Laboratory Information Management System Market expected to grow at a CAGR of 12.6%

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%. 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.

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Based on industry, the laboratory information management system market is segmented into life sciences, chemical, food & beverage and agriculture, environmental testing laboratories, petrochemical refineries and oil & gas, and other industries. The life sciences segment is expected to account for the largest share of the market in 2018. The large share of this segment can be attributed to the rise in outsourcing by pharmaceutical companies, increasing number of biobanks/biorepositories, and the growing R&D investments/activities in pharmaceutical and biotechnology companies.

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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.

The laboratory information management system market is highly competitive with the presence of several small and big players. Prominent players in the market include LabWare (US), Thermo Fisher Scientific (US), Abbott Informatics (US), LabVantage Solutions (US), were the leading players in the LIMS market. Other major players include LabLynx. (US), Autoscribe Informatics (US), Computing Solutions (US), GenoLogics (Canada), LABWORKS (US), Dassault Systèmes (France), Siemens (Germany), and Accelerated Technology Laboratories (US).