Report ID: UCMIG45F2031 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: Figures:
Document Management System Market
Global Laboratory Information Management System Market Size, Share, Growth Analysis, By Product(Cloud-based, Web-based), By Component(Software, Services), By End Use(Life Sciences, CROs) - Industry Forecast 2023-2030
Report ID: SQMIG45F2062 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 87 | Figures: 76
Global Laboratory Information Management System Market Insights
Laboratory Information Management System Market size was valued at USD 1.1 billion in 2021 and is poised to grow from USD 1.25 billion in 2022 to USD 3.8 billion by 2030, growing at a CAGR of 13.2% in the forecast period (2023-2030).
The market for these systems is expected to increase over the next few years as a result of technological developments relevant to pharmaceutical laboratories and the growing demand for lab automation. Laboratory information management systems are predicted to have favorable market growth as a result of developments in R&D labs, particularly in pharmaceutical and biotechnological labs. Other significant factors propelling the growth of the Laboratory Information Management System (LIMS) Market include low implementation costs, effective time management, and compliance with GDP, GCP, and GMP. Collaborations, partnerships, acquisitions, and the approval and launch of new products have all had a big impact on the market lately. Due to the growing awareness of LIMS, there has also been a considerable increase in demand for it, which is also boosting the market's expansion. Increasing laboratory automation, the requirement for regulatory compliance, technological developments in LIMS, raising consumer awareness through conferences, workshops, and seminars, and rising R&D spending are some of the other key factors influencing the growth of the global market.
Clinical laboratories were working at full capacity and there was an increase in demand for 24/7 laboratory testing services during the COVID-19 epidemic, which put a lot of strain on the staff and the facility's infrastructure. When the laboratories receive a huge volume of potentially harmful biohazardous samples each day, such stressful working circumstances are highly undesirable. As a result, LIMS adoption is being encouraged in order to improve workflows everywhere.
US Laboratory Information Management System Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global Laboratory Information Management System Market Segmental Analysis
Global Laboratory Information Management System Market is segmented based on Product, Component, End Use, and Region. Based on Product the market is sub segmented into Cloud-based, Web-based. Based on Component the market is sub segmented into Software, Services. Based on End Use the market is sub segmented into Life Sciences, CROs. Based on Region the market is further sub-segments into North America, Europe, Asia Pacific, Latin America, and MEA.
Laboratory Information Management System Market Analysis Based on Product
The global market has been divided into on-premise, web-hosted, and cloud-based segments based on products. When choosing a laboratory informatics solution, technical aspects are crucial. Organizations evaluate both their IT infrastructure and the solution's requirements. A company may now select between on-premise, web-based, and cloud-based solutions thanks to this. In 2021, the market was dominated by the cloud-based product category, which accounted for more than 42.5% of global sales. It is expected that the market segment will continue to hold the top spot while expanding at the fastest CAGR. The important elements contributing to the supremacy of the cloud-based products market are the data's accessibility from numerous places, systems, and branches.
Reduced IT staffing, affordable data management, and simple deployability are some further reasons influencing the segment's growth. Because web-hosted LIMS is widely used by clients, the web-hosted category had the second-largest revenue share. R&D divisions, manufacturing firms, public utilities, as well as environmental, chemical, contract, and QC labs are just a few of the laboratories that can use these LIMS. Due to its higher level of customization and dependability compared to other LIMS services, the on-premise segment is also expected to expand at a considerable CAGR from 2022 to 2028.
Laboratory Information Management System Market Analysis Based on Component
The market has been divided into software and services based on component types. In 2021, the services sector dominated the industry and generated more than 58% of worldwide revenue. The rising demand for LIMS deployment, integration, maintenance, validation, and support is the reason behind this. Furthermore, the segment is expected to develop as a result of the high demand for LIMS outsourcing solutions. Large pharmaceutical research labs lack the equipment and personnel necessary for the implementation of analytics; as a result, these activities are contracted out. These outsourcing arrangements might be long-term, project-based, or short-term.
These services are provided in packages, and these packages may include benchmarking services, compliance with regard to promotional spend, social media analytics, and predictive analytics for medical device failure. The transition from SaaS to more sophisticated PaaS, CaaS, and community networks is predicted to propel the software segment's steady expansion throughout the course of the projection period. The market's participants are continually implementing new methods and encouraging market expansion. In September 2021, IDBS announced a pairing of SCIEX Analyst Software and the electronic lab notebook E-WorkBook. As a result, it aids in growing the business' current family of integrations.
Laboratory Information Management System Market Analysis Based on End Use
The market has been segmented based on end uses into the following sectors: life sciences, Contract Research Organizations (CROs), petrochemical refineries, oil & gas, chemical, food & beverage, and agriculture industries; environmental testing laboratories; and other sectors such as forensic, metal, and mining laboratories. In 2021, the life sciences end-use segment accounted for the biggest portion of global revenue, or more than 40%. This is due to LIMS's widespread use in pharmaceutical laboratories. Increased productivity, cost-effectiveness, and growing need for biobanks and biorepositories are further factors that are expected to support the expansion of this market.
From 2022 to 2028, the Contract Research Organizations (CROs) market is expected to develop at the fastest rate. This quick expansion can be due to the pharmaceutical and biotechnology industries' rising outsourcing demand. Additionally, a number of related benefits, including cost effectiveness, a focus on key capabilities, and advantages that accrue to both contractor and client, are predicted to fuel this segment's expansion over the projection period.
