In 2022, it is anticipated that the global Central Lab Market will be worth roughly US$2.42 billion. Considering the increasing growth of clinical trials around the world, it is predicted that the market will expand overall between 2022 and 2032 at a healthy CAGR of around 6%, topping US$ 4.0 billion by the end of that year.
Some of the key strategies that the Central Lab Market players impose are, bundling services and adopting advance technology solutions. Due to large volume of clinical trial study data and increasing complexity, bundled services offers a variety of services to pharmaceutical and biopharmaceutical companies at a discounted rate. Furthermore, adoption of advance technology and software to automate some process, aids in reducing time duration for some services, thereby reducing the cost of the clinical trial.
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The pharmaceutical industry is evolving and strategic partnerships have become significantly more common across the industry. A number of companies sign multiyear, fixed price based service agreement with either a single central lab or multiple labs. For an instance, in 2016, Pfizer established relationship [p with its fourth strategic partner inventive Health. The company has already been in a partnership with ICON, Parexel and PPD.
Thus central lab market is expected to grow at a significant rate owing to the increase in number and complexity of clinical trials, increase in prevalence of diseases and increasing need to reduce the cost of trails along with the rising trend of outsourcing across the world.
Central Lab Market: Segmentation
The global Central Lab market is segmented by service type, end users and region:
Based on the service type, the global Central Lab market is segmented into:
- Genetic Services
- Biomarker Services
- Microbiology Services
- Anatomic Pathology/Histology
- Specimen Management & Storage
- Special Chemistry Services
- Others
Based on the end users, the global Central Lab market is segmented into:
- Pharmaceutical Companies
- Biotechnology Companies
- Academic and Research Institutes
Central Lab Market: Drivers and Restraints
Increase in the complexity of clinical trials and its environment has led to the emergence and growth of a number of central labs across the world. Increase in number of clinical trials, reduced cost of trials, advancement in new therapies and drugs are some of the factors that argument the growth of the central lab market. However, regulatory challenges may hinder the growth of the market during the forecast period.
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Central Lab Market: Overview
Central Lab market is segmented into service type, end users and regions. Central lab service provides have a number of services that may be bundled or singular services. These services can be broadly categorized as genetic services, biomarker development services, microbiology services, histology services, specimen management and storage services, specialty chemistry services including coagulation, electrophoresis, liquid chromatography and toxicology among other services.
Central Lab Market: Regional Outlook
North America combined with Europe take the maximum share of the radiation protection market. This is due to advancement in technology, increased healthcare budget, rise in awareness, and increasing number of interventional cardiology procedures in the regions. However in regions such as China and India, the growing demand for interventional cardiology procedures, ageing population and limited number of healthcare professionals has created an opportunity for the growth of the Central Lab market in such regions. Thus, the Central Lab market is expected to grow with a significant CAGR in the APAC region.
Central Lab Market: Key Players
There are a number of large players in the central lab market. Some of the players that offer central lab services include, Covance(Labcorp), Eurofins Global Central Library, ICON Central Labs, Medpace Reference Laboratory, PPD Central Lab and Q² Solutions among many others.
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