LONDON, Oct. 31, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the central lab market, the rise in the number of clinical trials is expected to drive the central lab market going forward. A clinical trial is a type of research study that is aimed at evaluating a new treatment, a new drug, or a medical device’s safety and effectiveness. Pharmaceutical and biotechnology companies outsource central labs for testing, development, and production of new products. For instance, according to ClinicalTrials.gov, a registry of clinical trials by the National Library of Medicine and a US-based medical library operated by the US federal government, as of July 2022, 422,646 clinical trials were listed as compared to 399,523 in 2021. Therefore, the rise in the number of clinical trials will promote the central lab industry.
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The global central lab market size is expected to grow from $2.28 billion in 2021 to $2.51 billion in 2022 at a compound annual growth rate (CAGR) of 9.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The central lab market is expected to grow to $3.28 billion in 2026 at a CAGR of 6.9%.
Technological advancements are a key trend gaining popularity in the central lab market. Major companies operating in the central lab sector are focused on developing new technological solutions to strengthen their position in the market. For example, in December 2021, Instron, a US-based manufacturer of a wide range of cutting-edge materials testing equipment, introduced Bluehill Central Lab management software that allows lab administrators to remotely use Bluehill Central Lab regardless of the quantity or location of test systems. The new Bluehill Central software streamlines the lab administration procedure by managing Instron systems and data at the enterprise level using a single database. With this platform, lab administrators can remotely manage a variety of operations across all the frames on their network, including all Bluehill Universal users and permissions, test method templates, results, file revision approvals, and audit trail information.
Major players in the central lab market are Acm Global Laboratories Private Limited, Cerba Research, Sonic Healthcare Limited, Celerion Inc, Cirion Biopharma Research Inc, Clinical Reference Laboratory Inc, Eurofins Central Laboratory LLC, Frontage Laboratories Inc, Icon Central Labs, Interlab Central Lab Services, InVitro International, Labcorp Drug Development India Private Limited, LabConnect LLC, Medpace Clinical Research India Private Limited, MLM Medical Labs GmbH, Synevo Central Lab, and Q2 Solutions Pty Ltd.
The global central lab market is segmented by service type into genetic services, biomarker services, microbiology services, anatomic pathology or histology, specimen management and storage, special chemistry services, other service types; by test type into human and tumor genetics, clinical chemistry, medical microbiology and cytology, other esoteric tests; by end-user into pharmaceutical companies, academic and research institutes, biotechnology companies.
North America was the largest region in the central lab market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the central lab market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Central Lab Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide central lab market overview, central lab market forecast size and growth, central lab market segments and geographies, central lab market trends, central lab market drivers and restraints, central lab market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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