Global Laboratory Information Management Systems (LIMS) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Laboratory Information Management Systems (LIMS) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A laboratory information management system (LIMS), also known as laboratory information system (LIS), is a software-based solution for modern-day laboratory operations. LIMS is an integrated solution that caters to a wide range of laboratory data & information management needs, such as tracking of lab tests performed, maintaining sample records, and managing customer services and the invoices for those services. Laboratory information management systems are increasingly being adopted in various industry verticals and are replacing other solutions including ELN (Electronic Laboratory Notebook), barcode management systems, accounting software, and patient portals. The laboratory information management system (LIMS) is designed to help in the integration of laboratory operations, such as consolidation of test results and speeding up the overall operations being carried out in the laboratory. Some of the core functions of LIMS include reception of samples and associated customer data, sample scheduling and tracking, sample processing and quality control, data storage, and inspection and compilation of sample data. Moreover, the exceptional amount of information that is generated from modern genomics is simply managed with the help of the LIMS software. Owing to the improved efforts of researchers and clinicians for the betterment of lab operations and the growing number of samples in the labs, the requirement for LIMS software is increasing, which is contributing to the development of this segment of the market studied.

Market Overview:

The latest research study on the global Laboratory Information Management Systems (LIMS) market finds that the global Laboratory Information Management Systems (LIMS) market reached a value of USD 884.06 million in 2022. It’s expected that the market will achieve USD 1362.5 million by 2028, exhibiting a CAGR of 7.48% during the forecast period.

Growing use of LIMS to comply with stringent regulatory requirements

In various countries, pharmaceutical and biotechnology companies face immense pressure to comply with strict regulatory guidelines for preclinical and clinical testing before launching new drugs into the market. For instance, regulatory requirements such as 21 CFR Part 11 and Clinical Laboratory Improvement Amendments (CLIA) in the pharmaceutical and biotech industries include documentation and audit trails—from research & development and testing to production and quality control. In addition to these regulations, guidelines regarding appropriate labeling and advertising are also required to be followed. Owing to these data management and security concerns, most laboratories are increasingly adopting LIMS to streamline their workflows and comply with stringent regulatory standards. Also, these systems help laboratories meet regulatory requirements without compromising process versatility, as they easily get configured with laboratory systems to record and update data (which can be easily accessed and analyzed). This is expected to increase the demand for LIMS in laboratories operating in target industries during the forecast period.

Interfacing challenges with informatics software

With the changing nature of procedures and technologies, it has become increasingly important for laboratories to streamline their workflows. The changing nature of procedures requires automation of solutions with greater flexibility and interfacing capabilities of LIMS with laboratory and production instruments. Major players are increasingly utilizing automated instruments that require updated advanced interfaces, while, on the other hand, some small companies may have decade-old instruments that require a different kind of interface. Delivering solutions compatible with diverse laboratory and manufacturing systems is a major challenge faced by LIMS providers. Also, providers find it extremely challenging to deliver solutions to meet the specific requirements of user companies.

Region Overview:

Geographically, North America held the largest market share – 41.03% in 2022.

Company Overview:

LabWare, Inc. is one of the major players operating in the Laboratory Information Management Systems (LIMS) market, holding a share of 19.75% in 2023.

LabWare, Inc.

LabWare was founded in 1987 in Wilmington, DE by Vance Kershner. LabWare is a company that develops and implements Laboratory Information Management Systems (LIMS) and Electronic Laboratory Notebooks (ELN). The company is based in Wilmington, DE, and uses Smalltalk to develop both its LIMS and ELN.

Thermo Fisher Scientific, Inc.

Thermo Fisher Scientific is an American provisioner of scientific instrumentation, reagents and consumables, and software services. Thermo Fisher Scientific, Inc. manufactures scientific instruments, consumables, and chemicals. The Company offers analytical instruments, laboratory equipment, software, services, consumables, reagents, chemicals, and supplies to pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions, and government agencies.

Segmentation Overview:

As for product types, the Software segment held the largest market share in 2022.

Application Overview:

The market's largest segment by application is the segment Pharmaceutical, with a market share of 32.43% in 2022.

Key Companies in the global Laboratory Information Management Systems (LIMS) market covered in Chapter 3:

Computing Solutions, Inc.
Baytek International
Autoscribe Informatics
LabVantage Solutions, Inc.
Siemens
Sapio Sciences
Labworks, LLC
LabWare, Inc.
LabLynx, Inc.
Starlims
Illumina
Thermo Fisher Scientific, Inc.

In Chapter 4 and Chapter 14.2, on the basis of types, the Laboratory Information Management Systems (LIMS) market from 2018 to 2029 is primarily split into:

Software
Services

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Laboratory Information Management Systems (LIMS) market from 2018 to 2029 covers:

Pharmaceutical
Biotech
Chemical
Agriculture
Oil & Gas
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)