(PharmaNewsWire.Com, May 23, 2020 ) The global laboratory 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%. The growth of this market can be attributed to the increasing use of LIMS to comply with stringent regulatory requirements, increasing focus on improving the efficiency of laboratories, increasing R&D expenditure in pharmaceutical and biotechnology companies, and growing adoption of cloud-based LIMS.
The LIMS market is fragmented, with the presence of several large as well as emerging players. In 2017, LabWare (US), Thermo Fisher Scientific (US), Abbott Informatics (US), and LabVantage Solutions (US) were the leading players in the laboratory information management system 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).
LabWare (US) accounted for the largest share of the LIMS market in 2017. This leading position of the company can be attributed to its strong brand recognition and extensive product portfolio. The company provides scalable, end-to-end solutions to various industries, such as pharmaceuticals, environmental testing, contract labs, forensics, chemical/petrochemical process, public health, clinical research, food, and biobanking. The company focuses on launching technologically advanced products and upgrading its existing ones with the help of inputs from clients. LabWare designs products according to the functional needs of end users and offers industry-specific template solutions that serve as prepackaged initiation points for project implementation. The company leverages its customer’s experience and inputs to deliver the best possible solutions, for example, in March 2015, the company introduced the latest version of its LIMS—LabWare 7. The LabWare 7 solution delivers comprehensive capabilities of both LIMS and ELN in a single integrated system.
LabVantage (US) is one of the prominent players in the LIMS market in 2017. Being innovation-centric, the company constantly invests in developing and enhancing its products to understand and better serve its customers. The company focuses on organic growth strategies such as product launches and upgrades to develop its product portfolio as well as to strengthen its position in the market. In this regard, in October 2017, the company released a new version of LabVantage 8.3, a configurable, web-based LIMS solution. The company also strives to strengthen its market position by entering into partnerships. In accordance with this, in August 2016, the company partnered with Lonza (Switzerland). The company extended its partnership with Lonza (Switzerland) to offer purpose-built environmental monitoring capabilities integrated with LIMS. This combined solution will provide the Life Sciences industry with a unified microbiology and analytical solution. Such partnerships and innovative product launches help the company to enhance its product portfolio and strengthen its distribution network.
Product launches and upgrades accounted for the largest share of the overall growth strategies followed by key players between 2015 and 2018. Some of the companies that adopted this strategy include LabWare. Thermo Fisher Scientific, Abbott, LabVantage Solutions, Autoscribe Informatics, Computing Solutions, GenoLogics, LABWORKS, and Accelerated Technology Laboratories.
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