NEWARK, Del, Dec. 04, 2023 (GLOBE NEWSWIRE) -- In 2022, the net global central lab market size was roughly US$ 2,422.7 million. The global Central Lab industry is anticipated to increase at a 5.8% CAGR from 2023 to 2033. Following this promising growth rate, the overall market value could reach US$ 4,473.5 million by 2033, growing from US$ 2,543.9 million in 2023.
Due to eliminating extra stages, central labs became important by letting pharmaceutical corporations introduce novel substances to the market more swiftly. Genetic testing services for numerous disorders, including sickle cell anemia, Alzheimer's, and Parkinson's, in central labs also assist clinical trials for new medications.
The evolution of the central lab industry is projected to be boosted throughout the projected period by an increase in clinical trials. Moreover, an increase in the prevalence of genetic illnesses has set the trend for the involvement of private layers.
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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 Global 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.
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 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 Industry 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.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the United Kingdom, the United States, and India. FMI's latest market research reports and industry analysis helps businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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