NEW YORK, Jan. 8, 2015 /PRNewswire/ -- The global LIMS market is expected to reach $1,323.6 million by 2019 from $848.5 million in 2014, growing at a CAGR of 9.3% from 2014 to 2019. The LIMS market is categorized on the basis of product, delivery mode, component, end user, and region.
Major factors contributing to the growth of the LIMS market include rising awareness on LIMS solutions through various conferences and forums, new product launches by prominent players, rise in the need to integrate healthcare systems, and rise in pressure to comply with regulatory requirements such as 21CFR part 11, HL7 (Health Level Seven International), HIPPA (Health Insurance Accountability and Portability Act), DICOM (Digital Imaging and Communications in Medicine), SOX (Sarbanes-Oxley Act), ISO (Indian Standard Organizations), FDA (Food and Drug Administration) CLIA (Clinical Laboratory Improvement Amendments), cGMP (Current Good Manufacturing Practices), cGLP (Current Good Laboratory Practices), NAMAS (Nationally Appropriate Mitigation Actions), UKAS (United Kingdom Accreditation Service), and NELAC (National Environment Accreditation Conference), amongst others. Relatively untapped markets of the Asian region, with an advent of increasing outsourcing activities of European and North American pharmaceutical companies in this region, have increased the demand for LIMS there. However, the high cost of maintenance and services of LIMS solutions and a lack of skilled HCIT professionals and are some factors that are expected to limit the growth of this market.
Apart from the comprehensive geographical analysis, product analysis, and market sizing, the report also provides a competitive landscape that covers growth strategies adopted by the industry players over the last three years. In addition, the company profiles comprise basic views on the key players in the LIMS market and their product portfolios, developments, and strategies adopted by market players to maintain and increase their market shares in the near future. The abovementioned market research data, current market size, and forecast of future trends will help key players and new entrants to make informed decisions regarding product offerings, geographical focus, change in strategic approach, R&D investments for innovations in products and technologies, and levels of output in order to remain successful.
Reasons to Buy the Report:
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 a greater market share. Firms purchasing the report can use any one or a combination of the below mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) 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 LIMS market by product, delivery mode, end user, 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 the market strategies, geographical and business segments, and product portfolios of leading players in the LIMS market
• Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the market for various LIMS products across geographies
• Market Diversification: Exhaustive information about new products and services, untapped geographies, recent developments, and investments in the LIMS market
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