Global Central Lab Market is Estimated to Witness High Growth Owing to Rising Adoption of Centralized Laboratory Services
The global central lab market offers various centralized laboratory testing services to pharmaceutical companies, biotechnology companies, clinical research organizations, and medical device companies for clinical trials and non-clinical studies. Some of the key centralized laboratory services include bioanalytical testing, biomarker testing, metabolic stability testing, and toxicology testing. Central laboratory services provide various advantages such as cost-effectiveness, standardized testing procedures, round-the-clock sample collection and analysis, and consolidated reporting. Rising R&D expenditure of pharmaceutical and biotechnology companies and increasing outsourcing of clinical trials are fueling the demand for central laboratory services globally.
The Global Central Lab Market is estimated to be valued at US$ 3.40 Bn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the global central lab market are ACM Global Laboratories, Barc Lab (Cerba Research), Bioscientia (Sonic Healthcare), Celerion, CIRION BioPharma Research, Clinical Reference Laboratory, Eurofins Central Laboratory, Frontage Laboratories, Inc., ICON Central Laboratories, INTERLAB Central Lab Services, InVitro International, Labcorp/Covance, LabConnect, