Central Lab Market
Central Lab Market (Product: Genetic Services, Biomarker Services, Microbiology Services, Anatomic Pathology/Histology, Specimen Management & Storage, Special Chemistry Services, Clinical Research & Trial Services, and Others; and End User: Pharmaceutical Companies, Biotechnology Companies, and Academic & Research Institutes) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
Laboratories Work with Logistics Partners to Maintain Business Continuity During COVID-19 Crisis
Companies in the central lab market have been under scrutiny for minimizing potential disruptions to logistical movements of human samples and potential supply issues for clinical kits during the ongoing COVID-19 pandemic. LabConnect - a preeminent provider of central laboratory support services is increasing efforts to closely work with its logistics providers and courier partners to implement alternative transportation solutions, owing to increased cost of transporting supplies.
Stakeholders in the central lab market are collaborating with network laboratories to assess the current coronavirus situation and plan its potential impact on lab testing services. Laboratory vendors are closely monitoring and updating their business continuity plans in severely affected COVID-19 regions. Stakeholders are working closely with their staff to monitor subject compliance.
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Additional Training of Non-physician Medical Specialists Accelerates Lab Procedure Outcomes
The central lab market is estimated to surpass US$ 4.1 Bn mark by 2030. However, central lab stakeholders are posed with many challenges, such as time consuming processes, since several sites samples need to reach one lab and may take several days. Hence, central labs are now sharing this responsibility with local lab facilities whilst increasing R&D to adopt processes that accelerate their lab procedures.
On the other hand, the German healthcare system in the central lab market poses issue in invoicing medical services to non-physician medical specialists in hospitals due to the scarcity of medical professionals. Hence, the German Society for Laboratory Medicine (DGKL) is increasing efforts to provide additional training in a master program in laboratory medicine aimed at medical professionals to facilitate invoicing for lab services in hospitals.
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Encrypted Connections Help Secure Real-time Laboratory Information Data Portals
The central lab market is slated to register a favorable CAGR of ~6% during the forecast period. Companies such as the Eurofins Central Laboratory is making the use of its real-time laboratory information data portal called Fetch for investigator sites and sponsors to have access to the data for their user accounts. Lab professionals are increasing efforts to provide 24/7 secured access to clinical trial information and authorized data reports. Companies are collaborating with software developers to secure laboratory information data portals with encrypted connections.
Companies Deploy AI, Automation, Blockchain Technologies to Support Central Labs
A plethora of technological and software innovations are storming the central lab market. Q2 Solutions-a global clinical trial laboratory services organization is supporting central labs with innovations such as artificial intelligence (AI) protocol reading, sample & consent tracking, and next-gen flow cytometry result reporting automation, among others.
Direct to patient kit shipments, blockchain for sample tracking, and electronic histology & pathology reports are benefitting stakeholders in the central lab market. They are unlocking growth opportunities in supporting decentralized virtual trials innovation. Thus, companies are partnering with mobile nurse and phlebotomy companies to enable in-home specimen collection from individuals and patients alike.
Compliance with CAP, CLIA Standards Boosts Credibility of Stakeholders
Efficient service and quality data without compromise has become important for companies in the central lab market. PPD Laboratories’ Central Lab is gaining recognition in Asia, Europe, and North America for its global laboratory assay standardization survey i.e. GLASS, which is harmonizing processes across locations. Companies are increasing efforts to streamline auditing, deviation management, and standard operating procedures.
Companies in the central lab market are committing to operational excellence in order to comply with the global standards as suggested by the College of American Pathologists (CAP), the Clinical Laboratory Improvement Amendments (CLIA), and the likes. As such, real-time central lab database management platforms are becoming a recurring market trend, as it can be automatically integrated with the patient or medical data of a clinical trial management system.
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Companies in the central lab market are increasing efforts to implement home visit testing for several COVID-19 research studies and provide high quality support to logistics courier partners. Investigator site portals are providing intuitive and interactive tools for central lab sites in order to manage register samples, subject enrollment, order collection kits, etc. Electronic lab requisition reduces the risk of sample loss by enabling a chain of custody before the sample leaves the clinic. However, study teams face complexities such as working with niche laboratories to evaluate decentralized clinical trial designs. In order to overcome these challenges, companies should transition toward AI, blockchain, and automation technologies in laboratory trials management systems and for sample tracking.
Central Lab Market: Overview
- Central labs are designed to provide services to support clinical trials for upcoming drugs, genetic testing services for various genetic diseases such as Parkinson’s, Alzheimer’s, sickle cell anemia, and microbiology testing services such as testing the kinetics and growth of different microbes
- These labs are also used to test the morphology, anatomy, physiology, and activity toward response of various therapeutic agents that prevent the development and replication of microbes
- The global lab market has experienced significant growth over the past decade due to rise in the number of trials in different areas such as pathological trials, clinical trials, microbiological trials, genetic testing trials, and microbiological trials
- Central labs are used by pharmaceutical companies for pharmacology and pharmacovigilance; biotechnology companies for testing, detecting, development, and production of new products, and academic & research institutes for research purposes
Central Lab Market: Drivers
- Surge in the number of patients suffering and affected by different diseases such as cancer and circulatory diseases, increase in the number of clinical trials for the development of various drugs, rise in the number of cases & prevalent occurrence, and advancement in technology, new therapies, and drugs propel the growth of the global central lab market. Increase in the number of patients across the globe is a major factor boosting the growth of the global central lab market.
