Central Lab Market to surpassing US$ 4.0 Billion by the end of 2032 | FMI

The Global Central Lab Market is expected to reach around US$ 2.42 Billion in 2022, With the significant increase in clinical trials around the world, the entire market is expected to rise at a strong CAGR of roughly 6% between 2022 and 2032, topping US$ 4.0 billion by the end of 2032.

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Central labs are institutions that are responsible for laboratory assessments and offer a plethora of services ranging from a compilation of lab test reports, gene sequencing, and conducting laboratory assessments, to contracting courier services for delivering lab kits and biosamples to medical institutions and performing drug development activities.

Key Takeaways

The high complexity of clinical trials paired with the rising prevalence of diseases across the world, rising demand for novel drugs and vaccines, growth in the number of central labs, and increasing need for reducing the cost of drug research and development processes are some of the major factors driving the global central lab market.

Over the years, central labs have gained immense popularity all over the world attributed to various benefits that they offer including high efficiency and speed, reduction in product manufacturing costs, and superior flexibility. Such central labs benefit multinational companies by allowing them to bring new compounds onto the market more quickly by removing unnecessary steps.

Central labs are equipped with better and more sophisticated equipment which allows them to be highly preferable for research and development purposes and genetic sequencing. In addition to that, the surging prevalence of chronic diseases such as cancer, Alzheimer’s disease, and diabetes is emerging as a key factor spurring the growth of the central lab market. Favorable government initiatives are taken, and pharmaceutical giants are heavily investing in order to counter the increasing burden of these chronic diseases. Continuous clinical trials are being conducted for the development of new drugs and medical devices.

Since clinical trials are considered the costliest in pharmaceutical industries, in order to reduce the cost and save time, outsourcing is emerging as an attractive option for pharmaceutical and biotechnology companies. In the present era, most clinical trials are being performed in central labs. This will continue to act as a catalyst for the growth of the central lab market during the forecast period.

Competitive Landscape

Key participants in the global central lab market are focusing on continuous upgrading of their technologies and software in order to expand their services. The global central lab market is known to be fragmented in nature attributed to the presence of leading market players spread all over the world. Furthermore, various growth strategies have been adopted by prominent market players including partnerships and agreements with pharmaceutical or biotechnology companies to gain a competitive edge in the market.

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