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Laboratory Information Management Systems Market is Expected to Reach $1,323.6 Million by 2019 - New Research Report by MarketsandMarkets

(PRWEB) January 22, 2015

The laboratory information management systems market is a rapidly growing one that has witnessed a number of technological advancements due to factors such as rising pressure to comply with regulatory requirements, growing need to integrate healthcare systems, and increasing government support for adoption of HCIT solutions and ease challenges in system integration. Key players in the market focus on technological advancements to further the adoption of LIMS. In line with this view, companies focus on partnerships, collaborations, new product launches, and acquisitions to gain the competitive edge in the market.

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On the basis of end users, the LIMS market is divided into healthcare industries, petrochemical refineries and oil and gas industries, chemical industries, food and beverage and agricultural industries, environmental testing laboratories, metals and mining industries, and other industries. The healthcare industries are further segmented into pharmaceutical and biotechnology companies, biobank/biorepositories, contract service organizations (CROs and CMOs) and academic research institutes. Among all these end users, healthcare industries possess lucrative growth potential and represent new revenue pockets for the LIMS market. High growth in this segment is attributed to increasing pressure on the pharmaceutical companies to comply with regulatory requirements and growth in biobanking applications.

On the basis of delivery mode, the market is divided into on-premise LIMS, cloud-based LIMS, and remotely hosted LIMS. Cloud-based LIMS is expected to grow at the highest rate owing to its storage flexibility and cost-effectiveness as no significant investments are required for attaining software licenses and related hardware, which in turn reduces capital expenditure.

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In the coming five years, Asian countries such as Singapore, China, and India are likely to witness growth in the LIMS market. This high growth can be attributed to factors such as increasing government initiatives for research, rise in clinical trials, growing pharmaceutical outsourcing activities in this region, and rising awareness about LIMS solutions.

Prominent players in the Laboratory Information Management System (LIMS) market include LabWare, Inc. (U.S.), LabVantage Solutions, Inc. (U.S.), STARLIMS Corporation (An, Abbott Company) (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Core Informatics LLC (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.), LabAnswer (U.S.), LabLogic (U.S.), Khemia Software (U.S.) and Promium LLC (U.S.).

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The key strategies followed by most companies in the LIMS market are new product launches, mergers and acquisitions, agreements, partnerships, collaborations, and strategic alliances and expansions. New product launches accounted for the largest share of the overall growth strategies mapped from 2011 to 2014. Some of the leading players that adopted this strategy include LabWare, Inc. (U.S.), LabVantage Solutions, Inc. (U.S.), STARLIMS Corporation (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Autoscribe Informatics (U.S.), Computing Solutions, Inc. (U.S.), GenoLogics (Canada) and PerkinElmer, Inc. (U.S.).

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