- Rise in outsourcing by pharmaceutical and biotechnological companies is projected to drive the global central lab market during the forecast period
Market Segmentation: Central Lab Market
- In terms of product, the global central lab market has been classified into genetic services, biomarker services, microbiology services, anatomic pathology/histology, specimen management & storage, special chemistry services, clinical research & trial services, and others. The biomarker services segment is projected to capture the largest share of the global central lab market during the forecast period.
- Based on end user, the global central lab market has been categorized into pharmaceutical companies, biotechnology companies, and academic & research institutes. The pharmaceutical companies segment dominated the global central lab market in terms of revenue in 2019.
- Each of the segments has been analyzed in detail for market trends, recent trends, and developments, drivers, restraints, opportunities, and useful insights. The report provides current and expected revenue (US$ Mn) for each of these segments from 2018 to 2030, considering 2019 as the base year. The compound annual growth rate (% CAGR) has been provided for each segment and market from 2020 to 2030, along with market size estimations.
Regional Overview: Central Lab Market
- In terms of region, the global central lab market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions have been divided into major countries and sub-regions.
- The current and expected market revenue (US$ Mn) of these regional markets and their major countries have been provided in the report from 2018 to 2030, with their CAGRs from 2020 to 2030
- The study also offers a list of recommendations, highlights, and useful insights of the global central lab market, which would help new companies willing to enter the market and existing companies to increase market shares and in the decision-making process
- The central lab market report concludes with the company profiles section, which includes key information about major players in the global central lab market
- Leading players analyzed in the central lab market report include
- ACM Global Central Lab
- Barc Lab (Cerba Research)
- Bioscientia (Sonic Healthcare)
- CIRION BioPharma Research
- Clinical Reference Laboratory
- Lab Corp/Covance
- Eurofins Central Laboratory
- Frontage Laboratories, Inc.
- ICON Central Labs
- INTERLAB Central Lab Services
- InVitro International
- Each of these players has been profiled in the market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments
Central Lab Market – Scope of the Report
TMR’s report on the global central lab market studies the past as well as the current growth trends and opportunities to gain valuable insights of these indicators for the market during the forecast period from 2020 to 2030. The report provides revenue of the global central lab market for the period 2018–2030, considering 2019 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR %) of the global central lab market from 2020 to 2030.
The report has been prepared after an extensive research. Primary research involved bulk of the research efforts, wherein analysts carried out interviews with key opinion leaders, industry leaders, and opinion makers. Secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the central lab market.
Secondary research also included Internet sources, statistical data from government agencies, websites, and trade associations. Analysts employed a combination of top-down and bottom-up approaches to study various attributes of the central lab market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the global central lab market. These serve as valuable tools for existing market players as well as for entities interested in participating in the global central lab market.
The report delves into the competition landscape of the global central lab market. Key players operating in the global central lab market are identified and each one of these is profiled in terms of various attributes. Company overview, financial standings, recent developments, and SWOT are the attributes of players in the global central lab market profiled in this report.
Key Questions Answered in Central Lab Market Report
- What is the sales/revenue generated by central lab market across all regions during the forecast period?
- What are the opportunities in the global central lab market?
- What are the major drivers, restraints, opportunities, and threats in the market?
- Which regional market is set to expand at the fastest CAGR during the forecast period?
- Which product is expected to generate the highest revenue globally in 2030? Which segment is projected to expand at the highest CAGR during the forecast period?
- What are the market positions of different companies operating in the global market?
Central Lab Market – Research Objectives and Research Approach
The comprehensive report on the global central lab market begins with an overview, followed by the scope and objectives of the study. The report provides detailed explanation of the objectives behind this study and key vendors and distributors operating in the market and regulatory scenario for approval of products.
For reading comprehensibility, the report has been compiled in a chapter-wise layout, with each section divided into smaller sections. The report comprises an exhaustive collection of graphs and tables that are appropriately interspersed. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of the market shares of key segments in the past and at the end of the forecast period.
The report analyzes the global central lab market in terms of service type, end user, and region. Key segments under each criteria are studied at length, and the market share for each of these at the end of 2030 has been provided. Such valuable insights enable market stakeholders in making informed business decisions for investment in the global central lab market.
Central Lab Market – Segmentation
TMR’s study on the global central lab market includes information divided into three segments: product, end user, and region. Changing industry trends and other crucial market dynamics associated with these segments of the global central lab market are discussed in detail.