LIMS vendors are expected to provide open and integrated solutions that work seamlessly with other business process software.
New analysis from Frost & Sullivan (drugdiscovery.frost.com), European Markets for Laboratory Information Management Systems, finds that the markets generated revenues of $141.4 million in 2007 and are estimated to reach $248.0 million in 2014.
"The need to manage the information deluge is the key driver for the LIMS market," notes Frost & Sullivan Research Analyst Prabakar Sampath. "LIMS applications are considered mission-critical systems, since efficient storage, retrieval and sharing of information with other business intelligence software is crucial to the business process."
The need to deduce system-level knowledge for biological processes requires information to be annotated and formatted using standard procedures. LIMS vendors are therefore improving their product portfolios to offer efficient integration with business process software.
However, mounting research costs and waning R&D productivity in Europe is a cause of concern for LIMS vendors. Despite efforts by the EC and EFPIA, there has been a consistent decrease in the number of research R&D sites in Europe.
"The increase in outsourcing of research and manufacturing activities to Asian countries and the mounting dominance of the United States has exposed the vulnerability of Europe as a market for R&D," cautions Sampath. "Though eastern European markets offer new opportunities, pricing pressures are very high on LIMS vendors."
Service and support costs constitute the main stream of revenues for vendors. It is therefore crucial to provide customers with up-to-date technologies to address their evolving data management needs. The reduction of implementation time through the provision of configurable LIMS solutions and decreasing multi-site licensing costs via standardisation are important attributes in this regard.
If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the finds that the European Markets for LIMS, then send an email to Patrick Cairns, Corporate Communications, at pcairns_pr[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, an overview will be sent to you by email.
European Markets for Laboratory Information Management Systems is part of the Drug Discovery & Clinical Diagnostics Growth Partnership Services programme, which also includes research in the following markets: European Molecular Diagnostics Markets, European IVD Market, European Cancer Diagnostic Market and European Primary Care Diagnostics 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.
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European Markets for Laboratory Information Management Systems M20E