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Data-based Decision Making and Laboratory Automation are Driving Market Growth
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A laboratory information management system (LIMS) is a type of application that is designed to enhance laboratory quality and performance by keeping track of data relating to samples, tests, workflows, and equipment.Cloud LIMS and data integration analysis are driving demand for LIMS across the world.Pharmaceuticals and life sciences applications account for about 60%-70% of the market.Oil and gas, chemicals and petrochemicals, food and beverage, and pharmaceuticals manufacturing and R&D will constantly drive demand for LIMS.While some companies focus on specific industries, the major participants cater to multiple industries.In North America, the United States accounts for the majority market share. In Europe, the key participants are located in the United Kingdom. India is a strong market in Asia-Pacific because pharmaceutical production and export is high in the country. RoW is driven by the economic development of Latin American and African countries.This Frost & Sullivan study analyzes the global LIMS market from 2016 to 2026 (base year is 2019). The market is segmented into on-premise LIMS and Web-based LIMS (further segmented into thin-client LIMS and cloud-based LIMS). Some of the industry verticals under study are pharmaceuticals, biotechnology, life sciences, and diagnostics; government, academic, and environmental research; and industrial.The study examines market growth drivers and restraints and offers a revenue forecast analysis as well (total market, by vertical, by product). The key competitors in the market are Labware, LabVantage Solutions, and Abbott Informatics. The study concludes with growth opportunities that discuss cloud-based LIMS and digitalization in the healthcare space; recommendations are provided, and market participants can leverage these for future success.
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