Laboratory Information Management System (LIMS) Market | Growing Demand For Bio-banking to Boost the Market Growth | Technavio

The global laboratory information management system (LIMS) market size is poised to grow by USD 705.85 million during 2020-2024, progressing at a CAGR of over 9% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

The demand for bio-banking, a repository for the collection of biological materials such as serum, blood, tissue, and DNA is increasing. Bio-banks play a critical role in research and requires a LIMS solution to effectively manage and track data quality, bio-species location, security, compliances, end-user billing, and patient demographics. LIMS also helps in improving the sampling of data that involves different laboratories, FDA, and partner organizations and helps in integrating research information. It also helps in easy access of data for analysis. LIMS deployment enables dependable transmission of information among different bio-banks as well as bio-banks with different health. Thus, the growing demand for bio-banks will drive the growth of the LIMS market during the forecast period.

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Report Highlights:

• The major laboratory information management system (LIMS) market growth came from the on-premise LIMS. However, the cloud LIMS is expected to grow at a faster rate during the forecast period.
• North America was the largest LIMS market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the infrastructural capabilities of vendors and the growing end-user industries, such as the healthcare industry.
• The global laboratory information management system (LIMS) market is fragmented. Abbott Laboratories, Autoscribe Informatics, Computing Solutions Inc., Illumina Inc., LabLynx Inc., LabVantage Solutions Inc., LabWare Inc., PerkinElmer Inc., Shimadzu Corp., and Thermo Fisher Scientific Inc. are some of the major market participants. To help clients improve their market position, this laboratory information management system (LIMS) market forecast report provides a detailed analysis of the market leaders.
• As the business impact of COVID-19 spreads, the global laboratory information management system (LIMS) market 2020-2024 is expected to have neutral growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.

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Emergence of SaaS-based LIMS will be a Key Market Trend

Companies are installing SaaS-based LIMS as it is economical and improves the efficiency of the processes in research centers and laboratories. The growing acceptance of SaaS-based LIMS can be attributed to its advantages over the traditional LIMS such as better flexibility and short implementation time. It allows laboratories to remotely access data through a web-browser without installing and managing separate application software. This reduces implementation cost and improves the returns on investment. Some of the popular SaaS-based LIMS vendors are CloudLIMS, FreezerPro, ChemWare, and EUSOFT. Thus, the emergence of SaaS-based LIMS will have a positive impact on the growth of the market.

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Laboratory Information Management System (LIMS) Market 2020-2024: Key Highlights

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will assist laboratory information management system (LIMS) market growth during the next five years
• Estimation of the laboratory information management system (LIMS) market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the laboratory information management system (LIMS) market
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of laboratory information management system (LIMS) market vendors

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Executive Summary

• Market Overview

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2019
• Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Deployment

• Market segments
• Comparison by Deployment placement
• On-premise LIMS - Market size and forecast 2019-2024
• Cloud-based LIMS - Market size and forecast 2019-2024
• Market opportunity by Deployment

Customer landscape

• Overview

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• North America - Market size and forecast 2019-2024
• Europe - Market size and forecast 2019-2024
• APAC - Market size and forecast 2019-2024
• South America - Market size and forecast 2019-2024
• MEA - Market size and forecast 2019-2024
• Key leading countries
• Market opportunity by geography

Drivers, Challenges, and Trends

• Market drivers
• Volume driver - Demand led growth
• Volume driver - Supply led growth
• Volume driver - External factors
• Volume driver - Demand shift in adjacent markets
• Price driver - Inflation
• Price driver - Shift from lower to higher-priced units
• Market challenges
• Market trends

Vendor Landscape

• Overview
• Landscape disruption
• Vendor Analysis

Vendors covered

• Market positioning of vendors
• Abbott Laboratories
• Autoscribe Informatics
• Computing Solutions, Inc.
• Illumina Inc.
• LabLynx Inc.
• LabVantage Solutions Inc.
• LabWare Inc.
• PerkinElmer Inc.
• Shimadzu Corp.
• Thermo Fisher Scientific Inc.

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

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