Clinical Laboratory Services Market Companies Focus on Technological Advancements to Surge Ahead

​The global clinical laboratory services market demonstrates a largely fragmented business landscape due to the presence of a large pool of international and regional players, states a recent market intelligence report by Transparency Market Research (TMR). Keen players in the market are pouring money for facility automation and for the inclusion of technologically advanced tests as well as to expand their existing capacities that will help them serve a large customer base. They are also seen to expand their geographical outreach with mergers and acquisitions and strategic alliances, which is making the market somewhat consolidated.

Key companies operating in the global clinical laboratory services market include Charles River Laboratories International Inc., SYNLAB International GmbH, Sonic Healthcare, NeoGenomics Laboratories Inc., Genomic Health Inc., Fresenius Medical Care, Laboratory Corporation of America Holdings, UNILABS, Quest Diagnostics Incorporated, and Eurofins Scientific among others.

According to TMR’s estimations, the worldwide market for clinical laboratory services will serve a demand to attract a revenue of US$361.3 bn by the end of 2025 from US$208.0 bn in 2016 at a CAGR of more than 6% from 2016 to 2025.

Based on test type, clinical chemistry test segment is likely to lead the global market through 2025. The segment of standalone laboratories among the various service provider segments holds dominance in this market. However, hospital based laboratories segment is expected to display the leading growth rate among all service provider segments over the forecast period. Geography-wise, North America is anticipated to continue to dominate in the global clinical laboratory services market over the forecast period.

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Rising Awareness about Importance of Early Disease Diagnosis Boosts Market’s Growth

High prevalence of infectious diseases is one of the key factors driving the growth of global clinical laboratory services market. This, along with the rising awareness about the importance of disease diagnosis, incidence of seasonal diseases, and prevalence of lifestyle related diseases are attributed to drive the growth of clinical laboratory services market during the forecast period.

In the present scenario, advanced technologies, demand for quick results, and revolution in testing methodologies are some of the key factors that are likely to propel the market’s growth over the forecast period. Consumers are aware of the availability of tests that help diagnose the condition at an early stage and administer the course of treatment. Furthermore, rise in per capita healthcare expenditure by consumers, government funding for modernization of laboratory services in emerging economies, and increasing global population are expected to stoke growth of the clinical laboratory services market in the upcoming years.

Clinical laboratory refers to a facility where tests are performed on the clinical specimen to obtain information about the medical condition of patients so as to diagnose and deliver the line of treatment in a timely manner. The tests help physicians to understand the root cause of the disease and subsequently administer appropriate treatment.

Lack of Technical Expertise in Developing Nations Hinders Growth

On the downside, factors such as lack of awareness in developing countries about the importance of diagnosis and prevention of diseases, lack of infrastructure and dearth of expert technicians in developing nations, and stringent regulatory scenarios in many countries are restricting the growth of clinical laboratory services market.

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Nurse Call Systems Market Lucrative in Various Regions

​A recent market intelligence report by Transparency Market Research (TMR) has detected that the global nurse call systems market is constantly evolving with the advent of new equipment and features, and although there is plenty of scope for new entrants who frequently make a foray, a limited number of key players do hold a significant position. Some of the major players identified by the TMR report in the global nurse call systems market are: Cornell Communications, Azure Healthcare Limited, TekTone Sound & Signal Mfg., Inc., Ascom Holding AG, Jeron Electronic Systems, Inc., Hill-Rom Holdings, Inc., STANLEY Healthcare, Vigil Health Solutions, Inc., Tyco SimplexGrinnell, and Rauland-Borg Corporation, which has been acquired by Ametek, Inc.

The TMR report projects the demand in the global nurse call systems market to expand at an impressive CAGR of 10.9% during the forecast period of 2017 to 2025, estimating it to reach a valuation of US$2,665.98 mn by 2025. Most of the key vendors are resorting to latest technologies in order to differentiate themselves from the competition and gain market share. The report also expects offering of customized services according to the requirements of individual hospital, acquisitions of promising entrants, significant contract wins, and new product launches as some of the other strategies of the key players to expand their revenue horizon.

