According to the report, the global
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.
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.
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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.
Global Central Lab Market: Segmentation
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