- End users seek customization capabilities and fast implementation times among other product features, finds Frost & Sullivan
MOUNTAIN VIEW, California, May 21, 2015 /PRNewswire/ -- Frost & Sullivan's survey of laboratory decision-makers reveals that while two-thirds of laboratories use commercial software or web-based laboratory information management systems (LIMS), the remaining one-third represents uncaptured market share for suppliers. With 26 percent of labs in the uncaptured category developing custom systems in-house, it is clear that various unmet needs exist in the LIMS marketplace. This indicates that suppliers have a chance to gain market share through product improvements.
The customer research study, Global Survey on Laboratory Information Management Systems (http://www.frost.com/nec4), based on a survey of 366 decision-makers for purchases of LIMS systems, covers organization types including academic labs; federal, state, and local government labs; pharmaceutical or biotechnology companies; industrial companies; hospital and clinical labs, as well as diagnostics and biobanks.
For complimentary access to more information on this research, please visit: http://bit.ly/1FvxuMl.
"High on end-users' priorities when selecting a LIMS platform are implementation time, instrument integration, flexibility to customize the platform, and interface design," said Frost & Sullivan Healthcare Senior Industry Analyst Christi Bird. "These product features, along with various unmet requirements such as quality assurance and quality control integration, should act as key strategic areas for product differentiation among providers."
As nearly 18 percent of labs stated that they are unlikely to renew licenses with their current LIMS providers over the next three years, tremendous opportunities exist for competitors that can tackle pressing end-user challenges. In a highly differentiated marketplace where the top LIMS supplier is only used by 14 percent of labs, competitors providing cutting-edge, in-demand product features will move up the ranks.
"If suppliers provide LIMS that require limited maintenance and staff training, they will be in a stronger position to expand their customer base," noted Frost & Sullivan Industry Analyst Aish Vivekanadan. "Although these factors were not explicitly expressed or recognized by respondents, they influence customer decisions and have the potential to differentiate LIMS suppliers from one another."
Global Survey on Laboratory Information Management Systems is part of the Life Sciences (http://www.lifesciences.frost.com) Growth Partnership Service program. Frost & Sullivan's related studies include: 2015 Global Laboratory Products Purchasing Trends, Global Next-generation Sequencing Trends and 2014 Projected Global Laboratory Products Budgets. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Global Survey on Laboratory Information Management Systems
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SOURCE Frost & Sullivan