Nearly 58% of the laboratory information management market will be driven by the services segment, Fact.MR analysis

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Laboratory Information Management System Market Analysis By Component (Software, Services), By Deployment Model (On-Premise, Web-Based, Web-Hosted Laboratory Information Management System), By End User, By region – Global forecast 2022-2032

ROCKVILLE, Maryland, March 09, 2022 (GLOBE NEWSWIRE) — Laboratory information management market revenue was estimated at US$1.8 billion in 2021 and is expected to grow at a 2022 CAGR of 8.1%. to 2032, according to a recently released Fact.MR report. By the end of 2032, the market is expected to reach US$4.2 billion. The laboratory information systems market is expected to accumulate US$298 million in absolute dollar opportunity through the services segment.

The Laboratory Information Management System (LIMS) market is gaining popularity owing to the advancements made in R&D laboratories, especially in pharmaceutical and biotechnology laboratories. Other significant factors supporting market growth include low implementation costs, effective time management, and GMP compliance.

In 2021, the services category led the market, accounting for nearly 58% of total sales. Large pharmaceutical research labs lack the resources and capacity to deploy analytics; therefore, these services are outsourced. But with the progression of software systems from SaaS to more advanced PaaS, community networks, the software segment is expected to grow steadily.

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Key insights from market research

  • The global laboratory information management market is expected to reach a market size of US$1.9 billion by 2022.

  • In 2022, North America will contribute more than 40% of market revenue.

  • Cloud-based applications are estimated to account for 43% of market revenue in 2022

  • The life sciences segment will surpass US$1 billion by 2032, growing at a CAGR of over 8%

  • The APAC market is expected to witness a CAGR of 10% over the forecast period 2022-2032.

The significant development of the service sector has prompted major LIMS vendorsespecially in pharmaceutical and biotechnology laboratoriesshould generate significant revenue for LIMS in the coming years, comments an analyst from Fact.MR.

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Competitive landscape
Abbott Laboratories, LabVantage, McKesson Corporation, LabLynx, and Siemens Healthcare GmbH among others are some of the major competitors in the market. With the growing demand for mobile health and developments in LIMS, a small number of smaller competitors are expected to enter the market and gain significant stake.

Some of the recent developments from leading laboratory information management system vendors are:

  • In August 2021, CTI Clinical Trial and Consulting Services (CTI) and LabWare, Inc. announced the expansion of laboratory services to support research in rare diseases and cell and gene therapy.

  • In March 2021, LabVantage Solutions, Inc. launched LabVantage Analytics, which enables customers to effortlessly explore, analyze and visualize LIMS, enterprise and external data to gain meaningful business insights.

Market segments covered by Laboratory Information Management Systems analysis

  • By Component:

  • By deployment model:

    • On the site

    • web-based

    • Hosted on the web

  • Per end user:

    • CRO

    • Petrochemical refineries and oil and gas industry

    • Chemical industry

    • Agri-food and agricultural industries

    • Environmental testing laboratories

    • Other industries

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Key Points Covered in the Laboratory Information Management System Survey:

  • Market estimates and forecasts (2017-2032)

  • Key Drivers and Restraints Shaping Market Growth

  • Analysis by segment, by country and by region

  • Competitive Mapping and Benchmarking

  • Market share analysis

  • Impact of COVID-19 on Laboratory Information Management System and How to Navigate

  • Recommendation on the main winning strategies

More information available
Fact.MR in its new offering presents an unbiased analysis of the Magnesium Metal market, showcasing historical market data (2017-2021) and forecast statistics for the period 2022-2032.

The study reveals critical insights based on Laboratory Information Management System market forecast by component (software, services), deployment mode (on-premises, cloud-based, web-based), end user (life sciences, CRO, petrochemical refineries and oil and gas industry, chemical industry, food and agricultural industries, environmental testing laboratories, other industries) in five regions (North America, Latin America, Europe, Asia- Pacific and Middle East).

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About Fact.MR Health Division

Expert analysis, actionable insights, and strategic recommendations from Fact.MR’s highly experienced healthcare team help clients around the world meet their unique business intelligence needs. With a repository of over a thousand reports and over a million data points, the team has analyzed the chemical industry in over 50 countries for over a decade. The team provides unparalleled end-to-end research and advisory services. Contact us to find out how we can help you.

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