Assessment of COVID-19 Impact: Producers of Lab Workflow SolutionsForced to Temporarily Halt Operations, as Demand Slows Down – Fact.MR Report

Posted on 2021-02-09 by Future Market Insights, Inc in Healthcare // 0 Comments

CITY, Country, 2021-Feb-09 — /EPR Network/ —

The global demand for lab workflow solutions witnessed slight decline in Covid-19 pandemic due to nationally mandated lockdown and social distancing implemented in 2020. Since the impact of the disease has come down in 2021 and manufacturers have started continuing their operations, the market for lab workflow solutionsis gradually recovering due to the tireless efforts ofthe market players.

Growing need for standardizing processes in clinical laboratories such as sample receipts, handlings, preparation of lab samples, guidance for assay data collection, reduce potential errors etc is creating a strong preference for such solutions in 2021. At present, users are opting for those LIMSwhich are providing customized solutions to them.

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Health care stakeholders are implementing payment reforms such as value-based payment models that help providers, payers, and patients achieve the best outcomes at the lowest cost. Technology-enabled patient engagement strategies are enabling increased financial independence for patients in their health care decisions, in addition to improving interactions with their health care systems. Governments are also moving the needle by adopting universal health coverage and introducing pricing controls on pharmaceuticals and medical technology devices. Population health management (PHM) is being used to identify people’s health care needs and offer services accordingly.

Big data and analytics will drive patient outcomes in a big way, and the coming years will witness a growing emphasis on healthcare service providers in the business of gathering and processing patient health data. Creating outcome-oriented financial models to maximize reimbursements in value-based healthcare will be a strategic shift from the traditional fees-for-services model. This implies that pharmaceutical companies will need to devise appropriate measures to optimize costs and improve the quality of patient care.

Mass technological transformation of the global healthcare industry has left key market participants struggling to traverse the complexities of medical and life sciences. Given the shifting dynamics of the global healthcare sector, pharma and biotech companies are taking measured efforts to improve patient outcomes in an effective manner, while keeping a careful watch on the bottom line.

Persuasiveness of IoT and cloud platforms are relentlessly transforming the lab workflow management space favouring the adoption of lab workflow solutions in 2021. Such solutions are creating an ease for carrying out workflow audit in labs and clinics through cloud platforms.

The ability to improve communication between the clinic and laboratory continues to accelerate the demand for such solutions as lab workflow solutions are facilitating effective communication with the clients in real-time by quickly answering to their queries.

Introduction of modified workflow solutions by leading manufacturers is leveraging possibile opportunities for further growth. Thermo Fisher Scientific and Hill-Rom Holdings are among the best players in this market and are continuously bringing innovations in their offering to users.

Leading players in this market are developing technologically sound platforms, highly advanced products with improved performance and utility, providing customized solutions etc to maintain healthy competition in the market.

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For instance, Stanley Healthcare Corporation collaborated with CISCO on May 2020 to integrate Stanley’s Healthcare AeroScout Real-time location system with Cisco’s DNA spaces enabling Stanley Corporation to deliver seamless and cost-effective solutions to healthcare providers relying on RTLS as a core part of their operations. The collaboration resulted in exaggerating the market share and global presence of Stanley across the world.

In addition to Stanley Corporation, Thermo Fisher Scientific introduced a software on its name called “Thermo Scientific Software” on October 2020 which is ideal for managing data, workflows, resources etc. The software is enabling scientists to overcome regular challenges in clinical and analytical labs making the administrative jobs, billing reporting, multi-software integrations easier than ever before. This software is the most used application in 2021. Thermo Fisher is currently adopting other strategies like joint ventures, collaborations, product approvals etc. Such developments have made the company the leading manufacturer in this market.

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Further, Capsule Technologies Limited acquired Bernoulli Enterprizes on April 2020 to integrate Bernoulli’s Clinical Surveillance solution with Capsule Technologies’ Medical Device Integration Platform. The acquisition resulted in strengthening the connectivity capabilities of Capsule Technologies throughout the world.

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