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Diagnostics Lab Automation and Monitoring Solutions Growth Opportunities
The Intersection of Automation and Digital Data Exchange Unlocks Value for Diagnostics Labs
17-Jun-2024
Global
Market Research
PFF5-01-00-00-00
HC_2024_807
$4,950.00
Special Price $3,712.50 save 25 %
The pathology workforce shortage, accuracy concerns, and uneven distribution of prices and resources are persistent challenges for the diagnostics sector.
Lab test results are the foundation of future human health, influencing 70% of clinical decisions. A surge in lab tests’ yearly volume will result from persistent trends, including aging populations, growing non-communicable diseases, early-onset cancers, type 2 diabetes, and other cardiometabolic and neurodegenerative diseases.
In consequence, advancements in digital technology are steadily expanding the availability of lab diagnostic tools beyond traditional medical settings. The popularity of omnichannel experiences across various consumer digital touchpoints and the rise of mobile apps, online aggregator platforms, and self-care trends (for instance, preventive checks) are boosting the year-over-year (YoY) number of digital users of pathology labs. Certain technologies, such as next-generation sequencing, are shaping the high-end specialized test spectrum, including oncology, prenatal, and infectious disease diagnostics.
In this context, a robust business expansion strategy that drives growth while also improving resilience and sustainability is critical for pathology labs looking to expand their business to new markets. Many labs have partnered with in vitro diagnostics vendors to increase access, optimize network organization, and recover lab productivity. These efforts improve test results’ delivery and generate better-oriented test menus that persist throughout economic cycles.
Furthermore, the strategic use of digitization and automation is vital for labs to pivot and grow with changing consumer expectations—improved convenience, affordable pricing, and quicker turnaround times. However, incremental upgrades to legacy equipment and workflows may affect digital transformation maturity. Robotic automation and proactive lab monitoring capable of performing intelligent operations are also entering the sector. With a projected 9.1% CAGR, the lab automation and monitoring solutions industry is a significant inflection point in the diagnostics industry.
Author: Amartya Bose
Revenue Forecast
The revenue estimate for the base year 2023 is $2.50 billion with a CAGR of 9.1% for the study period from 2023 to 2028.
The Impact of the Top 3 Strategic Imperatives on the Lab Automation and Monitoring Solutions Industry
Transformative Megatrends
Why:
- Smart infrastructure demand from diagnostics labs increases due to specific needs, including the need to reduce energy consumption, increase contextual visibility into systems’ performance, generate actionable insights, meet value-based operations, and create safe and standardized workflows. Neglecting this interplay may lead to low-level system integration, increased energy consumption, and higher costs.
Frost Perspective:
- As the proliferation of modular systems automates pre- and post-analytical workflows, the future of lab operations will utilize an all-inclusive digital optimization strategy that begins with data, proactive lab monitoring, and flexible automation systems.
- Navigating the interchange with automated liquid handling, real-time data monitoring, and insights as a service is critical to enabling value-based lab operations, including enhancing operational efficiency, accuracy, and patient care.
Internal Challenges
Why:
- Beyond primary experimental data, the lab data sphere includes instrument calibration records, inventory data, environmental data, test protocols, and test results from multiple systems that lack interconnectivity. A fragmented data infrastructure obstructs teams’ proactivity about efficiency and continuous improvement. To mitigate this, labs seek to embrace agility and data-driven growth backed by a variety of hardware, software, and service solutions.
Frost Perspective:
- The current data integration approach based on point-to-point connectivity has led to data silos. The data atrophy effect is increasing costs and slowing service scalability potential.
- Labs will embrace real-time data monitoring, including real-time data exchange and insights from all lab assets, to accelerate lead time and innovation.
Innovative Business Models
Why:
- The pandemic’s aftermath has evinced the urgency of moving to digitization and automation, which are steadily increasing.
- Faster remote data access, scalable cloud-based storage, asset monitoring, remote operations, and improved stakeholder collaboration are new battlegrounds for success in the product lifecycle.
Frost Perspective:
- An insight-as-a-service model will shift diagnostics labs’ value proposition—which currently revolves around test accuracy, sensitivity, and speed—to value-based lab services organizations armed with remote monitoring and integrated analytics capabilities.
- Implementing this model through contracts and on-demand businesses will create durable growth throughout economic cycles.
Scope of Analysis
- This analysis examines the global diagnostics lab automation and monitoring industry.
- Frost & Sullivan has focused on this industry due to its many transformations to meet the demand for cutting-edge technologies and intelligent software tools that promise more intuitiveness and consumer-centricity.
- Lab automation solutions cover many aspects of lab operations, such as pre- and post-analytical workflows, whereas lab monitoring systems cover an entire facility. These solutions streamline workflows by integrating robotics, instruments, and software.
- Lab monitoring solutions incorporate sensors, environmental monitoring, facility (asset) monitoring, and compliance monitoring systems to enhance the performance and stability of the lab workflow and maintenance.
- In conjunction with the Internet of Things (IoT), lab automation and monitoring solutions may enable AI/ML algorithms to identify trends that may otherwise go unnoticed.
- The industry can be divided into solutions, selected applications, and products and services. This study focuses on lab automation and monitoring systems solutions for revenue estimations and forecast analysis.
