Portland, OR, April 18, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Central Lab Market by Services (Genetic Services, Biomarker Services, Anatomic Pathology and Histology, Specimen Management &Storage, and Others), and by End User (Pharmaceutical Companies, Biotechnology Companies and Others): Global Opportunity Analysis and Industry Forecast, 2022–2031”. According to the report, the global central lab industry generated $3.31 billion in 2021 and is anticipated to generate $5.95 billion by 2031, witnessing a CAGR of 6.0% from 2022 to 2031.
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Prime determinants of growth
The global central lab market is experiencing growth due to increasing investments in research and development, clinical trials, and the demand for innovative treatments for various diseases. Additionally, outsourcing of central labs is gaining popularity as it improves efficiency, reduces costs, and provides access to specialized expertise and technology. However, logistical and sample-handling issues are limiting the market growth. Nevertheless, emerging markets present significant growth opportunities for the central lab market in the foreseeable future.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $3.31 billion |
| Market Size in 2031 | $5.95 billion |
| CAGR | 6% |
| No. of Pages in Report | 220 |
| Segments covered | Services, End User, and Region. |
| Drivers | Rising investments in R&D and clinical trials The surge in the outsourcing of central labs Increase in demand for novel drugs |
| Opportunities | Growth opportunities in emerging markets |
| Restraints | Issues with logistics and sample handling |
Impact of COVID-19 on Central Lab Market-
- The central lab market encountered various challenges during the pandemic, including supply chain disruptions and delayed clinical trials. The management of research activities and clinical trials was also impacted by travel restrictions, social distancing measures, and other pandemic-related obstacles.
- Despite these challenges, central labs were able to contribute to the pandemic response by providing diagnostic testing for COVID-19 and supporting the development of potential treatments and vaccines. As a result, the pandemic also presented opportunities for central labs in terms of vaccine manufacturing and development.
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The biomarker services segment to maintain its leadership status throughout the forecast period
Based on services, the biomarker services segment held the largest share in 2021, accounting for more than two-fifths of the global central lab market revenue, and is projected to manifest the highest CAGR of 6.4% during the forecast period, owing to the increasing use of biomarkers in drug development & clinical research.
The pharmaceutical companies’ segment to maintain its lead position during the forecast period
Based on end user, the pharmaceutical companies segment accounted for the largest share in 2021, contributing to more than two-fifths of the global central lab market revenue, and is expected to portray the fastest CAGR of 6.4% during the forecast period, due to rise in the number of clinical trials for new drugs, increase in investments in R&D activities, and surge in the prevalence of chronic diseases.
North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, generating nearly two-fifths of the global central lab market revenue, owing to strong presence of key players along with the availability of advanced technologies and rise in government initiatives promoting research activities for the development of novel drugs.
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Asia-Pacific region is expected to witness the fastest CAGR of 6.6% from 2022 to 2031, and is likely to dominate the market during the forecast period, owing to an increase in the number of clinical studies, rising number of central labs services provider companies, increasing investments in pharmaceutical R&D activities, and favorable regulatory guidelines for clinical trials in the region.
Leading Market Players: -
- Eurofins Scientific
- ICON Plc
- Medpace
- Rochester Regional Health (ACM Global Laboratories)
- IQVIA Inc. (Q2 Solutions)
- LabConnect
- Cerba Healthcare (Cerba Research)
- Frontage Labs
- CIRION BioPharma Research Inc.
- Laboratory Corporation of America Holdings
The report provides a detailed analysis of these key players in the global central lab market. These players have adopted different strategies such as acquisition, expansion, and agreements, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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