Central Lab Market Size Worth $5.55 Billion By 2032 | CAGR: 6.3%

The global central lab market size is expected to reach USD 5.55 billion by 2032, according to a new study by Polaris Market Research. The report “Central Lab Market Share, Size, Trends, Industry Analysis Report, By Service, By End-use (Pharmaceutical Companies, Biotechnology Companies, Academic & Research Institutes), By Region, And Segment Forecasts, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The trend of outsourcing central lab work in the clinical trial industry has been on the rise, presenting lucrative business opportunities for central labs. Approximately 80% of central lab work is outsourced by investigators and sponsors, with a preference for labs offering comprehensive integrated services. The surge in investment in research and development (R&D) is notable, driven by increased focus on the pharmaceutical industry, especially during the pandemic.

As the world enters the third year of the pandemic, the heightened investment in science has enriched the pipeline, leading to the initiation of numerous clinical trials. Throughout the pandemic, there has been a steady growth in activity related to interventional studies. The pharmaceutical industry has adapted to new ways of conducting trials to manage ongoing clinical research effectively during the pandemic.

The global competition in the market is heating up due to the emergence of small- and medium-scale central laboratories, a trend particularly pronounced in developing regions. These laboratories are assuming a crucial role in the worldwide administration of clinical trials, offering central laboratory services at significantly reduced costs—20% to 35% lower compared to rates in Europe & the U.S. Moreover, the cost-effectiveness of conducting clinical trials in developing economies makes central laboratories in these regions more attractive, with lower logistics costs and proximity to trial locations contributing to their appeal.

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The pandemic has escorted in new growth opportunities, particularly with a heightened emphasis on the development of mRNA vaccines and investigations into various treatment options for COVID-19. However, the effective handling of samples, along with managing the supply chain and logistics, is crucial in the context of samples sent to clinical labs. These samples, often associated with COVID-19 testing and research, are highly sensitive. Ensuring swift and efficient logistics is essential, especially with the implementation of temperature control measures. Maintaining the stability of these samples throughout transportation is critical to obtain accurate and reliable results in laboratory analyses. The intricacies of sample handling and logistics underscore the importance of a well-organized and responsive system to support research and diagnostic efforts related to the pandemic.

Central Lab Market Report Highlights

• Genetic services segment will grow rapidly, owing to rising cases of genetic inheritance, and use in many clinical studies
• Pharmaceutical companies held the largest share, primarily due to rise in number of clinical trials
• North America dominated the market, on account of rise in personalized treatment in the developed economies
• The key market players include ACM Global Laboratories, Labconnect, Cerba Research, Medicover Integrated Clinical Services, Versiti, & Cirion Biopharma

Polaris Market Research has segmented the central lab market report based on services, end use, and region:

Central Lab, Services Outlook (Revenue - USD Billion, 2019 - 2032)

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

Central Lab, End Use Outlook (Revenue - USD Billion, 2019 - 2032)

• Pharmaceutical Companies
• Biotechnology Companies
• Academic & Research Institutes

Central Lab, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Central Lab Market Report Scope