Based on equipment-type, IP-based nurse call systems generated maximum revenue in 2016, whereas wired communication contributed maximum demand in terms of communication technology. End-users of the global nurse call systems market has been bifurcated into hospitals, assisted living centers, nursing homes, and clinics, with hospitals offering most of the demand, owing to growing adoption of nurse call systems at all-in-one healthcare facilities. Geographically, North America is the most profitable region, with robust medical infrastructure, although Asia Pacific is projected for the best growth rate.

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Increased Healthcare Budget and Government Support Driving Demand

Increase in healthcare expenditure, especially in the developed countries, growing adoptability of medical insurance in various emerging economies, aging population across the world, prevalence of chronic diseases, increased investment in healthcare, government support from innovative technology that come to consumer’s aid in real-time, technological advancements and product development, and easy data availability for important healthcare departments are some of the primary factors driving the global nurse call systems market.

As per the estimations of the World Health Organization, world’s population with people over 60 years of age will almost double from 12% to 22% during the period of 2015 to 2050. As geriatrics commonly suffer from various chronic diseases and are frequently unable to help themselves, this significant chunk of population will continue to pose strong demand in the global nurse call systems market. On the other hand, factors such as high implementation costs, challenges pertaining to integration and interoperability, stringent regulatory environment, and the lack of trained professionals who can function efficiently with healthcare as well as IT are hindering the market for nurse call systems from attaining its true potential.

Increasing Nurse Involvement in Healthcare Opening New Opportunities

Upcoming technologies such as centralized nurse call system, integration of nurse call systems with smartphones and in-hospital wireless phones, interoperable designs, and increasing nurse involvement in healthcare are some of the trends that are expected to reflect positively on the global nurse call systems market. The author of the report suggests the vendors of this market to pay deserving focus to the Asian countries wherein medical tourisms sector is prospering.

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Digital Health Market for Government Policies Creates Better Opportunities

​The global digital health market has been prognosticated to testify the existence of leading companies that showcase a grander regional outreach on account of their involvement in a range of digital health product categories. According to a report by Transparency Market Research (TMR), some of the dominant players operating in the market could be Philips Healthcare, McKesson Corporation, Allscripts Healthcare Solutions, Inc., Cerner Corporation, and Agfa-Gevaert N.V. The players have been circumstantially profiled in the report on the basis of various aspects such as recent developments, product portfolio, and key business strategies.

As per the statistics of TMR, the global digital health market has been envisaged to rake in a revenue of US$536.6 bn by the end of 2025 from US$196.3 bn in 2017 at a 13.4% CAGR. With regard to revenue, healthcare information systems had accounted for a king’s share in 2016. On the basis of regional distribution, North America had taken the lead in the market in the same year.

Developing IT Infrastructure and Advantageous Government Support Raise Expectations

The world digital health market has been prophesied to gain a strong impetus due to the surging adoption of IT in the healthcare industry and growing count of government initiatives in favor of healthcare providers and also patients. The rapid improvement of healthcare IT infrastructure and rising usage of mobile platforms such as tablets and smartphones could bode well for the market. Healthcare providers have been anticipated to up the adoption of mHealth technologies for monitoring the health of patients in view of the elevating pressure for cost reduction.

The practice of digital health in the U.S. has been receiving a telling boost owing to the striking increase in the usage of smartphones by physicians. The world digital health market has been predicted to ride its growth on the back of the advent of technologically sophisticated healthcare IT facilities backed by promising government support. The market could boast of a robust growth platform considering the fruitful integration of healthcare systems with enhanced government support.

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Inadequate Infrastructure and Expensive Maintenance Depress Demand

The other side of the coin could reveal a slack in growth for the international digital health market. This has been envisioned to be because of certain factors such as the poor size of healthcare infrastructure in emerging countries, high maintenance bills, security and privacy issues, and extortionate capital outlay.

However, the international digital health market has been foreseen to offer a wealth of auspicious business prospects in respect of the emergence of remote patient monitoring services that allow to examine health problems from remote locations. The adoption of these services has been expected to propel due to the burgeoning prevalence of diabetes, cancer, cardiovascular, and other diseases. The market could also expect opportunities birthing from the rise of geriatric population living independently and profiting from remote patient monitoring services.