Scope
- Global
- North America (NA)
- Europe
- Middle East and Asia-Pacific (ME & APAC)
- Rest of the World (ROW)
Segmentation
Lab Automation and Monitoring (Solutions)
Automation Systems
- Microplate handling (robotic arms, stacker, barcode labeler)
- Liquid handling (liquid handler, microplate washer/reagent dispenser, magnetic bead station, pipetting systems, pipette tips)
- Lab automation software (scheduling software, control software, protocol software, pipetting software)
- Other solutions/work cells
Monitoring Systems
- Sensors
- Facility monitoring (modular asset management, preventive maintenance, real-time monitoring, alarm notifications)
- Compliance monitoring (lab data integration and management)
- Environmental monitoring (tracking temperature, O2, CO2, pressure, humidity, light levels, water spills)
- Other solutions
Lab Automation and Monitoring (Products and Services)
Hardware
- Instruments and robotic instruments
- Sensors
- Consumables
- Others
Software
- Lab automation software
- Facility monitoring and environmental monitoring
- Compliance monitoring
- Others
Services
- Installation, training, and maintenance
- Replacement and repairs
- Technical support
- Qualification and calibration
- Remote access to data
- Remote monitoring and support
- Storage services
- Data analytics
- Other connected services
Lab Automation and Monitoring (Selected Applications)
- Liquid Handling
- Sample Management
- Data Management
- Data Analytics
- Remote Monitoring
Competitive Environment
| Number of Competitors | 24 with revenue greater than $2.50 billion |
| Competitive Factors | Technology, precision, service and support efficiency, performance, privacy and security, outcomes |
| Key End-user Industry Verticals | Diagnostics labs |
| Leading Competitors | Beckman Coulter (Danaher), Thermo Fisher Scientific, Agilent Technologies, Eppendorf, Abbott |
| Revenue Share of Top 5 Competitors (2023) | 73% |
| Other Notable Competitors | Bio-Rad Laboratories, Waters Corporation, Siemens Healthineers, Revvity, bioMérieux, Roche Diagnostics, Hamilton, Qiagen |
| Distribution Structure | Original equipment manufacturers and direct sales |
| Notable Acquisitions and Mergers | Bruker acquired Chemspeed, Beckman Coulter bought Labcyte, Waters partnered with Scitaria and invested in Andrew Alliance, Hamilton purchased BioFluidX |
Key Competitors
- Eppendorf
- Roche Diagnostics
- Abbott
- Danaher (Beckman Coulter)
- Agilent Technologies
- Thermo Fisher Scientific
- Siemens Healthineers
- Bio-Rad Laboratories
- bioMérieux
- Revity
- Waters
- Hudson Robotics
- Hamilton
- Gilson
- Qiagen
- Abbott
- Danaher (Beckman Coulter)
- Thermo Fisher Scientific
- Agilent Technologies
- Revity
- Hudson Robotics
- Bio-Rad Laboratories
- Hamilton
- Waters
- Gilson
- Elemental Machines
- Scitara
- Opentr0n
- Data Innovations
- Eppendorf
- Roche Diagnostics
- Siemens Healthineers
- Inpeco
- bioMérieux
- Flow Robotics
- Gilson
- Qiagen
- BGI Genomics
- Sysmex
- Yaskawa
- LTS Health
- Eppendorf
- Roche Diagnostics
- Abbott
- Danaher (Beckman Coulter)
- Agilent Technologies
- Thermo Fisher Scientific
- Siemens Healthineers
- Inpeco
- bioMérieux
- Revvity
- Hamilton
- Gilson
- Flow Robotics
- Qiagen
- Elemental Machines
- Emerald Cloud Labs
- Mesa Labs
Why is it Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top 3 Strategic Imperatives on the Lab Automation and Monitoring Solutions Industry
Growth Opportunities Fuel the Growth Pipeline Engine™
Scope of Analysis
Segmentation
Segmentation (continued)
Key Competitors
Key Competitors (continued)
Growth Metrics
Growth Drivers
Growth Drivers (continued)
Growth Restraints
Growth Restraints (continued)
Forecast Assumptions
Revenue Forecast
Revenue Forecast by Industry Vertical
Revenue Forecast by Region
Forecast Analysis
Revenue Forecast Analysis
Revenue Forecast Analysis (continued)
Pricing Trends and Forecast Analysis
Competitive Environment
Revenue Share
Competitive Factors Assessment
Competitive Factors Assessment (continued)
Growth Metrics
Revenue Forecast
Revenue Forecast by Region
Forecast Analysis
Forecast Analysis (continued)
Forecast Analysis (continued)
Growth Metrics
Revenue Forecast
Revenue Forecast by Region
Forecast Analysis
Forecast Analysis (continued)
Forecast Analysis (continued)
State of the Industry—Present and Future
State of the Industry—Present and Future (continued)
Growth Opportunity 1—Automated Liquid Handling Systems
Growth Opportunity 1—Automated Liquid Handling Systems (continued)
Growth Opportunity 2—Real-time Data Monitoring
Growth Opportunity 2—Real-time Data Monitoring (continued)
Growth Opportunity 3—Insights as a Service
Growth Opportunity 3—Insights as a Service (continued)
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| Deliverable Type | Market Research |
|---|---|
| Author | Amartya Bose |
| Industries | Healthcare |
| No Index | No |
| Is Prebook | No |
| Keyword 1 | Diagnostics lab automation solutions |
| Keyword 2 | Lab monitoring systems growth |
| Keyword 3 | Healthcare automation market |
| Podcast | No |
| WIP Number | PFF5-01-00-00-00 |
