 2018, at a CAGR of 12.6%.
What are key factors driving growth of global Laboratory Information Management System Market?
Growth in this market is driven by the increasing use of LIMS to comply with stringent regulatory requirements, increasing focus on improving the efficiency of laboratories, technological advancements in LIMS offerings, increasing R&D expenditure in pharmaceutical and biotechnology companies, and growing adoption of cloud-based LIMS.
What the growth opportunities are in Laboratory Information Management System Market?
1. Untapped Emerging Markets
2. Use of LIMS in the Cannabis Industry
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Global Market Segmentation:
In the current market scenario, there is a growing demand for Laboratory Information Management System. The market has been categorized based on the type, component, deployment model, industry, and region.
Based on type, the market is segmented into broad-based LIMS and industry-specific LIMS. The broad-based LIMS segment accounted for the largest market share in 2018. These solutions provide users with significant room for customization and interpretation that can support multiple businesses across different geographic locations; these factors are driving the adoption of broad-based LIMS. Furthermore, broad-based solutions also help streamline laboratory workflow processes and improve decision-making and reporting. These advantages also expected to drive their uptake in the coming years.
Based on component, the LIMS market is segmented into software and services. The services segment is expected to register the highest CAGR during the forecast period. The large share of the services segment can be attributed to the recurring requirement of services such as training, software upgrading, and software maintenance post-installation.
By delivery model, the market is segmented into on-premise, cloud-based, and remotely hosted. The cloud-based segment is expected to register the highest CAGR during the forecast period. Factors such as on-demand self-serving analytics, ease of use, affordability, reliability, no upfront capital investment for hardware, adaptability & flexibility, and a pay-as-you-go pricing model have ensured the high growth of cloud-based LIMS.
Geographic Growth Analysis:
In 2018 North America accounted for the largest market share followed by Europe. Strong economies of the US and Canada that allows a significant investment in new technologies, growth in biobanks, easy availability of LIMS products and services, and stringent regulatory requirements across industries are the key factors driving the growth of the LIMS market in North America.
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