The global central lab market is estimated to garner a revenue of ~USD 4 Billion by the end of 2031 by growing at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 2 Billion in the year 2021. The growth of the market is primarily attributed to the worldwide growing prevalence of numerous genetic abnormalities and development of novel drugs and devices to treat such type of abnormalities.For instance, in 2021, around 85 novel active substances (NASs) were officially launched globally, which was more than twice the number launched five years ago.
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As the occurrence of various diseases rises, so does the demand for new drug discovery and development.Pharmaceutical companies have prioritized efficient service and high-quality data without having to compromise. Therefore, these companies employ central labs for detection,testing, development, and production of novel drugs and devices. Central labs are intended to facilitate clinical trials for novel drugs as well as genetic testing for a number of genetic diseases. Therefore, ongoing clinical trials for the production of new drugs are estimated to lead the growth of the market.For instance, till 2022, there have been approximately 134,359 (32%) clinical trials are registered in US region alone, whereas around 221,438 (52%) clinical trials are registered in non-US regions.
Growing Prevalence of Genetic Disorders -A genetic disorder is a medical disease caused by one or more malformations in the genome.These disorders consist of several types of chronic diseases and birth defects that are received from one or both parents. Such disorders require an in-depth research and study to discover an optimum treatment. For instance, there are over 6,010 clinically defined rare diseases, out of these 72% are genetic disorders.
The global central labmarket is segmented and analyzed for demand and supply by end-user intobiotechnology companies, pharmaceutical companies, and research institutes, out of which pharmaceutical companies segment is anticipated to hold the notable share in the global central lab market during the forecast period on account of the clinical studies of prevalent genetic illnesses such as sickle cell anemia, Parkinson's disease, and Alzheimer's disease.As per the data of World Health Organization, in the last 25 years, the prevalence of Parkinson disease (PD) has doubled, more than 8.5 million people worldwide anticipated to have PD in 2019.
To tackle such condition, many clinical trials for new drugsand reformulation have been running out to explore the possibilities of an effective treatment for Parkinson disease. For instance, Carbidopa and levodopa (CD/LD), a widely recognized generic PD treatment combination, have been reformulated as IPX-203 by Amneal Pharmaceuticals in an effort to lessen symptom fluctuations.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capitaexpenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global central labmarket is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2031 backed by the high prevalence of infectious and chronic diseases, an increase in patient awareness about the significance of laboratory tests, and significantly growing proportion of research and development in the region.For instance, medical and health research and development (R&D) investment in the United States reached approximately USD 244 billion in 2020, an 11% expansion from 2019.
The global central labmarket is further classified on the basis of region as follows:
Our in-depth analysis of the global central labmarket includes the following segments:
By Service Type
Laboratory Corporation of America Holdings (Labcorp)
FREQUENTLY ASKED QUESTIONS
Growing prevalence of genetic disorders, rise in genetic testing, increasing prevalence of cancer, and growing investment in R & D are some major factors driving the growth of the market.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2031.
Requirement of high capital investments to operate central lab, problems associated with contamination of samples, and stringent government regulationsare estimated to hamper the market growth
The market in North Americais projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future
The major players in the market areLaboratory Corporation of America Holdings, ICON Plc, Medpace, Inc.,Eurofins Scientific (Ireland) Limited, LabConnect, Cerba Research NV, Frontage Laboratories, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by service type, end-user, and by region.
The pharmaceutical companies segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities
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