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Global Laboratory Information Management System Market Regional Insights
The largest percentage of the global revenue in 2021 more than 45% was accounted for by the North American regional market. The dominance is attributable to favorable policies encouraging the deployment of laboratory automation, like EHR programs. The presence of cutting-edge infrastructure, increased government financing, and rising demand for genetic research are among additional reasons contributing to the region's high proportion. Due to the rising number of CROs that offer LIMS in this region, AsiaPacific is expected to have the quickest rate of growth in terms of regional markets throughout the projection period. India rated #1 among the 55 countries examined in the Global Services Location Index (GSLI) ranking for outsourcing web-enabled services in 2021.
Additionally, a number of biopharmaceutical companies are moving their manufacturing facilities to Asia Pacific in order to increase production efficiency. As a result, Asia is seeing a huge increase in demand for LIMS. But the COVID-19 pandemic had forced participants in developed markets, such the US and Europe, to lessen their reliance on Asian nations and return to in-house operations. The main emerging markets for LIMS include the Middle Eastern nations, China, Singapore, India, Brazil, and Japan. These marketplaces are unregulated and do not have the necessary standards, which opens up huge opportunities for suppliers who cannot match the requirements of industrialised nations like the US.
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Global Laboratory Information Management System Market Dynamics
Laboratory Information Management System Market Driver
- Pharmaceutical and biotechnology firms are under intense pressure in many nations to adhere to stringent regulatory requirements for preclinical and clinical testing before introducing new pharmaceuticals to the market. For instance, documentation and audit trails are required by regulatory standards like 21 CFR Part 11 and Clinical Laboratory Improvement Amendments (CLIA) in the pharmaceutical and biotech industries, which cover everything from R&D and testing to production and quality control. Guidelines for acceptable labelling and advertising must also be followed in addition to these rules. Due to these data management and security issues, the majority of laboratories are using LIMS to streamline their workflows and meet strict regulatory requirements. Additionally, because these systems are simple to link with laboratory systems to capture and update data, they assist laboratories in meeting regulatory standards without sacrificing process adaptability (which can be easily accessed and analyzed). During the forecast period, this is expected to result in an increase in the demand for LIMS in laboratories serving the target sectors.
Laboratory Information Management System Market Restraint
- The high LIMS maintenance and service costs are a significant market limitation. Industry analysts claim that the maintenance costs associated with IT solutions are more than the actual cost of the product. Nearly 20 to 30% of the total cost of ownership is spent on service and maintenance, which includes modifying the software to meet changing user requirements. Additionally, training and implementation expenses sum up to about 15% of the final cost. These factors make it challenging for many small and medium-sized laboratories to invest in these systems, which restricts their adoption. However, the impact of this restriction is expected to lessen in the upcoming years with the development of cloud-based LIMS offerings.
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Global Laboratory Information Management System Market Competitive Landscape
The world market is incredibly cutthroat. To stay competitive, major corporations introduce new products, collaborate strategically, and make acquisitions. To improve their revenue share, businesses are concentrating on putting initiatives into place such as new product launches, regional expansion, collaborations, and distribution agreements. For instance, Labware 8—its enterprise laboratory platform—will be released in production in June 2021. Abbott also released STARLIMS Life Sciences Solution 11.1 in July 2021 to manage intricate sample and testing procedures.
Laboratory Information Management System Market Top Player’s Company Profiles
- Thermo Fisher Scientific Inc.
- LabWare Inc.
- LabVantage Solutions Inc.
- Abbott Laboratories
- Illumina Inc.
- Siemens Healthineers AG
- Agilent Technologies Inc.
- PerkinElmer Inc.
- Waters Corporation
- Genologics, a Illumina Company
- Autoscribe Informatics Inc.
- RURO Inc.
- Novatek International
- Promium LLC
- Techlimed LLC
- Blaze Systems Corporation
- Khemia Software Inc.
- Lablynx Inc.
- Caliber Infosolutions Inc.
- Accelerated Technology Laboratories Inc.
Laboratory Information Management System Market Recent Development
- In June 2021, LabWare unveiled LabWare 8, the most recent iteration of its LIMS. The company's enterprise laboratory platform (ELP), LabWare 8, combines the LIMS and ELN functionality into a single, integrated system.
- In July 2021, LabVantage unveiled version 8.5 of its platform, which includes a fully integrated SDMS.
Global Laboratory Information Management System Key Market Trends
The growth of partnerships between CDSS providers and hospitals has significantly increased during the last few years. The demand is expected to rise even more as a result of government recognition and activities to promote the deployment of CDSS and EHR systems. By lowering the amount of time spent looking up a patient's medical history and records, integration with electronic health records (EHR) increases the effectiveness of clinical care. Additionally, the Health and Medicare Acts of the United States Government have approved CDSS, financially rewarding CDS integration into EHRs (Electronic Health Records). A CDSS was present in approximately 41% of American hospitals with an EHR in 2021, and a cutting-edge CDS was available in 40.2% of American hospitals in 2021. Additionally, businesses collaborate to create and offer software that is updated with the most recent data.
Global Laboratory Information Management System Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by the robust Secondary Desk research.
According to the analysis, the Cloud-based segment dominated the global Laboratory Information Management System Market in 2021 and is expected to maintain its dominance throughout the forecast period. In 2021, North America dominated the global Laboratory Information Management System Market owing to the region's highly aware and economically stable population.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 1.1 billion |
| Market size value in 2030 | USD 1.25 billion |
| Growth Rate | 13.2% |
| Base year | 2021 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Laboratory Information Management System Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Laboratory Information Management System Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Laboratory Information Management System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Laboratory Information Management System Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Laboratory Information Management System Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Laboratory Information Management System Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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