Global Central Lab Market Based on Service Type: (Genetic Services, Biomarker Services, Microbiology Services, Anatomic Pathology/Histology, Specimen Management & Storage, Special Chemistry Services, Clinical Research & Trial Services) Based on End-User: (Pharmaceutical Companies, Biotechnology Companies, Academic & Research Institutes) by Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Central Lab Market Overview:

The global central lab market is projected to reach a valuation of USD 5,684.12 Mn by 2031 at a CAGR of 6.40%, from USD 3,056.66 Mn in 2021.

Pharmaceutical companies are always looking for strategies to cut product development and manufacturing costs. One of the most typically outsourced services by these organizations is the aspect of central lab services. The utilization of central labs not only saves money but also speeds up the medication development process. Pharmaceutical and biopharmaceutical companies typically outsource their central labs entirely. Several Contract Research Organizations (CROs) are interested in central lab services because they offer packaged services that allow them to take advantage of a wide range of services.

Bundling services and using advanced technological solutions are two main techniques that central lab market players employ. Bundled services offer a variety of services to pharmaceutical and biopharmaceutical companies at a discounted rate due to the high volume of clinical trial research data and increasing complexity. Furthermore, using advanced technology and software to automate various processes helps to reduce the time required for particular services, lowering the clinical trial’s cost in the process.

Strategic alliances have become much more widespread in the pharmaceutical sector as it continues to evolve. Several businesses agree to a multiyear, fixed-price service arrangement with a single central lab or multiple labs. Pfizer, for example, forged a collaboration with its fourth strategic partner, Innovative Health, in 2016. ICON, Parexel, and PPD have already partnered with the startup.

Owing to the growing trend of outsourcing, the central lab market is expected to expand at a significant rate due to an expected increase in the quantity and complexity of clinical trials, as well as the surging prevalence of diseases, as well as the increasing need to minimize the cost of trials.

Global Central Lab Market Revenue (USD Mn), 2021–2031:

The revenue growth of this market is being fueled by an increase in the number of trials such as clinical, pathological, genetic testing, and microbiological, necessary for the creation of various pharmaceuticals.
The increase in the number of individuals that are suffering from or afflicted by various illnesses, including cancer and cardiovascular disorders, is another element that is anticipated to continue to drive the global demand for central labs.

Furthermore, the use of modern technology and software to automate various processes helps to reduce the time required for certain services and lowers the cost of a clinical trial, which in turn is expected to propel the global market for central labs forward.

On the other hand, the necessity for large capital investments to set up and manage a central laboratory facility may limit market growth potential over the forecast period.

As companies continue to expand globally, they may find it difficult to establish or maintain laboratories that are compliant with the laboratory regulations of that given country. This is due to differences in culture, economic conditions, and regulatory requirements.

The technological requirements needed to transfer clinical trial samples highlight the importance of a central lab. Two important strategies adopted by players in the global central lab market are the utilization of modern technical solutions and service bundling. This market is expected to profit from the presence of a large volume of clinical trial data for study and increasing complexities. Bundled services offer biopharmaceutical and pharmaceutical firms a wide range of services at a much lower cost.

The global central lab market is expanding at a rapid pace, with a growing number of hospitals coming to realize the benefits of outsourcing their lab testing needs. Even though it may cost more initially, hospitals are gradually figuring out that a central lab will save them money in the long run. Remote labs have been able to provide quick turnaround times for routine tests while offering lower prices on fewer routine tests.

The global central lab market is thriving as a result of the need for clinical laboratory testing. The demand for rapid, convenient, and inexpensive testing has emerged, particularly in developing countries where there are an increasing number of people who can afford to pay for these services.

Central Labs are known for its advanced technology and state-of-the-art equipment. A central lab offers a myriad of services, such as testing, consultation, laboratory management, specimen management, analytical testing, research, education, and an on-site pharmacy. Central labs are also able to offer different types of equipment which is more difficult for many smaller labs to have.

This research report on the global central lab market includes major company profiles such as:

• Frontage Labs
• ICON plc
• ACM Global Laboratories
• Cerba Research
• Sonic Clinical Trials
• Celerion
• CIRION BioPharma Research Inc.
• Clinical Reference Laboratory Inc.
• Labcorp Drug Development
• Eurofins Scientific
• Others

The Global Central Lab Market Segmentation is Based on Service Type, End-User, and Region:

Based on Service Type

• Genetic Services
• Biomarker Services
• Microbiology Services
• Anatomic Pathology/Histology
• Specimen Management & Storage
• Special Chemistry Services
• Clinical Research & Trial Services
• Other Service Types

Based on End-User

• Pharmaceutical Companies
• Biotechnology Companies
• Academic & Research Institutes

Based on Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa