The report “Laboratory Information Management Systems/ LIMS Market by Product (COTS & Legacy), Delivery Mode (On-premise, Hosted, Cloud), Component (Software & Services), End User Industries (Healthcare, CRO, Petrochemical, Oil and Gas, Chemical) - Forecast to 2019”, provides a detailed overview of the major drivers, restraints, challenges, opportunities, current market trends, and strategies impacting the LIMS market along with the estimates and forecasts of the revenue and market growth.
The global laboratory information management systems (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 Laboratory Information Management Systems market offers products that help in efficient management of the laboratory workflow process, quality assurance, and regulatory compliance. This market is driven by several factors such as rising pressure to comply with regulations, growing need to integrate healthcare systems, shift from legacy systems to commercial off-the-shelf (COTS) LIMS solutions, and technological advancements in LIMS products.
The relatively untapped Asian market and the increasing acceptance of cloud-based LIMS have opened an array of opportunities for the growth of the market. However, the high costs of maintenance and services, a lack of trained HCIT professionals, and interoperability issues are some major factors that may hinder the growth of LIMS market.
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On the basis of product, the market is segmented into commercial off-the-shelf (COTS) and legacy LIMS. As of 2014, the COTS LIMS segment accounts for the largest share of the global market, by product.
The high share of the market is attributed to the ability of these systems to facilitate regulatory compliance, ongoing addition of new capabilities (from web interface to GPS tracking of materials to automate invoice generation) and its user-friendliness to work with as compared to legacy laboratory information management systems, and reduced total cost of ownership (TCO). COTS LIMS also provide personnel with access throughout the enterprise.
The market, by component, is classified into software and services. The services segment is expected to grow at the highest CAGR from 2014 to 2019.
This high growth can be attributed to the constant requirement of consulting, training, implementation, validation, and maintenance services.
The Laboratory Information Management Systems market, by delivery mode, is segmented into on-premise LIMS, cloud-based LIMS, and remotely hosted LIMS. The cloud-based LIMS market is expected to grow at the highest CAGR from 2014 to 2019.
The high growth of this segment can be attributed to the flexible of cloud-based LIMS in terms of storage capacity, and the lack of large investments for software licenses and hardware.
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The market by end user is segmented into healthcare industries, petrochemical refineries & oil and gas industries, chemical industries, food and beverage and agricultural industries, environmental testing laboratories, metals and mining industries, and others.
The global market is dominated by North America, which is followed by Europe, Asia and the Rest of the World. North America will continue to lead the global market during the forecast period, with Europe in second place.
Over the next five years, the growth of the laboratory information management systems market in the Asian region is likely to be centered on China and India.
Prominent players in the Laboratory Information Management Systems (LIMS) Market are LabWare, Inc. (U.S.), LabVantage Solutions, Inc.
(U.S.), STARLIMS Corporation (An Abbott Company) (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Core Informatics (U.S.), Autoscribe Informatics (U.S.), PerkinElmer, Inc.
(U.S.), Computing Solutions, Inc. (U.S.), LabLynx, Inc. (U.S.), GenoLogics (Canada).
Other players include Novatek International (U.S.), Chemware LLC (U.S.), Khemia Software (U.S.), LabLogic Systems (U.S.), and Promium LLC (U.S.).
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