Ottawa, April 21, 2023 (GLOBE NEWSWIRE) -- Precedence Research predict, the global central lab market is predicted to grow at a CAGR of 10.58% from 2023 to 2032. The central lab market growth can be attributed to rising R&D expenditures as well as sponsors' and investigators' greater attention to research cost containment. The outsourcing of key lab work is accelerating market expansion.
Market Overview
The growth can be linked to rising R&D spending as well as sponsors' and investigators' greater focus on cutting costs in the research process. The central lab work's outsourcing is a further factor in the market's expansion. As part of their integrated service models, CROs that offer central lab services are increasingly being preferred by the pharmaceutical and biopharmaceutical industries. Patient management is made simpler by better integration of central lab and bioanalytical services. The way business is conducted in central labs has been considerably changed by changes in demand. Customers are increasingly seeking a personalized strategy based on their unique needs. The individualized approach is substantially more favorable for the client in terms of logistics and sample management due to greater individual monitoring of candidates based on diseases.
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Growing knowledge and individualized methods of treatment are two factors that are driving an increase in the demand for novel medications to cure diseases. Moreover, preclinical stages are being reached by items as a result of the speeding up of innovation cycles. Providing a business opportunity for the central labs in the process.
The technological prerequisites for shipping clinical trial samples reveal the importance of a central lab. Two significant strategies imposed by players in the global central lab market are the adoption of cutting-edge technological solutions and service bundling. The market is expected to benefit from increased complexity and the availability of a large amount of clinical trial data for study purposes. Companies in the biopharmaceutical and pharmaceutical industries can get a wide range of services from bundled services for a considerably lower price.
Regional Analysis
In 2022, North America held a 45.5% market share, dominating the industry. The presence of a favorable regulatory environment and a sizeable portion of R&D in the area together drive the market. Additionally, it is projected that the high prevalence of sexually transmitted diseases (STIs) and tuberculosis in the area will increase the need for clinical research related to the development of diagnostic tools and therapies. To aid physicians in making wiser clinical decisions, the US and Canada are both promoting the opening of more central labs. A number of factors, including the extraordinary growth in the number of people gaining access to affordable, high-quality healthcare through new insurance options under the Affordable Care Act, are contributing to an unprecedented rise in the demand for laboratory services within the American healthcare system.
Hospitals employ about 41% of all medical laboratory technologists in Canada. Doctors and other healthcare professionals can choose from a wide range of services provided by central laboratories. General chemistry, hematological, coagulation, immunoassays such ELISAs and multiplex tests, urinalysis, and toxicity screening are among the services offered. Usually, automated analyzers made by firms like Beckman Coulter Inc., Roche Diagnostics Corp., Siemens Medical Solutions USA, or Ortho Clinical Diagnostics L.P. are used for these tests.
Due to the region's growing reliance on central lab services, the Asia Pacific is predicted to have the market's quickest growth, at 8.5%. This can be linked to the nation's quick economic expansion and an increase in R&D spending by nations like China and Japan, which has resulted in a rise in the number of clinical studies done.
Given the rising drug research and development activities, favorable government support, rise in cases of genetic disorders, and presence of some of the most cutting-edge central labs in the world, including Eurofins, the Europe central lab market is anticipated to expand at a healthy rate during the forecast period.
Competitive Landscape
The global central lab market is fragmented, and the top market participants are constantly updating their technologies and software in order to increase the range of services they offer. In addition, to acquire a competitive edge in the market, they have implemented a variety of expansion tactics, such as alliances and agreements with pharmaceutical or biotechnology firms.
Some of the key players in the global central lab market include:
- ACM Global Laboratories
- Labconnect
- Cerba Research
- Eurofins Scientific
- Medicover Integrated Clinical Services
- Versiti
- A.P. Møller Holding A/S
- Ampersand Capital Partners
- Lambda Therapeutics Research Ltd
- Cirion Biopharma Research Inc.
