NEW YORK, Nov. 8, 2016 /PRNewswire/ -- The global laboratory information management system (LIMS) market is expected to reach USD 901.6 million by 2021 from an estimated value of USD 634.0 million in 2016, at a CAGR of 7.3% during the forecast period. This market is segmented on the basis of product type, deployment model, component, industry, and region. Factors such as need for regulatory compliance; growing LIMS adoption in biobanks/biorepositories, academic research institutes, CROs, and CMOs; technological advancements; growing R&D expenditure in pharmaceutical and biotechnology companies, and growing awareness through conferences & forums are propelling the growth of this market. Moreover, cloud-based LIMS and potential in emerging geographies are expected to offer a wide range of growth opportunities for the LIMS market. On the other hand, lack of integration standards and high maintenance cost & service expenses are the major factors that may limit growth of the market to a certain extent. In North America, the U.S. is one of the most dominant markets for LIMS due to its well-established economy, easy availability of LIMS, and financial ability to deploy such technologies. According to the Industrial Research Institute, in 2016, the total U.S. R&D spending is expected to reach USD 514 million from USD 453 million in 2012. Moreover, in the life sciences industry, improving FDA approval levels and a positive sales outlook are allowing pharmaceutical companies to allocate more capital to R&D spending. However, Asia is projected to be the fastest-growing region during the forecast period. Factors such as increasing R&D activities and the development of supporting infrastructure in research laboratories have generated a demand for LIMS solutions in the Asian region. Apart from comprehensive geographical analysis, product analysis, and market sizing, the report also provides market share analysis and competitive landscape that covers growth strategies adopted by industry players in the last three years. In addition, the company profiles comprise basic views on the key players and their product portfolios, developments, and strategies adopted. The abovementioned market research data, current market sizes, and forecast of future trends will help key players and new entrants make informed decisions regarding product offerings, geographical focus, changes in strategic approach, R&D investments for innovations in products and technologies, and levels of output in order to remain successful.