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Pharmaceuticals and Biobanks Spur Market Revenue with Increasing Adoption of Thin-client Web-based Systems
The laboratory information management systems (LIMS) market in the United States has been a mature space for many years. The evolution of laboratory needs has spurred innovation in this industry, forcing vendors to change their approach toward consumers. Consumers have the option of choosing between thick-client (Web-enabled) solutions, thin-client (Web-based) solutions, and a new segment of cloud-native LIMS solutions. Each of these solutions caters to the various needs in the market. An increasing number of consumers are shifting away from thick-client LIMS solutions to more affordable and flexible solutions to meet their needs.
-Due to the growth in pharmaceutical and the bio-banking industries, the laboratory information management systems (LIMS) market has a revenue of $ million and is expected to grow at a % compound annual growth rate (CAGR) to a $million revenue by the end of 2018.
-Thin-client segmentation is at the peak of its growth as there is increasing adoption of these products across all industries, especially in the life science industry.
-More consumers are moving away from thick-client Web-enabled systems.
-Thermo Fisher Scientific continues to dominate the market, but other competitors like LabVantage and StarLIMS continue to steal consumers from Thermo Fisher Scientific with comparable products.
-The lack of customizability and the large cost of LIMS products impedes industry progress.
-The LIMS market is primarily dependent on the growth of other industry sectors. The slower growth rate for the industrial sector, which majorly contributes to the LIMS market, has a negative impact on the growth of this market (positive growth for the LIMS market comes from the biotech and pharma sectors).
-There is a need for the lab-specific functionality and flexibility of a LIMS product for consumers to invest in the future.
-According to a survey done by Frost & Sullivan, there is a need for the standardization of LIMS products in labs that currently have a fragmented model.
-Data sharing is of greater importance to hospitals and clinical labs, whereas data storage and management take precedence for the other industrial sectors.
-Inventory management is considered most vital in the core academics sector, whereas other industry sectors place a larger importance on instrument integration and report generation.
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