Today’s modern labs are generating huge amounts of data and processing more samples than ever before. Thus, laboratories are looking for effective innovations that can manage this support and enhance their operations. The global clinical laboratory services market size is expected to reach $326.97 billion by 2025 and is projected to grow at a CAGR of 6.4 percent. The major factors responsible for the growing preference for lab management services are increasing demand for effective management and tracking of data quality, bio-species location, security, compliances, end-user billing, patient demographics, improvement in database management tools, introduction of integrated workflow management systems, and wide acceptance of point-of-care (POC) testing solutions are some of the key factors driving the market. In addition, the unfulfilled medical needs about disease management along with the subsequent rise in patient awareness levels are also expected to spur the market growth.
The lab management service market is highly competitive and diversified due to the presence of a large number of regional and international vendors across the globe. According to the industry analysis, it has been observed that the laboratory management system vendors are increasing focus on investments in research and developmental activities to develop next-generation healthcare IT. The emergence of software as a service (SaaS)-based lab management systems will drive the growth prospects for the global market in the near future. Some of the benefits associated with the installation of SaaS-based lab management systems include improved efficiency of the processes in research centers and laboratories and advantages over the traditional systems such as better flexibility and short implementation time. Furthermore, the on-premise segment accounted for the majority market share during 2018 and will continue to dominate the market. One of the major factors responsible for the growing preference for the deployment of on-premises is its ability to provide better control over data to professionals. The presence of an effective regulatory structure to oversight the laboratory operations will have a positive impact on the market expansion. Clinical laboratories are forced to meet the standards and guidelines established by CLIA. This results in safe and effective implementation of clinical workflows to improve patient outcome, thereby driving the demand for laboratory management services. Market participants have undertaken several strategies to strengthen their industry position—vendor companies are focusing on establishing mutually beneficial alliances as well as assisting healthcare organizations in scaling up their product portfolio. North America is the leading regional market due to the high penetration of novel diagnostic techniques, while APAC is projected to be the fastest-growing regional market owing to numerous untapped growth opportunities in medical research and presence of low-cost production facilities in the region.
This edition of Healthcare Tech Outlook brings you the “Top 10 Lab Management Consulting/Services Companies 2019.” This list gives you some of the most prominent organizations in the industry that have excelled with their services portfolio in the parking management space. This list is aimed at bridging the gap between businesses and consulting/services providers that are transforming business processes through their insights and technological prowess.