The global laboratory information management system (LIMS) 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. On the other hand, high maintenance and service costs and the lack of integration standards are factors restraining the growth of this market.
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The LIMS market is segmented by type, component, deployment model, industry, and region. Based on type, the market is segmented into broad-based LIMS and industry-specific LIMS. The industry-specific LIMS segment is expected to register the highest CAGR during the forecast period. These solutions provide users with customized solutions that are laboratory-specific and often limited to managing processes at one site, these factors are driving the adoption of industry-specific LIMS.
Based on component, the LIMS market is segmented into software and services. The services segment is projected to grow at 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 upgrading, and software maintenance post-installation.
Based on deployment model, the LIMS market is segmented into on-premise, cloud-based, and remotely hosted. The cloud-based segment is expected to register the highest CAGR during the forecast period. Factors such as on-demand self-serving analytics, ease of use, affordability, reliability, no upfront capital investment for hardware, adaptability, flexibility, and a pay-as-you-go pricing model have ensured the high growth of the cloud-based model.
Based on industry, the 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 grow at the highest rate during the forecast period. Growth in this segment can primarily be attributed to factors such as the rise in outsourcing by pharmaceutical companies, increasing number of biobanks/biorepositories and growing R&D investments/activities in pharmaceutical and biotechnology companies.
Among the four regional segments, Asia is expected to grow at the highest CAGR during the forecast period. The high growth in the Asian market is attributed to factors such as increasing outsourcing activities in these countries due to the availability of low-cost and skilled labor and increasing awareness and availability of LIMS.
