Global Laboratory Information Management Systems Market is expected to reach USD 1,155.67 million by 2025 from USD 650.70 million in 2017, at a CAGR of 7.7 % in the forecast period 2018 to 2025. The new market report contains data for historic years 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
Asia-Pacific Laboratory Information Management Systems Market is expected to reach USD 287.59 million by 2025 from USD 148.36 million in 2017, at the highest CAGR of 8.9% in the forecast period 2018 to 2025.
North America Laboratory Information Management Systems market is expected to reach USD 458.59 million by 2025 from USD 266.14 million in 2017, at a CAGR of 7.3% in the forecast period 2018 to 2025.
Europe Laboratory Information Management Systems market is expected to reach USD 322.69 million by 2025 from USD 180.24 million in 2017, at a CAGR of 7.8% in the forecast period 2018 to 2025.
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The major factors contributing to the growth of the market includes factors such as growing use of Laboratory Information Management Systems to comply with stringent regulatory requirements, rising need for adoption of Laboratory Information Management Systems in various industries, technological advancements in Laboratory Information Management Systems services are boosting the growth of the global Laboratory Information Management Systems market.
Market Segmentation: Global Laboratory Information Management Systems Market
The global Laboratory Information Management Systems market is segmented on the basis of component into services and software. In 2018, service is expected to dominate the Laboratory Information Management Systems market with 67.1% market share and is expected to reach 795.49 million by 2025, growing at the highest CAGR of 8.1% in the forecast period 2018 to 2025.
The global Laboratory Information Management Systems market is segmented on the basis of product type into broad-based Laboratory Information Management Systems and industry-specific Laboratory Information Management Systems. In 2018, industry-specific is expected to dominate the Laboratory Information Management Systems market with 62.4% market share and is expected to reach 692.14 million by 2025, growing at a CAGR of 7.1% in the forecast period 2018 to 2025.
The global Laboratory Information Management Systems market is segmented on the basis of delivery into on-premise Laboratory Information Management Systems, cloud-based Laboratory Information Management Systems and remotely hosted Laboratory Information Management Systems. In 2018, on-premise Laboratory Information Management Systems is expected to dominate the Laboratory Information Management Systems market with 54.7% market share and is expected to reach 600.32 million by 2025, growing at a CAGR of 6.9% in the forecast period 2018 to 2025.
The global Laboratory Information Management Systems market is segmented on the basis of industry type into life sciences industry, food & beverage and agriculture industries, petrochemical refineries and the oil & gas industry, chemical industry and other industry. In 2018, life sciences industry is expected to dominate the Laboratory Information Management Systems market with 47.1% market share and is expected to reach 554.19 million by 2025, growing at the highest CAGR of 8.0% in the forecast period 2018 to 2025. The life sciences industry is further segmented into pharmaceutical and biotechnology companies, contract service organizations, academic research institutes and molecular diagnostics (MDX) & clinical research laboratories.
The global Laboratory Information Management Systems market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market.
Based on geography, the market is segmented into 5 geographical regions, North America, Europe, Asia-Pacific, South America and Middle East and Africa.
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Key Drivers: Global Laboratory Information Management Systems Market
Some of the major factors driving the market for global Laboratory Information Management Systems market are growing use of Laboratory Information Management Systems to comply with stringent regulatory requirements, rising need for adoption of Laboratory Information Management Systems in various industries, technological advancements in Laboratory Information Management Systems services are boosting the growth of the global Laboratory Information Management Systems market.
Key Points: Global Laboratory Information Management Systems Market
Thermo Fisher Scientific Inc. is going to dominate the global Laboratory Information Management Systems market followed by McKesson Corporation, Abbott and Siemens AG. Some of the other players are Roper Technologies, Inc., IBM Corporation, Illumina, Inc., Shimadzu Corporation, LabWare, LABWORKS among others.
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