Central Lab Market size is poised to cross USD 4.5 Billion by the end of 2035, growing at a CAGR of 6% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of central lab was over USD 2.2 Billion. The growth of the market is primarily attributed to the worldwide growing prevalence of numerous genetic abnormalities and the development of novel drugs and devices to treat such types 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.
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 the 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 to the growth of the market. For instance, till 2022, there have been approximately 134,359 (32%) clinical trials registered in the US region alone, whereas around 221,438 (52%) clinical trials are registered in non-US regions.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
6% |
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Base Year Market Size (2022) |
USD 2.2 Billion |
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Forecast Year Market Size (2035) |
USD 4.5 Billion |
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Regional Scope |
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End-user (Biotechnology Companies, Pharmaceutical Companies, Research Institutes)
The global central lab market is segmented and analyzed for demand and supply by end-user into biotechnology companies, pharmaceutical companies, and research institutes, out of which the 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 from World Health Organization, in the last 25 years, the prevalence of Parkinson’s disease (PD) has doubled, and more than 8.5 million people worldwide are anticipated to have PD in 2019.
Our in-depth analysis of the global central lab market includes the following segments:
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By Service Type |
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By End-User |
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North America Market Forecast
The North America region central lab market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The high prevalence of infectious and chronic diseases, an increase in patient awareness about the significance of laboratory tests, increasing adoption of technological developments with proper quality, efficient and effective serve, and a 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.
Laboratory Corporation of America Holdings (Labcorp), declared the launch of the first broadlyavailable test, Neurofilament Light Chain (NfL), that delivers direct indicationof neurodegeneration and neuronal injury.
Eurofins Scientific (Ireland) Limited, announced the launch of RT-PCR kits thatoffersthe toolset for rapid detection of fast spreading SARS-CoV-2 variant B.1.1.529.
Author Credits: Radhika Gupta, Shivam Bhutani
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