Lab Information Management Systems Market to Reach USD 4.15 Billion, Globally, by 2031 at 10.9% CAGR: Allied Market Research

Rise in research & development activities associated with drug discoveries has resulted in a steep surge in the adoption of lab information management solutions across the world, which in turn drives the global lab information management systems market.

PORTLAND, Ore., Feb. 23, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Lab Information Management Systems Market by Product Type (Broad- Based/Multipurpose LIMS, Industry Specific LIMS), by Component (Software, Services), by Delivery Mode (Web-Based and Cloud-Based, On-Premises), by Industry Type (Life Science, Chemical and Energy Industries, Food and Beverage and Agriculture Industries, Clinical Research Organization (CRO)/Contract Manufacturing Organizations (CMO), Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global lab information management systems industry was estimated at $1.47 billion in 2021, and is anticipated to hit $4.15 billion by 2031, registering a CAGR of 10.9% from 2022 to 2031.

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Drivers, restraints, and opportunities:

Rise in research & development activities associated with drug discoveries has resulted in a steep surge in the adoption of lab information management solutions across the world, which in turn drives the global lab information management systems market. On the other hand, high costs associated with the same and lack of skilled professionals in the industry impede the growth to some extent. However, rapid development of healthcare infrastructure along with the government's support to digitalized services in developing countries such as China, India, and others has paved the way for lucrative opportunities in the industry.

Impact of Covid-19 on Lab Information Management Systems Market:

• The outbreak of the pandemic gave way to a significant surge in demand for lab information management systems in clinical laboratories for Covid-19 testing across the world, which impacted the market positively.
• Incorporation of automated solutions such as LIMS for hospitals and clinical laboratories was expected to alleviate stress by endorsing efficient testing of ample samples. For example, during the Covid-19 pandemic, in December 2020, Indian Railways introduced an integrated hospital management information system (HMIS) in South Central Railways and Northern Railways.

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The broad- based/ multipurpose LIMS segment to dominate by 2031:

By product type, the broad-based/ multipurpose LIMS segment contributed to the major share in 2021, holding around three-fifths of the global lab information management systems market revenue. The same segment would also showcase the fastest CAGR of 11.2% throughout the forecast period. This is attributed to the rise in the adoption of broad-based/ multipurpose LIMS across the world. They can collect and share data securely and instantaneously from anywhere to any device.

The web-based and cloud-based segment to rule the roost:

By delivery mode, the web-based and cloud-based segment accounted for nearly three-fifths of the global lab information management systems market share in 2021, and is expected to maintain the lion's share by 2031. This is because it provides users with the required access to their data from any location and from any device and enables them to store and share data with other users securely.

The life science segment to retain its dominance by 2031:

By industry type, the life science segment garnered the major share in 2021, contributing to around two-fifths of the global lab information management systems market revenue. The same segment would also display the fastest CAGR of 11.3% during the forecast period. This is due to the increased research and development activities in biopharmaceutical industries worldwide.

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North America garnered the major share in 2021 -

By region, North America held the major share in 2021, accounting for around two-fifths of the global lab information management systems market revenue. This is owing to the high adoption rate of technologically advanced lab information management system, rise in healthcare expenditure, and the presence of major key players across the region. The Asia-Pacific region, on the other hand, would portray the fastest CAGR of 11.9% from 2022 to 2031. The presence of biotech/pharma laboratories and contract research organizations in this province has increased the demand for laboratory information management systems, which has fueled the market growth.

Key players in the industry:

• Agilent Technologies Inc.
• Illumina Inc.
• Siemens AG
• LabLynx Inc.
• Genetic Technologies Inc.
• PerkinElmer Inc.
• CrelioHealth Inc.
• LabWare Inc.
• Abbott Laboratories
• Thermo Fisher Scientific Inc.

The report analyzes these key players in the global lab information management systems market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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