The Central Lab Market is poised for a robust future, fueled by a growing demand for efficient and reliable laboratory services for clinical trials and research studies. According to a recent industry analysis, the market, currently valued at approximately US$2.42 billion in 2022, is anticipated to witness a steady Compound Annual Growth Rate (CAGR) of 5.8% from 2023 to 2033.
This positive trajectory translates to a significant market expansion. By 2033, the central lab industry is projected to reach a staggering US$4.47 billion, substantially surpassing the US$2.54 billion mark in 2023. This growth signifies the increasing importance of central laboratories in supporting pharmaceutical development and accelerating medical advancements.
The significance of central labs in expediting pharmaceutical advancements cannot be overstated. By eliminating unnecessary stages, these labs enable pharmaceutical corporations to introduce novel substances to the market more swiftly. Moreover, central labs play a pivotal role in genetic testing services for a myriad of disorders, including but not limited to sickle cell anemia, Alzheimer’s, and Parkinson’s. The comprehensive services provided in central labs further aid in conducting clinical trials for new medications, contributing to the overall advancement of healthcare.
The evolution of the central lab industry is expected to receive a substantial boost over the projected period due to the increasing number of clinical trials. The prevalence of genetic illnesses has set a significant trend, leading to a surge in demand for private layers involved in the central lab sector.
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In recent years, pharmaceutical and biopharmaceutical firms have entirely outsourced their research and development activities to central labs operated by private players. Besides lowering expenses for pharmaceutical and biotechnology businesses, central labs guarantee that findings are supplied more quickly and accurately.
Key Takeaways from the Central Lab Market Study Report by FMI
- The United States is the leading region, with almost 51% share of the total demand for central lab services generated worldwide in 2022.
- Germany is the leading country in Europe that garnered almost 25% share of the total demand for central lab services in Europe in 2022.
- The demand for central labs in the United Kingdom is poised to register a higher CAGR of 5.1% in Europe from 2023 to 2033.
- China is the leading market in Asia, with a projected CAGR of 7.6% for its clinical central laboratory market from 2023 to 2033.
- India is likely to follow China in demand for clinical trials with an annual growth rate of 6% during the forecast years.
“Central labs are increasingly adopting cutting-edge technical solutions, which is helping the overall market to expand and is projected to continue. Correspondingly, the majority of central laboratories have fully automated their procedures, allowing them to save money and time,” opines Sabyasachi Ghosh, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape for the Central Lab Market Players
The overall market is fairly consolidated, as only some players successfully create a value chain by creating central labs at different locations. However, escalating government support in emerging economies following the pandemic is expected to encourage many new players to enter the market, intensifying competition.
Central Lab Market Key Companies Profiled
- Covance (Labcorp)
- Eurofins Global Central Library
- PPD Central Lab
- ICON Central Labs
- Medpace Reference Laboratory
- Q² Solutions
- ACM Global Laboratories
- Labconnect Inc.
- Cerba Research
- Medicover Integrated Clinical Services
- Versiti Inc.
- A.P. Møller Holding A/S
- Ampersand Capital Partners
- Lambda Therapeutics Research Ltd
- Cirion Biopharma Research Inc.
Recent Developments by the Global Central Lab Service Providers
- LabConnect Incorporate announced the expansion of its facilities in Johnson City in September 2020 to increase the production of clinical trial kits. This expansion has been planned to support the company’s rapid growth in the fields of immuno-oncology research and cell and gene therapy. The corporation is also expanding the storage capacity of its biorepository for specimens by moving its headquarters to Tennessee.
- Labcorp or Covance Inc., a preeminent global life sciences company, declared that it was expanding its CB trial laboratory in June 2022. Its central laboratory is shared by a top Japanese provider of clinical laboratory testing services named BML. The company decided to expand existing laboratory capabilities in Japan to strengthen its central laboratory presence and drug development.
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Key Segments Profiled in the Central Lab Market Survey
By Service Type:
- Genetic Services
- Biomarker Services
- Microbiology Services
- Special Chemistry Services
- Other Service Types
By End User:
- Pharmaceutical Companies
- Biotechnology Companies
- Academic and Research Institutes
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Japan
- The Middle East & Africa (MEA)
Author by:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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