Advanced Services in the Analytical Instrumentation Market, Forecast to 2022

Advanced Services in the Analytical Instrumentation Market, Forecast to 2022

Many organizations in the clinical, laboratory, and facilities sectors still rely on labor-intensive and manual systems for equipment recording, compliance, and risk management operations. The existing average utilization rate is 60% across instrument types in the life sciences space. This means that more than half of all inventories either have missing equipment or lack real knowledge on total cost of ownership (TCO) (often both). Technical challenges persist in providing global network integration and visibility of laboratory operations at every level. A full lifecycle asset management approach is using multiple sources, decentralized systems, disparate work order management systems, legacy solutions, and enterprise resource planning (ERP) tools is no longer sufficient. Existing asset management platforms remain challenged to provide end-to-end support in intensely connected organizational structures and to improve business processes efficiently. The normal average utilization rate of instruments in a laboratory environment is 60% with decentralized systems, disparate inventory, local sourcing, and inadequate visibility. Advanced service providers can improve utilization rates of instruments to 85% with a single cloud platform, central sourcing, and real time end-to-end service support inventory view.

Research Scope

Getting profitability from hardware in the analytical instrumentation market has become increasingly challenging. There is a significant focus on building a platform solution that effectively integrates hardware, software analytics, and services. This research service analyzes new areas of advanced services, including asset management services, radio frequency identification (RFID) inventory control services, laboratory intelligence services, consulting services, and compliance services. The research will include a deep dive into new data-driven business models.

Customer expectations are changing according to business propositions and, contrary to previous belief, the term ‘disruption’ has come to indicate challenging assumptions by delivering new value to customers and generating new revenue streams beyond the constraints of an existing operating model. The study provides forecasts from 2018 to 2022.

Key Issues Addressed

What are the specific capabilities and investments required to enhance service platform value for customers?

Can a 360º big-picture view of assets be provided to support evolving requirements?

Are the capabilities being developed? What are the return on investment (ROI) models developed to understand outcomes and benefits?

To what extent have competitors developed these capabilities?

Who are the specific customers to target, and what could be the best approach for a new service delivery?

With a new advanced service-based approach, which are the challenges that end users are enabled to overcome?

How can the innovation process of a company be accelerated to ensure a new service business delivery?