The global laboratory information management systems market is projected to reach USD 1,699.3 million by 2025 from an estimated USD 959.9 million in 2020, at a CAGR of 12.1% during the forecast period.
The increasing adoption of LIMS to comply with stringent regulatory requirements, technological advancements in LIMS offerings, increasing R&D expenditure in pharmaceutical and biotechnology companies, and the growing adoption of cloud-based LIMS are some of the factors driving the growth of this market.
However, the high maintenance and service costs and the lack of integration standards for LIMS are expected to restrain the growth of this market.
Services segment to grow at the highest CAGR during the forecast period
Based on component, the LIMS market is segmented into services and software.
The services segment is expected to register 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 upgradation, and software maintenance post-installation.
Pharmaceutical and biotechnology companies segment to dominate the LIMS market for the life sciences industry
Based on type, the LIMS market for the life sciences industry is segmented into pharmaceutical and biotechnology companies, biobanks and biorepositories, CROs & CMOs, clinical research laboratories, academic research institutes, toxicology laboratories, NGS laboratories, and forensic laboratories.
The pharmaceutical and biotechnology companies segment accounted for the largest share of this market in 2019.
The large share of this segment can be attributed to the increasing adoption of LIMS systems in pharmaceutical and biotechnology companies to automate laboratory workflows and improve operational efficiency.
The market in Asia to witness the highest growth during the forecast period
In 2019, North America accounted for the largest share of the global LIMS market, followed by Europe.
However, the Asian market is estimated to grow at the highest CAGR during the forecast period primarily due to factors such as increasing outsourcing activities in several Asian countries due to the availability of low-cost and skilled labor and the increasing awareness and availability of LIMS.
The Global Healthcare Packaging market accounted for $117.36 billion in 2019 and is expected to reach $223.75 billion by 2027 growing at a CAGR of 8.4% during the forecast period.
Some of the key factors propelling market growth are growing health awareness, rising geriatric population, and an increasing number of surgical procedures. However, variation in the prices of raw materials is the limiting factor for the growth of the market.
Healthcare packaging is used to protect a packaged medical device or pharmaceutical product.
As healthcare products may have unique specifications and often require sterilization before packaging, packaging of healthcare products is designed to uphold the highest medical guidelines and standards, and at the same time protect the integrity of the healthcare product.
The package should guarantee that the product remains constant throughout its shelf life.
By end-user, the pharmaceuticals & biological segment is expected to grow at a significant market share during the forecast period because of the increasing demand for pharmaceutical products from the developing nations.
Based on geography, North America is anticipated to hold considerable market share during the forecast period due to the presence of a large customer base along with the growing demand for quality healthcare products.
Some of the key players in Healthcare Packaging Market include BASF SE, Amcor Limited, WestRock Company, West Pharmaceuticals Services Inc, Dow Inc, Sonoco Products Company, Gerresheimer AG, Avery Dennison Corporation, Industrial Development Company (INDEVCO) SAL, and Becton, Dickinson & Co.
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