Lab Workflow Solutions Market
Lab Workflow Solutions Market Analysis By Type (Data Integration Solutions, Real-time Communication Solutions, Workflow Automation Solutions, Care Collaboration Solutions), By End Use (Hospitals, Long-term Care Facilities, Ambulatory Care Centers) & Regional Forecast 2022-2032
Lab Workflow Solutions Market Outlook (2022-2032)
In 2022, the global lab workflow solutions market stands at a valuation of US$ 9.12 billion and is predicted to surge to US$ 36.27 billion by the end of 2032. Worldwide lab workflow solution demand is projected to soar at a phenomenal CAGR of 14.8% between 2022 and 2032.
The clinical workflow solutions market is anticipated to account for the high demand for nurse call systems, lab sample management systems, and other laboratory workflow solutions over the coming years.
Lab Workflow Solutions Market Size (2022)
US$ 9.12 Billion
Predicted Market Value (2032F)
US$ 36.27 Billion
Forecasted Market Growth Rate (2022-2032)
Top 3 Countries’ Market Share
Key Companies Profiled
Interested to Procure The Data
Demand Analysis of Lab Workflow Solutions (2017-2021) in Comparison to Market Growth Forecasts (2022-2032)
Over the past few years, the world has witnessed a substantial increase in the prevalence of chronic diseases and this has led to an increased burden on healthcare infrastructure. To reduce the burden on healthcare infrastructure, institutions are moving towards digitization and the adoption of novel technologies.
Increasing demand for standardization of processes in clinical laboratories, rising penetration of IoT and cloud technologies in healthcare infrastructure, growing collaborative nature of research and diagnostic labs, and increasing popularity of automation are prominent factors that drive lab workflow solutions market potential through 2032.
Rising focus on patient engagement is expected to favour demand for medical device integration platforms, physical access control systems (PACS), remote patient monitoring systems, etc.
Increasing use of the aforementioned systems will bolster the demand for laboratory information management systems to manage data efficiently.
However, high capital expenditure and changing regulatory guidelines across various regions are expected to have a hampering effect on the overall lab workflow management services market.
The market for lab workflow solutions is anticipated to expand at an astronomical CAGR of 14.8% from 2022 to 2032.
What are the Key Trends in the Lab Workflow Solutions Market?
“Collaborative Approach of Pathology Labs & Research Labs”
Cloud technology has opened up the scope of collaboration between multiple industry verticals and this trend has positively influenced the lab workflow solutions market growth. Integration of lab workflow software with cloud technology has provided new collaborative opportunities in the healthcare industry where demand for standardization and efficacy is increasing like never before.
Especially, pathology labs and research labs account for the high adoption of lab workflow management software in the healthcare industry and are pioneering a new path for collaborative approaches across various healthcare establishments. This aforementioned factor is anticipated to majorly drive lab workflow solutions market growth over the years to come.
“High Capital Expenditure Impeding Lab Workflow Solution Demand”
Deployment of laboratory process management solutions requires a high initial investment and is followed by costlier maintenance and training programs for staff.
This factor increases the overall operational costs of a laboratory, and hence, decreases profitability, which is acting as a major constraining factor for the global lab workflow solutions market.
An Adaptive Approach to Modern-day Research Needs
How Can New Entrants Carve a Market Share for Themselves?
“New Companies Need to Focus on Providing Innovative Lab Workflow Solutions”
The lab workflow solutions market is consolidated and tough to penetrate owing to the need for high initial capital investment. However, new market entrants can focus on bringing unique lab workflow solutions and services integrated with advanced technologies such as AI, IoT, machine learning, etc.
- For instance, in June 2022, ScImage Inc. and DiA Imaging Analysis collaborated to bring together a unique solution for echocardiography (echo) labs that enables better access to the latest imaging technology with advanced AI capabilities.
New market players can also collaborate and integrate their novel offerings to create a better overall workflow management solution that is unique in the industry.
How is the North America Lab Workflow Solutions Market Faring?
“North America Accounts for Dominant Market Share”
The North America lab workflow solutions market currently accounts for a prominent market share of 32.4% while holding a revenue total of US$ 2.95 billion in 2022.
Increasing research and development activities in this region are expected to boost the adoption of lab workflow solutions technologies across the forecast period. Rising spending on healthcare automation and digitization and supportive government investments are also expected to favour lab workflow solutions market potential in this region.
FDA restrictions regarding the use of lab workflow systems only for research purposes prove to be a major challenge for lab workflow solution providers in the United States.
Which End User of Lab Workflow Solutions is Prominent?
“Hospitals to Lead Lab Workflow Solution Demand”
Investments to bolster healthcare infrastructure have increased across the world and this has led to a rise in the establishment of hospitals. Increasing digitization and rising technological proliferation have boosted the establishment of connected hospitals.
The increasingly collaborative nature of hospitals and rising focus on patient flow management are expected to majorly drive the growth of this segment over the forecast period.
Fact.MR, a market research and competitive intelligence provider, has analyzed all the key market segments in this latest lab workflow solutions market research report, along with a detailed regional and global analysis.
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Lab workflow solution providers are focusing on mergers, acquisitions, and collaborations to increase the scope of application of their services and solutions and drive their revenue generation capacity.
- In May 2020, CISCO, a tech giant collaborated with Stanley Healthcare to integrate CISCO’s DNA Spaces with Stanley’s AeroScout Real-time location System (RTLS) platform. This collaboration enabled Stanley Healthcare to deliver a cost-effective solution to healthcare providers who use RTLS platforms for their core operations, thereby improving the overall quality of healthcare services.
Key Segments in Lab Workflow Solutions Industry Research
Lab Workflow Solutions Market by Type :
- Data Integration Solutions
- Real-time Communication Solutions
- Lab Workflow Automation Solutions
- Care Collaboration Solutions
- Enterprise Reporting & Analytics Solutions
Lab Workflow Solutions Market by End Use :
- Long-term Care Facilities
- Ambulatory Care Centers
Lab Workflow Solutions Market by Region :
- North America
- Latin America