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Scope of this report
| Coverage | Details |
| Market Size in 2032 | USD 5.4 Billion |
| CAGR | 5.71% from 2023 to 2032 |
| North America Revenue Share | 45.5% in 2022 |
| Biomarker Services Segment Revenue Share | 40.6% in 2022 |
| Pharmaceutical Industry Revenue Share | 50.4% in 2022 |
Covid-19 Impact on the Market
During the ongoing COVID-19 pandemic, companies in the central lab market have come under fire for attempting to minimize any interruptions to the logistical movements of human samples and potential supply concerns for clinical kits. Due to the rising expense of shipping goods, stakeholders in central laboratory support services are making more of an effort to collaborate closely with their logistics providers and courier partners to establish alternate transportation solutions.
Market participants and network laboratories are working together to analyze the present coronavirus situation and prepare for any potential effects on lab testing services. In the most badly affected COVID-19 regions, like the United Kingdom and China, laboratory vendors are actively monitoring and revising their business continuity strategies. The subject compliance is being actively watched by stakeholders and their employees.
Market Dynamics of the Central Lab Market
Market Drivers: Expansion of pharmaceutical studies in clinical, pathological, genetic, and microbiological fields
The expansion of the market is being driven by the rise in clinical, pathological, genetic, and microbiological pharmaceutical studies for the discovery of new drugs. Global demand for the central lab market is being driven by the rise in the number of people affected by and affected by various diseases, such as cancer and cardiovascular disorders. Also, the use of cutting-edge hardware and software to automate certain tasks helps shorten the time required for particular services, lowering the cost of the clinical trial in the process, and is predicted to promote the expansion of the global central lab market. However, the requirement for large capital expenditures to set up and run a central laboratory facility may impede market expansion during the anticipated term.
Market Restraints: Lack of availability of central labs
Despite its upbeat outlook, there are a number of obstacles that could impede the worldwide central lab market's expansion. The lack of central labs in numerous emerging and undeveloped locations is one of these concerns, as are regulatory difficulties. The necessity for significant capital expenditures to set up and run central laboratories is another factor that is inhibiting industry expansion.
Market Opportunities: International Businesses Have Fresh Opportunity Thanks to Central Labs
Central labs are beneficial to multinational corporations with R&D facilities located all over the world because they enable them to introduce new compounds to the market more rapidly by eliminating pointless transportation processes, which results in a significant improvement in speed and efficiency. As central lab manufacturing facilities can be constructed rather rapidly, a business can start developing a compound without having to make long-term preparations for where it will produce the finished product. Identifying the parts of their business that are ready for centralization is one of the main questions for multinational organizations. The centralization of entire laboratories or specific industries now opens up new opportunities for numerous corporations.
Report Highlights of the Central Lab Market
Service Insights
The market share represented by the biomarker services segment, which was 40.6% in 2022, is projected to expand at the highest rate during the forecast period. The co-creation of medications and diagnostics as well as the choice of suitable assay development platforms, which open up new possibilities for the incorporation of biomarkers in clinical procedures, can be credited with the segment's rise. When it comes to central labs, combining biomarker services with other trial support services can improve the offerings by making it easier to assess biomarker assays.
Due to the growing importance of genetic analysis in clinical investigations, genetic services are gaining traction and are predicted to expand at a CAGR of 8.9% over the projection period. The development of tailored medicines for a number of illnesses, including cancer and inheritable disorders, can be aided by understanding the underlying genetic variables.
End-User Insights
In 2022, the pharmaceutical industry's end-use segment had the biggest market share (50.4%). Central laboratories fund clinical trials for novel drugs as well as genetic testing services for diseases like Alzheimer's disease, sickle cell anemia, and Parkinson's disease. Thus, it is anticipated that over the forecast period, the rising number of clinical studies and the incidence of genetic disorders will fuel the market's growth.
Due to the rising trend among pharmaceutical companies to outsource non-core operations or development-related processes to off-shore facilities in an effort to reduce costs, the academic and research institutes segment had a sizeable market share in 2022. Hence, hiring CROs might provide a number of operational advantages.
Recent Development of the Central Lab Market
- In September 2020, In order to meet its enormous growth in the fields of immuno-oncology research and cell and gene therapy, LabConnect announced the expansion of its Johnson City facility.
Market Segmentation
By Product Type
- Genetic Services
- Biomarker Services
- Microbiology Services
- Anatomic Pathology/Histology
- Specimen Management & Storage
- Special Chemistry Services
- Clinical Research & Trial Services
- Others
By End User
- Pharmaceutical Companies
- Biotechnology Companies
- Academic & Research Institutes
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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