NewswireToday - /newswire/ -
London, United Kingdom, 2008/02/06 - New analysis from Frost & Sullivan, Services Opportunities in LSIT in Europe, finds that the market generated revenues of $100 million in 2006 and estimates this to triple by 2013 to reach $300 million.
Life sciences companies across Europe are looking for an extensive mix of services and solutions. Accordingly, service opportunities in life sciences IT (LSIT) are set to expand considerably as life sciences gear up to tackle bioinformatics and a host of key technology solutions.
New analysis from Frost & Sullivan (healthcareIT.frost.com), Services Opportunities in LSIT in Europe, finds that the market generated revenues of $100 million in 2006 and estimates this to triple by 2013 to reach $300 million.
"While significant growth opportunities for service vendors in LSIT exist, life sciences companies need to be convinced about the need for integrated services and also the benefits of investing in them as the entire industry is in a cost-cutting phase," notes Frost & Sullivan Research Analyst E. Sujith. "Market participants with highly scalable services and solutions stand to make strong gains with firms having experience in packaged services poised to make substantial profit."
The life sciences industry is currently in a mode of consolidation, resulting in organisations having to cope with a host of disparate IT systems and environments, classified by silos of applications, platforms and infrastructure. In many cases, there is no provision for the creation and/or management of common practices and sharing of services.
"Significant scope and opportunity exist for LSIT companies to provide all these services in a bundle so as to make the life sciences industry more cost effective," says Sujith. "There is tremendous potential for LSIT vendors who can provide a one-shop stop for all services."
The life sciences industry is facing a lot of pressure due to cost cutting imperatives and a rapidly changing regulatory environment. However, they are slowly realising the need to attain greater synergy within their organisations through IT services.
This is being reflected in the year-on-year increases in IT budgets, and the rising number of processes that are being automated. While these are promising trends, service vendors for LSIT will continue to face the challenge of rapidly changing regulations and will need to demonstrate improved ROI in the future.
"Services in LSIT represent a key means to systematically overhaul life sciences organisations," states Sujith. "However, the level of integration and investment required to realise this goal is high and is easier said than done."
A shortage of skilled employees who can create and implement effective services for the life sciences industry poses another obstacle to sustained market expansion. The need to convince customers about ROI related to LSIT services is also a major challenge, amidst industry wide cost cutting.
"Services in LSIT seek to achieve different objectives across various sectors in the life sciences industry," advises Sujith. "They therefore require professionals in the industry to be trained and strategic partnerships to be created so as to provide quality services at the highest level."
If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the investment analysis and growth opportunities for Services in LSIT in Europe, then send an email to Patrick Cairns, Corporate Communications, at patrick.cairns[.]frost.com, with your full name, company name, title, telephone number, fax number, and email address. Upon receipt of the above information, an overview will be sent to you by email.
Services Opportunities in LSIT in Europe is part of the Healthcare & Life Sciences IT Growth Partnership Services Programme, which also includes research in the following markets: European Bioinformatics Market and Laboratory Information Systems Market. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
About Frost & Sullivan
Frost & Sullivan, the Global Growth Consulting Company, partners with clients to accelerate their growth. The company's Growth Partnership Services, Growth Consulting and Career Best Practices empower clients to create a growth focused culture that generates, evaluates and implements effective growth strategies. Frost & Sullivan employs over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 30 offices on six continents.