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Central Lab Market Size, Share & Trends Analysis Report By Services, By End-use, By Region And Segment Forecasts, 2022 - 2030

Central Lab Market Size, Share & Trends Analysis Report By Services, By End-use, By Region And Segment Forecasts, 2022 - 2030

  • August 2022
  • 200 pages
  • ID: 6318453
  • Format: PDF
  • Grand View Research

Summary

Table of Contents

Central Lab Market Size, Share & Trends Analysis Report By Services (Genetic Services, Biomarker Services), By End-use (Pharmaceutical Companies, Biotechnology Companies), By Region, And Segment Forecasts, 2022 - 2030

Central Lab Market Growth & Trends

The global central lab market size is expected to reach USD 5.08 billion by 2030. It is estimated to register a CAGR of 6.7% during the forecast period, driven by the increasing investment in R&D and increased focus of sponsors & investigators on reducing research costs. The outsourcing of central lab work is a significant factor driving the market growth.

Outsourcing central lab work is a rising trend in the clinical trial industry, which is expected to create lucrative business opportunities for central labs. The investigators and sponsors outsource ~80% of the central lab work and prefer the labs that provide end-to-end integrated services.

Investment in R&D has witnessed a surge in past years, which can be attributed to the enhanced focus on the pharmaceutical industry during the pandemic.As we enter the third year of the pandemic, investment in science has enhanced the pipeline and several clinical trials have been initiated.

Over the pandemic, activity in interventional studies grew steadily. The pharmaceutical industry developed a new way of conducting trials for the management of ongoing clinical trials during the pandemic.

The pandemic has also created new growth opportunities, with an increasing focus on mRNA vaccine development and investigations for several COVID-19 treatment options.However, sample handling, supply chain, and logistics play a significant role in the sample sent to clinical labs.

These samples are highly sensitive and require fast logistics with temperature control, thereby maintaining sample stability to get the most accurate results.

The rise of small- and medium-scale central laboratories is intensifying the competition globally.The presence of small- and medium-scale central labs is highly prominent in developing regions such as the Asia Pacific.

These laboratories are becoming critical in the management of clinical trials globally owing to the availability of central laboratory services at 20%–35% lower prices, when compared to Europe and the U.S. Furthermore, the lower cost of conducting clinical trials in the developing economies facilitates the selection of central laboratories present in these regions, which can be attributed to lower logistic costs and presence near the trial location.

Central Lab Market Report Highlights
• The genetic services segment is anticipated to grow at the fastest growth rate, owing to the increasing significance of genetic analysis in clinical studies
• Strategic acquisitions are one of the factors influencing the changing dynamics of the market. For instance, players are acquired by medium and large-scale enterprises for enhancing their global reach and entering new business segments
• Pharmaceutical companies held the largest market share by end-use, attributable to an increasing number of interventional studies and investment into research
• North America dominated the global market in 2021, the increasing need for genetic testing in clinical trials related to personalized healthcare in disease areas, such as diabetes & cancers
• Key players in the market include ACM Global Laboratories, Labconnect, Cerba Research, Eurofins Scientific, Medicover Integrated Clinical Services, and Versiti

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