NEW YORK, Nov. 8, 2016 /PRNewswire/ -- The global laboratory information management system (LIMS) market is expected to reach USD 901.6 million by 2021 from an estimated value of USD 634.0 million in 2016, at a CAGR of 7.3% during the forecast period. This market is segmented on the basis of product type, deployment model, component, industry, and region.
Factors such as need for regulatory compliance; growing LIMS adoption in biobanks/biorepositories, academic research institutes, CROs, and CMOs; technological advancements; growing R&D expenditure in pharmaceutical and biotechnology companies, and growing awareness through conferences & forums are propelling the growth of this market. Moreover, cloud-based LIMS and potential in emerging geographies are expected to offer a wide range of growth opportunities for the LIMS market. On the other hand, lack of integration standards and high maintenance cost & service expenses are the major factors that may limit growth of the market to a certain extent.
In North America, the U.S. is one of the most dominant markets for LIMS due to its well-established economy, easy availability of LIMS, and financial ability to deploy such technologies. According to the Industrial Research Institute, in 2016, the total U.S. R&D spending is expected to reach USD 514 million from USD 453 million in 2012. Moreover, in the life sciences industry, improving FDA approval levels and a positive sales outlook are allowing pharmaceutical companies to allocate more capital to R&D spending.
However, Asia is projected to be the fastest-growing region during the forecast period. Factors such as increasing R&D activities and the development of supporting infrastructure in research laboratories have generated a demand for LIMS solutions in the Asian region.
Apart from comprehensive geographical analysis, product analysis, and market sizing, the report also provides market share analysis and competitive landscape that covers growth strategies adopted by industry players in the last three years. In addition, the company profiles comprise basic views on the key players and their product portfolios, developments, and strategies adopted. The abovementioned market research data, current market sizes, and forecast of future trends will help key players and new entrants make informed decisions regarding product offerings, geographical focus, changes in strategic approach, R&D investments for innovations in products and technologies, and levels of output in order to remain successful.
The LIMS market is segmented on the basis of product type, deployment model, component, industry, and region. Based on product type, the market is segmented into broad-based LIMS and industry-specific LIMS. Based on component, the LIMS market is segmented into software and services. Based on deployment model, the market is segmented into on-premise LIMS, cloud-based LIMS, and remotely hosted LIMS. Based on industry, the LIMS market is broadly segmented into life sciences industry, petrochemical and oil & gas refineries, chemical industry, food & beverage and agriculture industry, environmental testing, and other industries (forensic and metal & mining industries).
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The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms garner greater market shares. Firms purchasing the report can use any one or a combination of the below-mentioned five strategies for strengthening their market shares.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios of top players in the LIMS market. The report analyzes this market by product type, component, deployment model, industry, and region
- Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and new product launches in the LIMS market
- Competitive Assessment: In-depth assessment of market strategies, geographical and business segments, and product portfolios of the leading players in the LIMS market
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the market for LIMS across regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the LIMS market
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