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Enterprise Cloud-based Asset Management Platforms Will Drive Growth
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Many organizations in the clinical, laboratory, and facilities sectors still rely on labor-intensive and manual systems for equipment recording, compliance, and risk management operations. The existing average utilization rate is 60% across instrument types in the life sciences space. This means that more than half of all inventories either have missing equipment or lack real knowledge on total cost of ownership (TCO) (often both). Technical challenges persist in providing global network integration and visibility of laboratory operations at every level. A full lifecycle asset management approach is using multiple sources, decentralized systems, disparate work order management systems, legacy solutions, and enterprise resource planning (ERP) tools is no longer sufficient. Existing asset management platforms remain challenged to provide end-to-end support in intensely connected organizational structures and to improve business processes efficiently. The normal average utilization rate of instruments in a laboratory environment is 60% with decentralized systems, disparate inventory, local sourcing, and inadequate visibility. Advanced service providers can improve utilization rates of instruments to 85% with a single cloud platform, central sourcing, and real time end-to-end service support inventory view.
Getting profitability from hardware in the analytical instrumentation market has become increasingly challenging. There is a significant focus on building a platform solution that effectively integrates hardware, software analytics, and services. This research service analyzes new areas of advanced services, including asset management services, radio frequency identification (RFID) inventory control services, laboratory intelligence services, consulting services, and compliance services. The research will include a deep dive into new data-driven business models.
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Analysis of the Global Lab Analytical Instrumentation Market, Forecast to 2025
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