The Central Lab Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Central Lab Global Market Report 2024, The central lab market size has grown strongly in recent years. It will grow from $2.8 billion in 2023 to $3.04 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to increased clinical trials growth, growth in drug development activities, regulatory compliance, increased healthcare research, growth in diagnostic testing.
The central lab market size is expected to see strong growth in the next few years. It will grow to $4.15 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to increasing personalized healthcare, increasing biomarker research, increasing demand for telemedicine and remote monitoring, global health challenges, growing demand for precision diagnostics. Major trends in the forecast period include technological advancements, innovative solutions, strategic collaborations.
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 market.
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The central lab market covered in this report is segmented –
1) By Service Type: Genetic Services, Biomarker Services, Microbiology Services, Anatomic Pathology or Histology, Specimen Management And Storage, Special Chemistry Services, Other Service Types
2) By Test Type: Human And Tumor Genetics, Clinical Chemistry, Medical Microbiology And Cytology, Other Esoteric Tests
3) By End-User: Pharmaceutical Companies, Academic And Research Institutes, Biotechnology Companies
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 BluehillCentral 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.
The central lab market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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