Laboratory Information Management System Market Size worth USD 2.1 billion by 2026

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Laboratory Information Management System (LIMS)
Market
MARKET OPPORTUNITY OVER NEXT 5 YEARS
by industry
KEY MARKET PLAYERS
CAGR of
2021 2026

• LabWare (US)
• LabVantage Solutions (US)
• Thermo Fisher Scientific (US)
• Abbott Informatics (US)
• Agilent Technologies Inc. (US)
• LabLynx, Inc. (US)

CAGR

• Pharma
• Biotech
• Chemical
• Agriculture
• Oil
• Gas

By component

• BY REGION
• North America
• Europe
• Asia Pacific
• Rest of the World

• Software,
• Service

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The report "Laboratory Information Management
System (LIMS) Market is projected to reach USD
2.1 billion by 2026 from an estimated USD 1.1
billion in 2021, at a CAGR of 13.2. Growth of
this market is attributed to the increasing use
of LIMS to comply with stringent regulatory
requirements, rising need for the adoption of
LIMS, technological advancements in LIMS
offerings, increasing RD expenditure in
different industries, and growing adoption of
cloud-based LIMS. Key Players LabWare (US),
LabVantage Solutions (US), Thermo Fisher
Scientific (US), Abbott Informatics (US), Agilent
Technologies Inc. (US), LabLynx, Inc. (US),
Dassault Systèmes (France), Labworks LLC (US),
Autoscribe Informatics (US), and Accelerated
Technology Laboratories (ATL). Download PDF
Brochure https//www.marketsandmarkets.com/pdfdow
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The companies have a large market spread across
various countries in North America, Europe, Asia
Pacific, and the Rest of the World. Coronavirus
disease 2019 (COVID-19) is an acute respiratory
infectious disease caused by severe acute
respiratory syndrome coronavirus 2 (SARS-CoV-2).
Largely unknown before the outbreak began in
Wuhan, China, in December 2019, COVID-19 has
moved from a regional crisis to a global pandemic
in just a few weeks. The World Health
Organization (WHO) declared COVID-19 as a
pandemic on March 11, 2020. The state of urgency
to combat the outbreak led pharma biotech
companies, researchers, various diagnostic labs,
and testing facilities conducting COVID-19
research to adopt advanced technologies and
solutions exceeding traditional avenues to
improve workflows. Research laboratories or
diagnostic labs focusing on COVID-19 research
need to handle multiple steps (such as test
management, sample handling, inventory control,
packaging, and shipment). Also, research
laboratories focused on developing treatments or
vaccines for COVID-19 need an effective
end-to-end solution to improve the quality,
productivity, and rapidity of the vaccine
manufacturing process. This is likely to increase
the uptake of informatics solutions, such as
LIMS, which enhance research and testing
activities, along with efficient data management.
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Industry-specific LIMS segment is projected to
record the highest CAGR Based on type, the LIMS
market is segmented into broad-based LIMS and
industry-specific LIMS. The broad-based LIMS
segment accounted for the largest share of the
market in 2020. Broad-based LIMS 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
LIMS solutions also help streamline laboratory
workflow processes and improve decision-making
and reporting. Request Sample Pages https//www.
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10373 Services segment is expected to register
the highest growth during the forecast
period Based on the component, the LIMS market is
segmented into software and services. Services
accounted for the largest share of the market in
2020. This segment is projected 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 upgradation,
and software maintenance post-installation.
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Cloud based segment is estimated to record the
highest CAGR in the forecast period. Based on the
deployment model, the LIMS market is segmented
into on-premise, cloud-based, and remotely hosted
LIMS. In 2020, the on-premise LIMS segment
commanded for the largest share of the market.
The large share of this segment can be attributed
to the fact that these solutions are more
customizable and have minimum risk associated
with data breaches and external attacks. Life
sciences segment is estimated to record the
highest CAGR in the forecast period. Based on
industry, the LIMS market is broadly segmented
into seven categorieslife sciences, chemical,
food beverage and agriculture, environmental
testing, petrochemical refineries and oil gas,
forensics, and other industries. Life sciences
commanded the largest share of the LIMS market,
by industry, in 2020. Factors such as growth in
the outsourcing of various pharma and biotech
processes, increasing stringency of regulations,
the increasing number of biobanks/biorepositories,
and growing RD investments/activities in
pharmaceutical and biotechnology companies are
responsible for the growth of this segment.
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North America to Witness Significant Growth From
2021 To 2026 In 2020, North America commanded the
largest share of the market, followed by Europe.
North Americas 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. Buy Now https//www.marketsan
dmarkets.com/Purchase/purchase_reportNew.asp?id25
0610373
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