U.S. Laboratory Information Management System (LIMS) Markets

The rapidly developing market for laboratory information management systems (LIMS) in the United States is witnessing steady growth of both revenues and sales. This positive trend is expected to continue over the next few years, fuelled by the increasing availability and affordability of computers and software. The gradual evolution of LIMS from a system that required expert handling to a user-friendly one has further helped the market to expand.

This Frost & Sullivan research offers detailed forecasts and analysis of the LIMS market, focusing on drivers and challenges governing it. It offers strategic recommendations to address these challenges and examines the competitive scenario, highlighting successful companies that can be used as benchmarks.

Vendors Look Forward to Significant Growth Opportunities

Multiple regulations enforced in the pharmaceuticals and related industries make increased testing and information management imperative, creating the need for a reliable system of data processing and transfer. The growing penetration and use of computers in laboratories facilitates adoption of LIMS, as it enables centralization of information to be used by employees, clients and regulatory agencies.

Companies must remain competitive by producing high-quality systems at reasonable prices. Says the analyst, "The implementation of a LIMS, along with its associated processes, is one of the best ways to achieve these goals - since it can improve the quality assurance and control process, as well as save money and resources." As customers lack the requisite technical know-how, they are largely dependent on vendors for their information management requirements, thereby sustaining the demand in this market.

Focus Moves from Traditional Quality Control to R&D Applications

Continued funding in the information-intensive life sciences industry has spawned a number of research and development-oriented laboratories, allowing LIMS vendors to explore opportunities in drug discovery and development. Recent acquisitions in the bioinformatics and other related markets indicate that collaboration will enable vendors to offer integrated solutions that require less maintenance. Customizing products to the workflow of a particular laboratory is likely to attract small customers, for whom price may otherwise pose a problem.

Avoiding false product claims will help vendors earn customer loyalty that is crucial when upgrades need to be made at customer sites. This market faces some challenges such as customer purchasing behavior and related or overlapping software applications. However, as the analyst says, "Each of these challenges has the potential to be overcome and turned into opportunities to grow revenues, reduce costs, or in some cases, both."

This study identifies opportunities in the LIMS market, and helps your company create an effective business plan aimed at generating increased revenues.