Popularity of Connected Hospitals to Offer Lab Workflow Solutions US$ 36.27 Bn Market Opportunity by 2032
Need to Streamline Administrative Tasks to Push Lab Workflow Solutions Market by 14.8% CAGR by 2032
Fact.MR's latest report uncovers details on concealed opportunities in the lab workflow solutions market. It delivers insights into vital aspects favoring demand across various segments in terms of end use, type, and region. Besides, the report predicts growth prospects of the lab workflow solutions market for the forecast period (2022-2032).
NEW YORK, July 7, 2022 /PRNewswire/ -- The global lab workflow solutions market stood at US$ 9.12 Bn in 2022 and is projected to be valued at US$ 36.27 Bn by the end of 2032. As per the report, the lab workflow solutions market is anticipated to exhibit considerable growth at a CAGR of 14.8% in the forecast period from 2022 to 2032.
Increasing demand for lab sample management systems, nurse call systems, and similar other workflow solutions in the healthcare sector is anticipated to drive growth. Government initiatives to support the adoption of healthcare information technology solutions is also expected to boost the market worldwide.
Increasing prevalence of chronic diseases is expected to raise the burden on medical infrastructure across the globe. To ease the burden, several institutions are moving towards digitization and are adopting novel technologies, including lab workflow solutions.
Besides, growing need for standardization in clinical laboratories and rapid adoption of cloud and IoT technologies in the healthcare sector are set to augur well for the global market. High popularity of automation in healthcare facilities with rising investments by government bodies is another crucial factor that is expected to create new growth opportunities in the lab workflow solutions market.
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Further, ongoing development of connected hospitals with the urgent need for impactful and seamless ways to enhance patient safety and outcomes is likely to boost growth. Ability of lab workflow solutions to accelerate the flow of real-time health information for consistent patient monitoring is also anticipated to enhance outcomes.
In addition, research and pathology labs are rapidly adopting lab workflow management software solutions in the healthcare sector. It is further anticipated to foster the demand for state-of-the-art medical device integration platforms, physical access control systems, and remote patient monitoring systems, thereby augmenting growth.
Based on end use, the ambulatory care centers segment is expected to remain at the forefront on the back of rising need to reduce treatment costs. Also, integration of lab workflow solutions into ambulatory care centers is set to help in lowering risks of acute complications, streamline administrative tasks, and enhance access to vital information.
Key Takeaways:
- North America lab workflow solutions market currently holds a share of nearly 32.4% and is likely to reach a valuation of US$ 2.95 Bn in 2022.
- The top 3 countries contribute approximately 39.8% of the lab workflow solutions market share.
- By end use, the hospitals category is projected to dominate the lab workflow solutions market with rising investments to improve healthcare infrastructure.
- New entrants in the lab workflow solutions market are set to introduce cutting-edge solutions and services equipped with machine learning, IoT, and AI.
- The lab workflow solutions market is expected to be valued at US$ 36.27 Bn in 2032, as compared to US$ 9.12 Bn in 2022.
Growth Drivers:
- Increasing adoption of interoperable quality solutions in multi-modal hospitals to share crucial data with their branch offices is expected to aid growth.
- High demand for improved patient-centered care delivery and clinician productivity is likely to bolster growth.
Restraints:
- Requirement of high initial investments owing to the implementation of innovative hardware may hamper growth.
- Highly complex lab workflow solutions can lead to a greater risk of system failure, which can create serious consequences on the functioning of laboratories.
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Competitive Landscape:
Leading lab workflow solution providers are focusing on acquisitions, mergers, and collaborations to expand their reach of services and solutions. Some of the other key players are investing huge sums in research and development activities to come up with cutting-edge products to increase their revenues.
For instance,
- In May 2020, Stanley Healthcare partnered with CISCO. As part of this collaboration, the AeroScout real-time location system (RTLS) platform will be fully integrated with Cisco DNA Spaces. The collaboration would enable Stanley Healthcare to provide a more seamless and cost-effective solution to healthcare providers who rely on RTLS as their core business.
- In January 2020, Infor signed an agreement to acquire Intelligent InSites Inc. With this acquisition, Infor will now be able to offer an expanded set of technologies for healthcare organizations.
Key Companies Profiled by Fact.MR
- Perkin Elmer Inc.
- Quorum Technologies Inc.
- Koninklijke Philips N.V.
- Sectra ABss
- Digipath Co.
- Ventana Medical Systems Inc.
- 3D-Histech Ltd.
- GE Healthcare
- Definiens AG
- Inspirata Co.
- ZEISS
- Leica Biosystems
- Hamamatsu Photonics K.K.
- Yokogawa Electronics Corporation
- Olympus Corporation
More Valuable Insights on Lab Workflow Solutions Market
In the latest study, Fact.MR offers a detailed study of global lab workflow solutions market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of lab workflow solutions through detailed segmentation as follows:
By Type:
- Data Integration Solutions
- Care Collaboration Solutions
- Real-time Communication Solutions
- Lab Workflow Automation Solutions
- Enterprise Reporting & Analytics Solutions
By End Use:
- Hospitals
- Long-term Care Facilities
- Ambulatory Care Centers
By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
Key Questions Covered in the Lab Workflow Solutions Market Report
- What is the valuation of the lab workflow solutions market in 2022?
- What is the projected valuation of the lab workflow solutions market in 2032?
- What is the valuation of Europe lab workflow solutions market?
- How will the lab workflow solutions market develop by 2032?
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