Lab Workflow Solutions Market Current Situation And Growth Forecast to 2031

The global demand for lab workflow solutions witnessed slight decline in Covid-19 pandemic due to nationally mandated lockdown and social distancing implemented in 2020. Since the impact of the disease has come down in 2021 and manufacturers have started continuing their operations, the market for lab workflow solutionsis gradually recovering due to the tireless efforts ofthe market players.

Growing need for standardizing processes in clinical laboratories such as sample receipts, handlings, preparation of lab samples, guidance for assay data collection, reduce potential errors etc is creating a strong preference for such solutions in 2021. At present, users are opting for those LIMSwhich are providing customized solutions to them.

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Persuasiveness of IoT and cloud platforms are relentlessly transforming the lab workflow management space favouring the adoption of lab workflow solutions in 2021. Such solutions are creating an ease for carrying out workflow audit in labs and clinics through cloud platforms.

The ability to improve communication between the clinic and laboratory continues to accelerate the demand for such solutions as lab workflow solutions are facilitating effective communication with the clients in real-time by quickly answering to their queries.

Introduction of modified workflow solutions by leading manufacturers is leveraging possibile opportunities for further growth. Thermo Fisher Scientific and Hill-Rom Holdings are among the best players in this market and are continuously bringing innovations in their offering to users.

Leading players in this market are developing technologically sound platforms, highly advanced products with improved performance and utility, providing customized solutions etc to maintain healthy competition in the market.

For instance, Stanley Healthcare Corporation collaborated with CISCO on May 2020 to integrate Stanley’s Healthcare AeroScout Real-time location system with Cisco’s DNA spaces enabling Stanley Corporation to deliver seamless and cost-effective solutions to healthcare providers relying on RTLS as a core part of their operations.

The collaboration resulted in exaggerating the market share and global presence of Stanley across the world.

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In addition to Stanley Corporation, Thermo Fisher Scientific introduced a software on its name called “Thermo Scientific Software” on October 2020 which is ideal for managing data, workflows, resources etc. The software is enabling scientists to overcome regular challenges in clinical and analytical labs making the administrative jobs, billing reporting, multi-software integrations easier than ever before.

This software is the most used application in 2021. Thermo Fisher is currently adopting other strategies like joint ventures, collaborations, product approvals etc. Such developments have made the company the leading manufacturer in this market.

Further, Capsule Technologies Limited acquired Bernoulli Enterprizes on April 2020 to integrate Bernoulli’s Clinical Surveillance solution with Capsule Technologies’ Medical Device Integration Platform. The acquisition resulted in strengthening the connectivity capabilities of Capsule Technologies throughout the world.

Global Lab Workflow Solutions Market: Snapshot

The global lab workflow solutions market is anticipated to gather pace in lucrative regions such as North America and Asia Pacific. Expected to secure a larger share of the market in the near future, the developed region could bank on high digital literacy, better infrastructure, and the availability of policies supporting the deployment of laboratory information systems.

Increasing pressure to end cost curve could result in high adoption of lab workflow solutions in the region. High number of pharmaceutical companies operating and increasing lab operational cost could be other reasons for increased demand for lab workflow solutions in the region.

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Improving count of contract research organizations offering lab workflow solutions is envisaged to emerge as a primary factor augmenting the demand in the Asia Pacific market. Need to improve operational efficiency and reduce cost of support systems could augment the demand in the regional market.

In the coming years, China and India are predicted to develop as top outsourcing hubs for lab workflow solutions. Government initiatives could also emerge as a powerful factor responsible for pushing the growth of the market. Leading players are envisioned to compete on the basis of technology and other aspects.

There are various types of samples in labs and each sample should be maintained in a separate data. Lab workflow solutions provides a configuration tool that is typically driven by data, which controls the content of the sample.

The style of functioning of workflow solutions is unique which not only gives extreme flexibility but also regulates the collection of related data. It guides the user to order suitable tests for sample. Lab workflow solutions help in eliminating the laboratory processes and also enhance compliance assurance.

Lab Workflow Solutions Market- Drivers

Growing demand for laboratory services has increased the importance of lab workflow solutions over the past few years. The lab industry has witnessed a significant transitions in terms of sample processing. These in-vitro diagnostic technologies have increased the pace of lab services.

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However, limitation in terms of sample processing and availability of skilled work force in the lab space have reduced the efficacy of lab services. The lab workflow solution market is emerging as a novel solution to these problems.

Presently, lab workflow solutions are reasonably dominant in the research and development sector. Going forward, they are likely to be established as a one of the key components in lab industry, owing to their promising attributes over conventional lab techniques.

The lab workflow solutions market is being shaped by the collaborative approach between pathology laboratories and research centers with cloud service providers. This is expected to increase awareness regarding lab workflow solution technology, and also provide new platforms to end users, thereby fuelling the growth of lab workflow solutions market.

Lab Workflow Solutions Market- Restraints

Higher capital cost and unclear regulatory guidelines for medical application is likely to impede the growth of lab workflow solutions market. Higher cost of lab workflow solutions instrument is a major factor hampering its adoption across resource-poor countries. The overall cost of lab workflow solutions’ implementation would be beyond budget for some medium scale laboratories.

Moreover, higher maintenance costs associated with DP installations and costlier training and development programs for end users are other factors likely to restrain the growth of lab workflow solutions market.

Lack of awareness regarding lab workflow solution systems and cloud-enabled technologies, especially in developing economies such as China and India, is restraining growth of the market. This is ultimately increasing the cost of on-premise platforms, which in turn increases total expenditure on lab workflow solutions technology.

Such rising capital expenditure on hardware and storage is reducing the adoption of lab workflow solution, thereby hampering the market growth.

Lab Workflow Solutions Market- Key Companies

Perkin Elmer, Inc., GE Healthcare, Definiens AG, Koninklijke Philips N.V, Sectra ABss, Ventana Medical Systems, Inc., 3D-Histech Ltd, Inspirata Co., Leica Biosystems, Quorum Technologies Inc., Hamamatsu Photonics, K.K., Yokogawa Electronic Corporation, Digipath Co., Olympus Corporation and ZEISS are some of the key companies which provide lab workflow solutions across the globe.

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