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Picture Archiving Communication System Market North America Likely to Remain Dominant Regional Market

​Persistence Market Research delivers in-depth research on the global PACS market in its latest report titled “Global Market Study on Picture Archiving and Communication System (PACS): North America Likely to Remain Dominant Regional Market?”. According to the report, the global Picture Archiving Communication System Market is projected to expand at a healthy CAGR of 6.2% during the forecast period in terms of revenue.

A PACS is a fully integrated system which is used for the data storage, distribution and analysis of medical images by doctors or by any other medical officials. PACS is termed as a picture archiving and communication system which is a combination of hardware, software, image modalities, and archiving that is used for data or image capturing, storing, distributing and then presenting these medical images. A picture archiving and communication system comprises of four key components including the imaging modalities such as MRI and CT, a secure network to transfer patient data, PACSs for interpreting and reviewing images, and long term and short term archives to retrieve and store reports and images.

Market dynamics

Demand for cloud-based PACS which are increasingly used in wide range of healthcare end-users such as hospitals, diagnostic centers, imaging centers, clinics, and many others is increasing significantly. PACS solutions are gaining traction due to an immediate reduction in the cost of archiving and storage for the clinics, hospitals, or imaging centers. This is expected to bolster the global PACS market. Recently, healthcare and hospitals providers are moving towards an e cloud-based system due to low cost and flexibility in technology adoption as compared to traditional PACS. Thus, increasing uses and applications of PACS are anticipated to increase the revenue growth of the global Picture Archiving Communication System Market during the forecast period.

However, declining penetration rate of PACS, its high installation and operating cost, complexity of PACS technology and a lack of harmonization are the restraints hampering the growth of the global PACS market.

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Market forecast

The global Picture Archiving Communication System Market is segmented on the basis of deployment, components, business mode, end-use, and region. By deployment, PACS market is segmented into web-based PACS, cloud-based PACS and on-premise. Moreover, by components market is categorized into imaging modalities, secured network, and workstation and archives. On the basis of business mode, PACS market is fragmented into enterprise and departmental. Further PACS market end-users are hospitals, clinic imaging, dental practices, imaging centers, diagnostic centers, research & academic institutes, ambulatory surgical centers, and others. Key regions covered in the report are North America, Western Europe, Asia-Pacific excluding Japan, Eastern Europe, Middle East & Africa, Latin America and Japan.

The report analyzes the global Picture Archiving Communication System Market in terms of value (US$ Mn) by deployment, components, business mode, end-use, and region; and provides insightful information regarding the value chain, market trends, competitive landscape, market dynamics and market estimations and forecast.

On the basis of regions, North America is estimated to be the largest Picture Archiving Communication System Market, accounting for 31.1% value share of the global PACS market in 2016. The region continues to dominate the market presently and is expected to continue to do so throughout the forecast period. On the basis of deployment, cloud-based PACS segments are projected to exhibit CAGR of 7.1%, respectively, in terms of market value during the forecast period. This is attributed to increasing usage of PACS in wide range of end-user application.

The markets in APEJ, Western Europe, MEA and Latin America are anticipated to contribute majorly to the global PACS market. The market in APEJ is expected to account for 18.4% share in terms of value in the global PACS market and be valued at US$ 674.9 Mn by 2026 end. The increasing demand for PACS from the hospitals, diagnostic centers, and Imaging centers in Western Europe, especially in EU5 is expected to fuel revenue growth of the market in the region. The market in Western Europe is estimated to be valued at US$ 790.7 Mn by 2026 end and projected to register a CAGR of 6.0% during the forecast period.

Factors such as increasing demand for increasing use of diagnostic imaging, growing healthcare IT adoption, and increasing adoption of cloud-based PACS is set to drive revenue growth of the global PACS market.

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Healthcare Mobility Solutions Market Wireless Technologies Promote Usage of Healthcare Solutions

​The competitive landscape in the healthcare mobility solutions market is highly fragmented due a large number of players. Transparency Market Research has identified McKesson Corporation, Cerner Corporation, and Philips Healthcare as the key players in this market as of 2014. “These players have a strong presence across Europe and North America,” reports the author of this research report.

