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