The global central lab market value reached at US$ 2.5 Bn in 2020 and predicted to surpass over US$ 4 billion by 2030, expanding at a noteworthy CAGR of 6.1% from 2021 to 2030.
Central labs are designed to provide services for supporting clinical trials for upcoming drugs, genetic testing services for various genetic diseases such as Parkinson’s, Alzheimer’s, sickle cell anemia, and microbiology testing services such as testing the kinetics and growth of different microbes. Increase in number of diseases, advancements in new therapies & drugs, and large number of research grants, proposals, and funding to develop new testing procedures by governments are factors that drive global central lab market. However, central lab logistics problems such as fluctuation in temperature of samples, stability problems such as purity, contamination, and stringent & complex government regulations are projected to hamper the growth of the global central lab market.
Rise in Prevalence of Diseases to Drive Global Market
Percentage rise in the number of patients suffering from cancer and circulatory diseases and increase in incidence of these diseases are the major factors boosting the growth of the global central lab market. According to the WHO, cancer, heart disease, and other chronic conditions account for over 24 million deaths in the world. The number of cancer cases is expected to, at least, double in most countries over the next 25 years. This contributes to the growth of the global central lab market. Moreover, trials carried out in traditional labs lacked standard operating procedures (SOPs), analysis methods and proper report formats, and high error rate gave rise to central labs. These labs train the site staff for proper collection, packaging, and labelling requirements, thereby reducing human errors, which can lead to miss identification and reporting of samples. Additionally, a large number of research grants and funding fuels the growth of the global market.
Laboratories Work with Logistics Partners to Maintain Business Continuity During COVID-19 Crisis
Companies in the central lab market have been under scrutiny for minimizing potential disruptions to logistical movements of human samples and potential supply issues for clinical kits during the ongoing COVID-19 pandemic. LabConnect - a preeminent provider of central laboratory support services is increasing efforts to closely work with its logistics providers and courier partners to implement alternative transportation solutions, owing to increased cost of transporting supplies.
Stakeholders in the central lab market are collaborating with network laboratories to assess the current coronavirus situation and plan its potential impact on lab testing services. Laboratory vendors are closely monitoring and updating their business continuity plans in severely affected COVID-19 regions. Stakeholders are working closely with their staff to monitor subject compliance.
Additional Training of Non-physician Medical Specialists Accelerates Lab Procedure Outcomes
The central lab market is estimated to surpass US$ 4 Bn by 2030. However, central lab stakeholders are posed with many challenges, such as time consuming processes, since several sites samples need to reach one lab and may take several days. Hence, central labs are now sharing this responsibility with local lab facilities whilst increasing R&D to adopt processes that accelerate their lab procedures.
On the other hand, the German healthcare system in the central lab market poses issue in invoicing medical services to non-physician medical specialists in hospitals due to the scarcity of medical professionals. Hence, the German Society for Laboratory Medicine (DGKL) is increasing efforts to provide additional training in a master program in laboratory medicine aimed at medical professionals to facilitate invoicing for lab services in hospitals.
Companies Deploy AI, Automation, Blockchain Technologies to Support Central Labs
A plethora of technological and software innovations are storming the central lab market. Q2 Solutions-a global clinical trial laboratory services organization is supporting central labs with innovations such as artificial intelligence (AI) protocol reading, sample & consent tracking, and next-gen flow cytometry result reporting automation, among others.
Direct to patient kit shipments, blockchain for sample tracking, and electronic histology & pathology reports are benefitting stakeholders in the central lab market. They are unlocking growth opportunities in supporting decentralized virtual trials innovation. Thus, companies are partnering with mobile nurse and phlebotomy companies to enable in-home specimen collection from individuals and patients alike.
In terms of product, the global central lab market has been classified into genetic services, biomarker services, microbiology services, anatomic pathology/histology, specimen management & storage, special chemistry services, and clinical research & trial services. A biomarker helps to increase the drug’s performance in patients receiving treatment in clinical trials. This is anticipated to boost the expansion of the segment during the forecast period. Genetic services was the second largest segment, in terms of market share, in 2020. The increase in risk of genetic disorders is likely to drive the segment during the forecast period.
In terms of end user, the global central lab market has been categorized into pharmaceutical companies, biotechnology companies, and academic & research institutes. The pharmaceutical companies segment accounted for a prominent share of the global central lab market in 2019, as these companies focus on reducing cost of development & manufacturing of products, and central lab services are most commonly outsourced services by these companies. Central lab services provide advanced technology and use of innovative processes, which helps in the drug development process. These factors are anticipated to propel the segment during the forecast period. The segment is expected to expand at a CAGR of 4% from 2021 to 2030.
The global central lab market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global central lab market in 2020, followed by Europe. North America’s large market share can be ascribed to significant healthcare expenditure, early availability of new products, and increase in research activities. The market in North America is anticipated to expand at a CAGR of 6% from 2021 to 2030. Europe is expected to account for 23.8% market share by 2030. The market in the region is estimated to reach US$ 969.2 Mn by 2030.
The global central lab market is fragmented in terms of number of players. Key players operating in the global market include ACM Global Central Lab, Barc Lab (Cerba Research), Bioscientia (Sonic Healthcare), Celerion, CIRION BioPharma Research, Clinical Reference Laboratory, Lab Corp/Covance, Eurofins Central Laboratory, Frontage Laboratories, Inc., ICON Central Labs, INTERLAB Central Lab Services, InVitro International, LabConnect, and Medpace.
The Central labs market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Central labs market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Central labs market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Central labs market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Central labs market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Central labs capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Central labs by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Central labs market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Central labs market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Central labs market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Central labs industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Central labs market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Central labs market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Central labs market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Central labs market. These factors have benefited the growth of the global market for Central labs. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Central labs. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
Major Key Points Covered in Report:
Executive Summary: It includes key trends of the central labs market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the central labs market based on production and revenue.
Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Central labs market.
Market Segments: This part of the report discusses about product, application and other segments of the central labs market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
In this study, the years considered to estimate the market size of Central labs are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
Omics-based Clinical Trials Market (By Product: Phase I, Phase II, Phase III, Phase IV; By Study Design: Interventional Studies, Observational Studies, Expanded Access Studies; By Indication : Oncology, Cardiology, Respiratory Diseases, Skin Diseases, CNS Diseases, Immunology, Genetic Diseases (includes the rare diseases), Others (includes ophthalmic, ear diseases, etc)) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030Read more...
Complementary and Alternative Medicine for Anti Aging & Longevity Market (By Intervention : Traditional Alternative Medicine/Botanicals, Body Healing, Mind Healing, External Energy Healing, Sensory Healing; By Customer: High Net Worth (HNW) Individuals, Very High Net Worth (VHNW) Individuals, Ultra-high Net Worth (UHNW) Individuals) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030Read more...
Defibrillator Market (By Product: Implantable Cardioverter Defibrillators (ICD), External Defibrillators (ED); By End-use: Hospital, Pre Hospital, Public Access Market, Alternate Care Market, Home Healthcare) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030Read more...
Medical Fiber Optics Market (By Fiber Type: Single Mode Optical Fiber, Multimode Optical Fiber; By Application: Endoscopic Imaging, Laser Signal Delivery, Biomedical Sensing, Illumination) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030Read more...
Pharmacovigilance Market (By Service Provider: In-house, Contract Outsourcing; By Product Life Cycle: Pre-clinical, Phase I, Phase II, Phase III, Phase IV; By Type: Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, EHR Mining; By Process Flow: Case Data Management, Signal Detection, Risk Management System) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030Read more...