According to the research report titled ‘Global Laboratory Information Management System (LIMS) Market Size study with COVID-19 Impact, by Type (Broad-based LIMS and Industry-specific LIMS), by Component (Services and Software), by Deployment Model (On-premise LIMS, Cloud-based LIMS and Remotely Hosted LIMS), by Industry (Life Science, Petrochemical Refineries and Oil & Gas Chemical, Food & Beverage and Agriculture, Environmental Testing Laboratories and Other Industries) and Regional Forecasts 2020-2027’, available with Market Study Report, global laboratory information management system (LIMS)  market had reached a valuation of USD 0.9 billion in 2019 and is likely to account for USD 2.2 billion by 2027, recording a y-o-y growth rate of 12.1% during the forecast period.
 

Focus towards improving efficiency in laboratories, rising R&D activities in biopharmaceutical and pharmaceutical companies, and widespread adoption of cloud-based technologies are some of the key factors driving the growth of global laboratory information management system market.
 

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For those unversed, a laboratory information management system consists of a data tracking support, exchange interface, and flexible architecture which helps in regulating laboratory environments. LIMS can also be used as a resource planning tool that manages various aspects of laboratory informatics.
 

The advent of COVID-19 outbreak has impelled the demand for LIMS tools for managing laboratory informatics remotely, since most of the employees have adopted work-from-home solution, which in turn is favoring the overall market scenario.
 

Technological advancements in this business sphere and increasing number of strategic collaborations among the major companies are also fueling global laboratory information management system industry size. However, high deployment and maintenance cost could act as a bottleneck to the market expansion.
 

From the regional point of view, North America currently holds the highest share in worldwide laboratory information management system industry and is expected to register consistent growth throughout the forecast duration.
 

Technological developments in this business space, growing biobanks sector, and widespread availability of LIMS related products and services are favoring the regional market outlook.
 

Meanwhile, Asia-Pacific is also likely to emerge as a key revenue contributor to the overall market, exhibiting the highest compound annual growth rate in the upcoming years.

Labworks LLC, Genologics Life Sciences Software Inc., Computing Solutions Inc., Autoscribe Informatics, LabLynx Inc., Agilent Technologies Inc., Abbott Informatics, Thermo Fisher Scientific Inc., LabVantage Solutions Inc., and LabWare Holdings Inc. are the key participants in global laboratory information management system market.