To increase their geographical reach leading companies are also trying to expand their focus on inorganic expansion. For instance, Cerner Corporation joined hands with Truman Medical Centers (TMC) to collectively work with healthcare information technology to offer better care to patients and improved solutions to the medical fraternity.

Penetration of Smartphones Encourages Adoption of Healthcare Mobility Solutions

The incorporation of multiple application platforms in new-age smartphones has made tech savvy users opt for medical attention through their personal digital assistants. The gap between the need of the patients and the medical help is being blurred by mobile applications that have improved response time, clinician decision making, and overall patient care.

The strong year-on-year increase in the penetration of smartphones and the accessibility to the Internet has thereby increased the deployment of healthcare mobility solutions. Furthermore, the growing acceptance of healthcare mobile solutions such as enterprise mobility platforms, mobile applications, and mobile devices is adding value to the efficiency and effectiveness of healthcare in remote areas.

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Wireless Technologies Promote Usage of Healthcare Solutions

The healthcare mobility solutions market is also being fueled by the successful rollout of wireless technologies such as 3G, LTE-A, and LTE. The wide network of these advanced technologies that deliver high-speed, seamless connectivity, and effortless communication has allowed vendors in this market to offer groundbreaking healthcare solutions. The prompt two-way response between the medical professional and patient to save lives has only been possible due to the efficient rollout of LTE and LTE-A. This market will also be driven by the declining nursing staff and the shortage of centers to treat the ever-growing pool of patients.

However, developing regions of Latin America and Asia Pacific are expected to be attractive markets for these solutions. The unmet medical needs of patients across China, Brazil, South Africa, and India will not only offer a huge potential for growth to the companies operating in this market but also revolutionize the state of medical care in these regions. The soaring patient pool, increasing number of geriatrics, and the abnormal doctor-to-patient ratio are all expected to drive the demand for IT-enabled healthcare solutions in these regions.

Risk of Data Hacking and Identity Theft Prevents Market to Reach Full Potential

The issues faced in complete acceptance of healthcare mobility solutions are a threat to private information and security breaches. The potential risk of data hacking, identity theft, unauthorized access, and tampering with patient data is making both the medical fraternity as well as the patients skeptical about relying on these solutions.

Asia Pacific to Rise at Fastest CAGR

According to the research report, the global healthcare mobility solutions market was valued at US$20.13 bn in 2014 and is expected to reach US$148.66 bn by the end of 2023. During the forecast period of 2015 and 2023, the overall market will progress at a pace of 25.5% CAGR. The leading segment in the overall market will be mHealth application segment as analysts predict it will expand at a whopping CAGR of 25.6% during the forecast period. Geographically, Asia Pacific is expected to be the fastest growing segment due to a huge population base. This regional segment will grow at an impressive CAGR of 28.3%.

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Pharmacovigilance Market Demand for Contract Outsourcing Services to Remain Strong

​The global market for pharmacovigilance demonstrates a highly fragmented and competitive landscape, thanks to the presence of a large pool of established as well as startups, finds a new study by Transparency Market Research (TMR). Prompted by its exponential growth, a number of BPOs and CROs from across the world are looking to foray into this market, which is likely to increase the competition in the years to come. The leading companies, such as Accenture Plc, Cognizant Technology Solutions, Bristol-Myers Squibb, and Covance Inc., are likely to focus on technological advancements in their offerings over the next few years, states the report.

As per the research report, the global pharmacovigilance market, which was US$2.4 bn in 2013, is anticipated to rise at a CAGR of 14.20% during the period for 2014 to 2020 and reach a value of US$6.1 bn by the end of the forecast period. Spontaneous reporting has been the most preferred method of pharmacovigilance across the world and is anticipated to remain so over the next few years, note the study.

Demand for Contract Outsourcing Services to Remain Strong

In-house and contract outsourcing services have been considered as the most preferred pharmacovigilance services across the world in this report. The demand for contract outsourcing services is much higher than the in-house ones and the scenario is likely to remain so over the forthcoming years, thanks to the rising need of pharma companies to shift their focus from non-core to their core business activities by outsourcing pharmacovigilance services.

