Strategic Analysis of the World Laboratory Information Management Systems (LIMS) Markets

Several instances of laboratory information management system (LIMS) implementations being over budget, not meeting deadlines, or failing altogether are leading disgruntled customers to reluctantly seek new technology and upgrades. LIMS users need solutions that are flexible enough to support their business tasks, while being simple enough to reduce implementation times and total cost of ownership. Suppliers can make purchase decisions easier for customers by increasing the functionalities of solutions and reducing the need for source code alterations for global deployment. Collaborating with scientific data management system providers to ensure 'out-of-the-box' compatibility is also likely to help lessen customization requirements and smoothen implementation processes.

This research examines the global market for LIMS and discusses the various market trends and opportunities in the market. It offers revenue forecasts and key drivers and restraints affecting growth. This study also provides market challenges and strategies to help overcome them.

Benefits of Enterprise LIMS Solutions Stimulate Demand

There is a clear need for global, corporate standard operating practices, in part fueled by increased merger and acquisition activity in the world market. "This trend underscores the need for integration with other business software systems such as enterprise resource planning, chromatography data systems, and data archiving within the IT framework," says the analyst. LIMS vendors that can also deliver systems that support multiple languages, time zones, and data formats are expected to experience robust growth.

When LIMS' market maturity coincides with globalization, the focus is expected to shift from piecemeal, home brew systems to enterprise solutions that standardize experimental protocols. "Customers are increasingly interested in global implementations that regulate processes across multiple locations," notes the analyst. Such uniformity is likely to help organizations better utilize information among different divisions, and thereby increase the value proposition of LIMS solutions.

Advances in IT Enhance LIMS' Ability to Improve Business Processes

Business unit managers require LIMS to give them greater control over business practices and laboratory operations. Advances in IT are helping vendors provide greater value in their systems. "The use of standard programming code, databases, and application interfaces reduces the costs of installation and maintenance, which provides a tremendous benefit to customers," remarks the analyst.

Other advantages provided by IT in the LIMS market include aiding information sharing and increasing discovery phase productivity with greater use of electronic laboratory notebooks. The LIMS equipment, however, will have to cope with the resultant additional data management requirements. To meet the need for innovative and sophisticated products, LIMS devices are being made to increasingly interface with personal digital assistants, tablet PCs, Excel spreadsheets, and other sources of data. These improved functionalities are likely to drive greater adoption of LIMS.