Wilmington, Delaware, United States, June 07, 2023 (GLOBE NEWSWIRE) -- The global central lab market stood at USD 2.6 billion in 2022 and the global market is projected to reach USD 4.1 billion by 2031. The global industry is anticipated to expand at a CAGR of 5.1% between 2023 and 2031.
The market value of central lab is increasing, owing to the increasing outsourcing of clinical trials. The pharmaceutical and biotechnology industries are increasingly outsourcing their clinical trials to central labs. The trend is driven by the need for specialized expertise, advanced technologies, and efficient data management.
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Central labs offer a wide range of services, including sample testing, data management, and logistics coordination, which help streamline the clinical trial process and ensure high-quality results. Outsourcing clinical trials to central labs allows pharmaceutical companies to focus on their core competencies while leveraging the expertise and capabilities of specialized laboratories.
Growing demand for precision medicine, is another significant factor contributing to the market growth. Precision medicine, which involves tailoring medical treatments to individual patients based on their genetic makeup, is gaining momentum. Central labs play a crucial role in supporting precision medicine initiatives by providing advanced genetic testing, molecular diagnostics, and genomic profiling services. The demand for specialized testing and analysis offered by central labs is expected to rise, as the adoption of precision medicine continues to increase.
The market prospects have been driven by factors such as advancements in diagnostic technologies. The healthcare industry is witnessing rapid advancements in diagnostic technologies, such as next-generation sequencing, liquid biopsy, and companion diagnostics. Central labs are at the forefront of adopting and implementing these technologies, enabling accurate and reliable diagnostic testing. The integration of these advanced technologies into central lab operations improves the efficiency and effectiveness of diagnostic testing, leading to better patient outcomes. The constant evolution of diagnostic technologies drives the need for central labs to invest in state-of-the-art equipment and expertise, boosting the growth of the market.
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Key Findings of the Market Report
- On the basis of product, genetic services segment is likely to be most preferred, expected to expand at a significant share, attributed to the advancements in genomic research, and increasing focus on precision medicine.
- Growing importance of biomarkers, as well as rising demand for companion diagnostics, are other major factors that are anticipated to fuel the segmental growth.
- By end-use, the pharmaceutical companies are anticipated to hold the major share, owing to the factors such as increasing drug development activities, and expansion of clinical trials.
- Other factors including emphasis on precision medicines, as well as collaboration and partnerships between pharmaceutical companies, are expected to boost the segmental growth in this market.
Global Central Lab Market: Growth Drivers
- The global Central Lab market is projected to expand at a steady pace from 2023 to 2031, owing to globalization of clinical trials, and rising demand for biomarker testing.
- Other factors that are projected to augment the market growth include increasing focus on real-world evidence, as well as growing adoption of companion diagnostics.
- Expansion of biobanking services, and increasing focus on patient-centric approaches, are the major factors that are anticipated to fuel the market prospects in the near future.
Global Central Lab Market: Regional Landscape
- North America is expected to dominate the Central Lab market during the forecast period, attributed to increasing clinical trials and research activities, and advanced healthcare infrastructure in the region.
- The regional market is witnessing an increase, due to the factors such as favorable regulatory environment, as well as rising chronic diseases and aging population.
- Strong pharmaceutical & biotechnology industry in the region, and technological advancements & laboratory automation, are also anticipated to escalate the growth of the regional market over the analysis period.
Global Central Lab Market: Key Players
Some of the key market players in the global Central Lab market are:
- ACM Global Laboratories
- Barc Lab (Cerba Research)
- Bioscientia (Sonic Healthcare)
- Celerion
- CIRION BioPharma Research
- Clinical Reference Laboratory
- Eurofins Central Laboratory
- Frontage Laboratories, Inc.
- ICON Central Laboratories
- INTERLAB Central Lab Services
- InVitro International
- Labcorp/Covance
- LabConnect
- Medpace
- MLM Medical Labs GmbH
- PPD
- Q² Solutions
Competitive Landscape
Prominent players in the central lab industry are taking advantage of the rapidly increasing demand for central lab. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:
- In 2021, ICON announced a collaboration with IBM Watson Health to develop a decentralized clinical trials platform. The collaboration aimed to integrate ICON's expertise in clinical research with IBM Watson Health's advanced technologies to enable remote data capture and analysis in clinical trials.
- In 2020, LabCorp expanded its drug development business with the acquisition of Envigo's nonclinical contract research services, including its central laboratory services.
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Global Central Lab Market: Segmentation
Product
- Genetic Services
- Biomarker Services
- Microbiology Services
- Anatomic Pathology / Histology
- Specimen Management & Storage
- Special Chemistry Services
- Clinical Research & Trial Services
- Others
End-user
- Pharmaceutical Companies
- Biotechnology Companies
- Academic & Research Institutes
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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