Central Lab Market is Projected to Gain $6.0 Billion by 2031, With CAGR of 6.0%: Says Allied Market Research
The global central lab market is experiencing significant growth due to numerous factors, such as rising investments in R&D and clinical trials, an increase in the adoption of outsourcing of central labs, and the rise in demand for novel drugs.
Wilmington, Delaware, Nov. 09, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Central Lab Market by Services (Anatomic Pathology and Histology Biomarker Services, Specimen Management & Storage, Genetic Services, and Others), and by End User (Biotechnology Companies, Pharmaceutical Companies, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2031.” According to the report, the global central lab industry is estimated to gain $6.0 billion by 2031, having witnessed a value of $3.3 billion in 2021, noticing a considerable CAGR of 6.0% from 2022 to 2031.
Top Factors Driving Market Growth:
The global central lab market is experiencing significant growth due to numerous factors, such as rising investments in R&D and clinical trials, an increase in the adoption of outsourcing of central labs, and the rise in demand for novel drugs. However, logistics and sample handling problems hampered the market growth to some extent. On the other hand, the emergence of new markets creates new opportunities for market growth in the upcoming years.
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Report Coverage & Details:
|Market Size in 2021||$3.3 Billion|
|Market Size in 2031||$6.0 Billion|
|No. of Pages in Report||223|
|Segments Covered||Services, End User, and Region|
|Drivers||Rising investments in R&D and clinical trials|
|An increase in the adoption of outsourcing of central labs|
The rise in demand for novel drugs
The emergence of new markets
Logistics and sample handling problems
Recent Developments in the Central Lab Market
- In July 2022, Cerba Healthcare entered an agreement to acquire Viroclinics-DDL to strengthen its position in the entire value chain of diagnosis and stresses the pivotal role of clinical trial services.
- In October 2021, IQVIA, announced the opening of a state-of-the-art, 160,000-square-foot lab facility for its Q2 Solutions subsidiary. The new facility has an innovative suite of laboratory capabilities, including cutting edge bioanalytical, vaccine, biomarker, and genomics laboratories.
- In September 2021, Emmes, a leading CRO, announced it has signed a new five-year service agreement to extend its current relationship with Eurofins central laboratory.
- In June 2021, Q2 Solutions, a wholly owned subsidiary of IQVIA, announced the expansion of its laboratory and operational capabilities at its Alba Campus in Livingston, Scotland. This expansion of central labs, genomics, flow cytometry, and translational science laboratory services will support new growth areas for biopharma and pharma clients around the world and drive better patient outcomes.
- In February 2019, ICON plc announced that it had acquired MolecularMD, a molecular diagnostic specialty laboratory that enables the development and commercialization of precision medicines in oncology. The acquisition enhances ICON’s laboratory offering in molecular diagnostic testing and brings to ICON expanded testing platforms, including next-generation sequencing, and immunohistochemistry (IHC).
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The biomarker services segment to rule the roost by 2031-
By services, the biomarker services segment held the major market share in 2021, contributing to more than two-fifths of the global central lab market revenue. and is projected to rule the roost by 2031. The same segment would also exhibit the fastest CAGR of 6.4% throughout the forecast period. This is due to the rise in the utilization of biomarkers for drug development and clinical research.
The pharmaceutical companies segment to maintain its leadership status throughout the forecast period-
By end user, the pharmaceutical companies segment held the largest market share in 2021, accounting for more than two-fifths of the global central lab market revenue, and is expected to maintain its leadership status during the forecast period. The same segment would also showcase the fastest CAGR of 6.4% throughout the forecast period. Due to an increasing number of new drug clinical trials, increased investment in research and development (R&D), and a rise in chronic diseases.
North America garnered the major share in 2031-
By region, North America garnered the major market share in 2021, acquiring nearly two-fifths of the global central lab market revenue, and is expected to maintain its dominance throughout the forecast period. This is due to the prevalence of leading market players, the utilization of novel technologies, and the increase in government initiatives encouraging research for the development of new medications. On the other hand, the Asia-Pacific region would cite the fastest CAGR of 6.6% during the forecast period. This is due to a surge in clinical trials, a proliferation of central laboratory services providers, increased investment in pharmaceutical research and development, and favorable regulatory regulations for clinical trials.
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- ICON Plc
- Laboratory Corporation of America Holdings
- Frontage Labs
- Cerba Healthcare
- IQVIA Inc.
- Eurofins Scientific
- Rochester Regional Health
- CIRION BioPharma Research Inc.
The report provides a detailed analysis of these key players in the global central lab market. These players have adopted different strategies such as launching new products, expansion, joint ventures, and agreements, to expand their market presence and remain dominant in various geographical areas. The report is valuable in promoting business development, product portfolio, top market segments, and strategic movements of market players to exhibit the competitive scenario.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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