Global Laboratory Information Management Systems Market to Reach US$1.4 Billion by 2015, According to New Report by Global Industry Analysts, Inc.
News Jan 24, 2012
Laboratory Information Management Systems (LIMS), a part of Information Management Systems, facilitates management of samples, instruments and users in a laboratory set-up through the use of computer hardware and software. China and India offer potential growth opportunities for vendors operating in the global Laboratory Information Management Systems (LIMS) market, largely due to the rapid strides made by the two nations in the technological sphere. Growth opportunities for LIMS market are also emerging from Eastern Europe driven by increased activity in pharmaceutical, biotech, and environmental markets.
With several companies expanding their operations in Southeast Asia and Eastern Europe, all businesses, irrespective of scale of operation, would require automated systems to create audit trails, track samples, provide detailed analyses, monitor features, and report from a remote location. Strong, and robust growth patterns in manufacturing industries across developing countries offer a lucrative business case for LIMS, since higher manufacturing activity translates into greater need for manufacturing quality control functions to meet the slated regulatory requirements. Additionally, increased investments in biotechnology and drug development in developing countries, and tougher regulatory requirements are expected to offer lucrative business opportunities for LIMS, as traceability of data gains importance under such a scenario that prioritizes compliance to regulatory norms.
Traditionally, LIMS systems were procured on outright purchase basis, which proved to be time consuming and involved high level of expenditure. The LIMS market is steadily warming up to the Internet based-Software as a Service (SaaS) model, wherein software applications hosted by service providers are licensed/rented to end-users for use over the Internet. Unlike other commercial LIMS applications, SaaS LIMS is hosted on service provider's server rather than at the end-users lab, and can be accessed by end-users through the Internet. The supply on demand model leverages the benefits offered by service-oriented architecture, Web 2.0 technologies and cloud computing to offer efficient and reliable solutions featuring advanced capabilities, on-demand. SaaS LIMS offers multi-tenant feature, which allows usage of single application and database for managing data for various customers, while sorting each customer's data separately. If deployed efficiently, SaaS LIMS model offers confidentiality, security and excellent return on investment, all of which are critical requirements in a laboratory set-up.
Though LIMS offers numerous advantages, deployment and implementation continues to be marred by several drawbacks and issues such as high upfront costs for in-house custom systems/solutions, longer implementation time for commercial LIMS solution, functional glitches in fulfilling integrative needs of global companies with dispersed laboratory operations, and competitive threat posed by alternative enterprise-wide operational management systems.
Global market for LIMS is highly competitive and is home to several leading players including Thermo Fisher Scientific, Labware, Labvantage, and Abbott/STARLIMS, among others. Several factors come into play during the vendor selection process such as vendor brand equity, reliability of solutions offered, and the degree of responsiveness to the client in the form of providing proactive technical and customer support services. As a result, players are required to keep updating their core competencies to fend off potential competition. Vendor visibility is crucial, especially in an environment marked by rapid, large-scale adoption of LIMS in a laboratory setting, and spiraling competition.
The research report titled "Laboratory Information Management Systems (LIMS): A Global Outlook" announced by Global Industry Analysts, Inc., provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings. The report offers an aerial view of the industry, identifies major short to medium term market challenges, and growth drivers. Market discussions in the report are punctuated with fact-rich market data tables. Regional markets elaborated upon include United States, Europe, and India. Also included is an indexed, easy-to-refer, fact-finder directory listing the addresses, and contact details of companies worldwide.
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