DUBLIN, Nov 16, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Laboratory Information Management System/LIMS Market by Product, Component, Delivery & End User - Forecasts to 2021" report to their offering.
The global laboratory information management system (LIMS) market is expected to reach USD 901.6 million by 2021. 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.