The global Central Lab market demand is anticipated to grow at a robust CAGR of around 6% during the projection period from 2022 to 2032. The global market is expected to reach around US$ 2.42 Billion in 2022 and surpass approximately US$ 4.0 Billion by the end of 2032. The growth in the market is attributed to the rapid inclination towards clinical trials worldwide. Since pharmaceutical companies are persistently seeking ways to reduce the cost of drug development and manufacturing, demand for Central Labs is expected to surge at an incredible pace during the forecast period.
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Central Labs are institutions that are responsible for laboratory assessments and offer a plethora of services ranging from a compilation of lab test reports, gene sequencing, and conducting laboratory assessments, to contracting courier services for delivering lab kits and biosamples to medical institutions and performing drug development activities. Over the recent years, Central Labs have become ideal designations for clinical trials attributing to the high requirements for the quality of the lap data in trials, the presence of sophisticated equipment, and the lack of ability of local laboratories to organize required tests. Central Labs offer services for effectively supporting clinical trials for novel drugs along with genetic testing services for various diseases such as sickle cell anemia, Alzheimer’s disease, and Parkinson’s disease. Therefore, the surge in the number of clinical trials along with increasing incidents of genetic diseases will continue to offer impetus to the growth of the Central Lab market during the forecast period.
Central Labs do not just help the pharmaceutical and biotechnology companies to reduce costs but also make sure that results are accurate results are delivered at faster speeds without committing any errors. They are known to be fully outsourced by several pharmaceutical and biopharmaceutical companies. Growth of the global Central Lab market is anticipated due to the rising demand for new drugs and vaccines along with a significant surge in the number of pharmaceutical and biotechnology companies over the projection period.
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Key Takeaways
- The high complexity of clinical trials paired with the rising prevalence of diseases across the world, rising demand for novel drugs and vaccines, growth in the number of Central Labs, and increasing need for reducing the cost of drug research and development processes are some of the major factors driving the global Central Lab market.
- Over the years, Central Labs have gained immense popularity all over the world attributed to various benefits that they offer including high efficiency and speed, reduction in product manufacturing costs, and superior flexibility. Such Central Labs benefit multinational companies by allowing them to bring new compounds onto the market more quickly by removing unnecessary steps.
- Central Labs are equipped with better and more sophisticated equipment which allows them to be highly preferable for research and development purposes and genetic sequencing. In addition to that, the surging prevalence of chronic diseases such as cancer, Alzheimer’s disease, and diabetes is emerging as a key factor spurring the growth of the Central Lab market. Favorable government initiatives are taken, and pharmaceutical giants are heavily investing in order to counter the increasing burden of these chronic diseases. Continuous clinical trials are being conducted for the development of new drugs and medical devices.
- Since clinical trials are considered the costliest in pharmaceutical industries, in order to reduce the cost and save time, outsourcing is emerging as an attractive option for pharmaceutical and biotechnology companies. In the present era, most clinical trials are being performed in Central Labs. This will continue to act as a catalyst for the growth of the Central Lab market during the forecast period.
Competitive Landscape
Key participants in the global Central Lab market are focusing on continuous upgrading of their technologies and software in order to expand their services. The global Central Lab market is known to be fragmented in nature attributed to the presence of leading market players spread all over the world. Furthermore, various growth strategies have been adopted by prominent market players including partnerships and agreements with pharmaceutical or biotechnology companies to gain a competitive edge in the market.
Key Players
Covance (Labcorp), Eurofins Global Central Library, PPD Central Lab, ICON Central Labs, Medpace Reference Laboratory, and Q² Solutions
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Key Segments Profiled in the Central Lab Industry Survey
By Service Type:
- Genetic Services
- Biomarker Services
- Microbiology Services
- Anatomic Pathology/Histology
- Specimen Management & Storage
- Special Chemistry Services
- Others
By End User:
- Pharmaceutical Companies
- Biotechnology Companies
- Academic and Research Institutes
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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