Global Central Lab Market: Overview
Rise in the complexity and number of clinical trials is expected to support growth of the global central lab market over the forecast period, from 2020 to 2030. In addition, a rise in the number of diseases together with the need to lessen burden of cost is likely to work in favor of the global central lab market. Emergence of outsourcing across the globe is estimated to shoot up the demand for central labs worldwide.
Pharmaceutical companies are increasingly looking for ways to lessen the manufacturing and development cost of their products. One of the most commonly outsourced services is central lab services. Most of the biopharmaceutical and pharmaceutical companies outsource central labs. Besides, the process of drug development is accelerated by the use of central labs. Many of the clinical research organizations (CROs) have exhibited considerable interest in central lab services as they offer bundled services. All these factors are likely to foster growth of the global central lab market in the near future.
Service type, end user, and region are the three important parameters based on which the global central lab market has been classified. Such detailed analysis of the market comes with the sole purpose to provide stakeholders with a detailed and clear analysis of the global central lab market.
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Global Central Lab Market: Notable Developments
One of the important market developments that give a quick view of the dynamics pertaining to the global central lab market is mentioned as below:
- In 2016, Pfizer Inc. entered into a relationship with inVentiv Health, its strategic partner. With the formation of this relationship, both the companies are likely to widen its geographical presence.
Some of the prominent organizations in the global central lab market comprise the below-mentioned:
- Eurofins Global Central Library
- Covance Inc.
- Medpace Reference Laboratory
- ACM Global Central Lab
- CLR-Clinical Reference Laboratory
- INTERLAB Central Lab Services
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Global Central Lab Market: Key Trends
The global central lab market is characterized by the presence of the following restraints, drivers, and opportunities.
Rapid Adoption of Technologically Advanced Products to Spur Market Growth
The importance of central lab lies in the technical requirements pertaining to the shipping of clinical trial samples. Some of the important strategies that the players in the global central lab market impose are adoption of advance technological solutions and bundling services. Presence of large volume of clinical trial data for the purpose of study and augmented complexities are likely to work in favor of the market. Bundled services make an offering of a wide variety of services to biopharmaceutical and pharmaceutical companies at a much discounted rate.
In addition, the environment of the clinical trial and the trials themselves has been becoming more complex, which has resulted in the emergence of several central labs all over the world. This has also brought down the price of the trials, which is likely to drive the demand for central labs. Progress made in the advancement of new drugs and therapies are some of the factors estimated to foster growth of the global central lab market over the period of assessment, from 2020 to 2030. On the other hand, challenges for the market come in the form of regulations, which is estimated to hamper growth of the global central lab market.
Global Central Lab Market: Geographical Analysis
North America together with Europe are likely to account for most of the market share over the period of forecast, 2020 to 2030. Dominance of the both the regions is ascribed to the advancement in technology, increased awareness, and augmented healthcare budget in the regions.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.