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Central Lab Market Analysis by Service Type (Genetic Services, Microbiology Services, Biomarker Services, Anatomic Pathology/Histology, Specimen Management & Storage, Special Chemistry Services, Clinical Research & Trial Services, and Others); and by End-User (Biotechnology Companies, Pharmaceutical Companies, and Research Institutes) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • July 13th, 2022: 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.
  • November 26th, 2021: 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.

Global Central Lab Market Size, Forecast, and Trend Highlights Over 2022 - 2031

Central-Lab-Market-Analysis-CAGR

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.

Central-Lab-Market-Analysis-overview

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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.

Global Central LabMarket: Growth Drivers and Challenges

Growth Drivers

  • 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.

  • Rise in Genetic Testing -Changes in genes, chromosomes, or proteins are detected through genetic testing. A genetic test results confirm or rule out a suspected genetic condition. The increasing number of genetic abnormalities is leading the growth of genetic testing. For instance, by 2021, over 78,000 genetic tests were in use.
  • Increasing Prevalence of Cancer-Cancer is one of the leading cause of deaths globally and numerous clinical trials have been performing to find out the best suited treatment for it. As per the data provided by the World Health Organization (WHO), nearly 10 million people were died from cancer worldwide in 2020.
  • Upsurge in Cardiovascular Diseases (CVDs) -Conditions affecting the heart or blood vessels are collectively referred as the cardiovascular disease (CVD). It is commonly related to a buildup of fatty deposits inside the arteries. The number of CVDs patients is growing faster that leads to the rising number of testing and trials for new and effective drugs. As per the World Health Organization, in 2019, an approximately 17.9 million people died from CVDs, representing for 32% of all deaths worldwide.
  • Growing Investment in R&D –According to the data released by the Unesco Institute for Statistics,worldwide R&D investment has continued to rise, with an average annual increase of 4.7% over the last decade (2010-2020). In global terms, the proportion of global GDP invested in R&D has grown substantially from 1.61% in 2010 to 1.93% in 2020.

Challenges

  • Requirement of High Capital Investmentsto Operate Central Lab
  • Problems Associated withContamination of Samples
  • Stringent Government Regulations

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.

Major Macro-Economic Indicators Impacting the Market Growth

Global-Healthcare-Expenditure

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.

GlobalCentral Lab Market Regional Synopsis

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.

Central-Lab-Market-Analysis

The global central labmarket is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global central labmarket includes the following segments:

By Service Type

  • Genetic Services
  • Microbiology Services
  • Biomarker Services
  • Anatomic Pathology/Histology
  • Specimen Management & Storage
  • Special Chemistry Services
  • Clinical Research & Trial Services
  • Others

By End-User

  • Biotechnology Companies
  • Pharmaceutical Companies
  • Research Institutes
 

Top Featured Companies Dominating the Global Central LabMarket

  • Laboratory Corporation of America Holdings (Labcorp)

    • Company Overview

    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • ICON Plc
  • Medpace, Inc.
  • Eurofins Scientific (Ireland) Limited
  • LabConnect
  • Cerba Research NV
  • Frontage Laboratories, Inc.
  • Lambda Therapeutic Research Limited
  • InVitro International (IVRO)
  • Clinical Reference Laboratory, Inc.

 

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