Central Lab Market Growing at a CAGR of ~6% and to Target US$ 4.1 Billion by 2030 | Transparency Market Research
Central Lab Market: Introduction
According to the report, the global central lab market was valued over US$ 2.4 Bn in 2019 and is projected to expand at a CAGR of ~6% from 2020 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.
North America dominated the global central lab market in 2019. The trend is anticipated to continue during the forecast period due to increase in incidence of major chronic diseases and rise in outsourcing of central lab services. Europe is likely to be a highly lucrative market for the central lab market during the forecast period. It is projected to expand at a high CAGR during the forecast period.
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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.
Biomarker Services to Dominate Central Lab Market
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 2019. The increase in risk of genetic disorders is likely to drive the segment during the forecast period.
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Pharmaceuticals to be Highly End User
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 3.9% from 2020 to 2030.
North America to Dominate Central Lab Market
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 2019, 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 5.9% from 2020 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.
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Competition Landscape of Central Lab Market
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.
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