Smart Labs as Key Drivers for the Digital Transformation of Diagnostic Laboratories, 2020

Smart Labs as Key Drivers for the Digital Transformation of Diagnostic Laboratories, 2020

Robotic Automation, Internet of Things (IoT), and Artificial Intelligence (AI) Offering Growth Opportunities for Academic and Commercial Diagnostics Labs

RELEASE DATE
27-Aug-2020
REGION
Global
Research Code: MF14-01-00-00-00
SKU: HC03330-GL-MR_24677

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Description

Diagnostic academic and commercial research labs suffer from cost pressures, given the ongoing Protecting Access to Medicare Act (PAMA) regulations and reproducibility issues, and are under productivity strain. The recent COVID-19 pandemic leading to increasing test volumes and renewed focus on research and development (R&D) to drive innovation will further increase the pressure. Frost & Sullivan’s research indicates that traditional solutions have focused primarily on tools and solution that fulfill the standard lab requirements and will remain inefficient as the industry undergoes digital transition, with data-driven initiatives at every stage. Increasing test volumes, cost pressures, and, in certain cases, distributed laboratories, compel traditional participants to leverage converging technologies such as robotics, AI, Big Data, IoT, and cloud technologies to shift from static, fragmented operations and tools to dynamic and value-driven practices.

The smart labs market includes proprietary robotic platforms, automated tools, Software–as-a-Service (SaaS), mobile apps, and other digital solutions that support operations, data management, and analytics across the value chain within diagnostic labs. For the purpose of this study, only these segments have been considered as part of the market.

The ecosystem for supporting the growth of smart labs is maturing; several technology start-ups and large commercial vendors are already developing products and solutions catering to the specific areas for pre/post-analytical operations, as well as allied areas that include smart procurement, remote monitoring, and predictive maintenance. While the immediate impact in the next 2?3 years is expected to be achieved through small modular instruments and systems, in the long run (5?7 years), companies that will look to integrate end-to-end solutions will see significant impact on efficiency, cost savings, and operational success, depending on their business objectives and performance metrics. Frost & Sullivan analysis identifies the key application areas within the value chain that will see significant growth and, if addressed, can more than double the benefits that can be achieved using current instruments and workflow.

This is an industry-first study on the topic that provides an introduction to the technology pillars and the ecosytem, covering use cases and growth opportunities. The report will serve as an essential resource for stakeholders in developing their digital transformation journey.

Key Issues Addressed

  • What is a true smart lab?
  • How do diagnostics academic and commercial labs become smart?
  • What are the unique companies that are introducing innovative solutions for focused industry applications? What are the select use cases by major application areas?
  • What are the immediate lucrative growth opportunities and applications?
  • What are the critical success factors, challenges, and strategic imperatives that need to be considered for setting up smart labs?

Author: Amol Dilip Jadhav

RESEARCH: INFOGRAPHIC

This infographic presents a brief overview of the research, and highlights the key topics discussed in it.
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Table of Contents

Methodology

Key Findings

Research Scope

Key Questions this Study will Answer

Smart Labs—Overview

6 Pillars for Smart Labs

Optimal Smart Lab Ecosystem

Market Drivers and Restraints

Major Growth Opportunities

Competitive Smart Labs Ecosystem—Top Vendors

Strategic Imperatives for Major Stakeholders

Challenges in Laboratory Operations

How Can Labs Become Smarter?

Smart Labs—Definition

Smart Labs Solutions Market

Evolution of Smart Labs

Smart Labs—Major Application Segments

6 Pillars for Smart Labs

Optimal Smart Lab Ecosystem

Example of Smart Lab Implementation—Vendor Capability

Example of Smart Lab Implementation—Performance Improvement

Internet of Things

IoT—Key Companies to Watch

Cloud Technology

Cloud Technology—Key Companies to Watch

Robotic Automation

Robotic Automation—Key Companies to Watch

Artificial Intelligence

Artificial Intelligence—Key Companies to Watch

Big Data

Big Data—Key Companies to Watch

Smart Labs Implementation Journey

Adoption Curve for Smart Labs Solutions Across Application Areas

Market Drivers and Restraints

Total Market Forecast for Smart Labs Solutions

Total Market Forecast for Smart Labs Solutions by Applications

Revenue Forecast Discussions

Revenue Forecast Discussions (continued)

Trends Shaping the Smart Labs Ecosystem

Competitive Smart Labs Ecosystem—Top Vendors

Competitive Factors and Assessment

Emerging Business Models

Major Growth Opportunities

Growth Opportunity—Smart Labs-as-a-Service

Growth Opportunity—IoT for Workflow Standardization

Growth Opportunity—Digital Twins for Performance Improvement

Growth Opportunity—Edge Computing for Real-time Data Management

Strategic Imperatives for Major Stakeholders

Smart Labs Ecosystem of 2025

5 Competitive Factors for Smart Labs Solutions Success

Three Big Predictions

Legal Disclaimer

List of Exhibits

The Frost & Sullivan Story

Value Proposition—Future of Your Company & Career

Global Perspective

Industry Convergence

360º Research Perspective

Implementation Excellence

Our Blue Ocean Strategy

Related Research
Diagnostic academic and commercial research labs suffer from cost pressures, given the ongoing Protecting Access to Medicare Act (PAMA) regulations and reproducibility issues, and are under productivity strain. The recent COVID-19 pandemic leading to increasing test volumes and renewed focus on research and development (R&D) to drive innovation will further increase the pressure. Frost & Sullivan’s research indicates that traditional solutions have focused primarily on tools and solution that fulfill the standard lab requirements and will remain inefficient as the industry undergoes digital transition, with data-driven initiatives at every stage. Increasing test volumes, cost pressures, and, in certain cases, distributed laboratories, compel traditional participants to leverage converging technologies such as robotics, AI, Big Data, IoT, and cloud technologies to shift from static, fragmented operations and tools to dynamic and value-driven practices. The smart labs market includes proprietary robotic platforms, automated tools, Software–as-a-Service (SaaS), mobile apps, and other digital solutions that support operations, data management, and analytics across the value chain within diagnostic labs. For the purpose of this study, only these segments have been considered as part of the market. The ecosystem for supporting the growth of smart labs is maturing; several technology start-ups and large commercial vendors are already developing products and solutions catering to the specific areas for pre/post-analytical operations, as well as allied areas that include smart procurement, remote monitoring, and predictive maintenance. While the immediate impact in the next 23 years is expected to be achieved through small modular instruments and systems, in the long run (57 years), companies that will look to integrate end-to-end solutions will see significant impact on efficiency, cost savings, and operational success, depending on their business objectives and performance metrics. Frost & Sullivan analysis identifies the key application areas within the value chain that will see significant growth and, if addressed, can more than double the benefits that can be achieved using current instruments and workflow. This is an industry-first study on the topic that provides an introduction to the technology pillars and the ecosytem, covering use cases and growth opportunities. The report will serve as an essential resource for stakeholders in developing their digital transformation journey.--BEGIN PROMO--

Key Issues Addressed

  • What is a true smart lab?
  • How do diagnostics academic and commercial labs become smart?
  • What are the unique companies that are introducing innovative solutions for focused industry applications? What are the select use cases by major application areas?
  • What are the immediate lucrative growth opportunities and applications?
  • What are the critical success factors, challenges, and strategic imperatives that need to be considered for setting up smart labs?

Author: Amol Dilip Jadhav

More Information
No Index No
Podcast No
Author Saravanan Thangaraj
Industries Healthcare
WIP Number MF14-01-00-00-00
Is Prebook No
GPS Codes 9600-B1,9612-B1,9611-B1,9627-B1