In terms of the geography, the report classifies this market into North America, Asia Pacific, Europe, and the Rest of the World. North America, among these, has been leading the global market. Researchers anticipate this regional market to remain on the top over the forecast period, thanks to the escalating mortality rate, fueled by ADRs, and the rising concerns of patients pertaining to the safety and the efficiency of pharmaceutical products, states the report.

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Rising Number of Government Pharmacovigilance Centers to Boost Market’s Growth

According to an analyst at TMR, the growing awareness pertaining to the public health and the increasing demand for medical interventions and safe practices of medicines are boosting the market for pharmacovigilance substantially across the world. “The rising number of government pharmacovigilance centers, globally, is playing a decisive role in increasing the public awareness level regarding drug safety and, consequently, influencing this market,” he adds.

The market, however, is facing several issues and challenges in developing a technologically advanced healthcare system. The growth of this market may also be hindered by the dearth of skilled professionals and the high risk associated with the data security in the near future, reports the study.

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Healthcare Mobility Solutions Market Asia Pacific to Rise at Fastest CAGR

​The competitive landscape in the healthcare mobility solutions market is highly fragmented due a large number of players. Transparency Market Research has identified McKesson Corporation, Cerner Corporation, and Philips Healthcare as the key players in this market as of 2014. “These players have a strong presence across Europe and North America,” reports the author of this research report.

To increase their geographical reach leading companies are also trying to expand their focus on inorganic expansion. For instance, Cerner Corporation joined hands with Truman Medical Centers (TMC) to collectively work with healthcare information technology to offer better care to patients and improved solutions to the medical fraternity.

Penetration of Smartphones Encourages Adoption of Healthcare Mobility Solutions

The incorporation of multiple application platforms in new-age smartphones has made tech savvy users opt for medical attention through their personal digital assistants. The gap between the need of the patients and the medical help is being blurred by mobile applications that have improved response time, clinician decision making, and overall patient care.

The strong year-on-year increase in the penetration of smartphones and the accessibility to the Internet has thereby increased the deployment of healthcare mobility solutions. Furthermore, the growing acceptance of healthcare mobile solutions such as enterprise mobility platforms, mobile applications, and mobile devices is adding value to the efficiency and effectiveness of healthcare in remote areas.

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Wireless Technologies Promote Usage of Healthcare Solutions

The healthcare mobility solutions market is also being fueled by the successful rollout of wireless technologies such as 3G, LTE-A, and LTE. The wide network of these advanced technologies that deliver high-speed, seamless connectivity, and effortless communication has allowed vendors in this market to offer groundbreaking healthcare solutions. The prompt two-way response between the medical professional and patient to save lives has only been possible due to the efficient rollout of LTE and LTE-A. This market will also be driven by the declining nursing staff and the shortage of centers to treat the ever-growing pool of patients.

However, developing regions of Latin America and Asia Pacific are expected to be attractive markets for these solutions. The unmet medical needs of patients across China, Brazil, South Africa, and India will not only offer a huge potential for growth to the companies operating in this market but also revolutionize the state of medical care in these regions. The soaring patient pool, increasing number of geriatrics, and the abnormal doctor-to-patient ratio are all expected to drive the demand for IT-enabled healthcare solutions in these regions.

Risk of Data Hacking and Identity Theft Prevents Market to Reach Full Potential

The issues faced in complete acceptance of healthcare mobility solutions are a threat to private information and security breaches. The potential risk of data hacking, identity theft, unauthorized access, and tampering with patient data is making both the medical fraternity as well as the patients skeptical about relying on these solutions.

Asia Pacific to Rise at Fastest CAGR

According to the research report, the global healthcare mobility solutions market was valued at US$20.13 bn in 2014 and is expected to reach US$148.66 bn by the end of 2023. During the forecast period of 2015 and 2023, the overall market will progress at a pace of 25.5% CAGR. The leading segment in the overall market will be mHealth application segment as analysts predict it will expand at a whopping CAGR of 25.6% during the forecast period. Geographically, Asia Pacific is expected to be the fastest growing segment due to a huge population base. This regional segment will grow at an impressive CAGR of 28.3%.

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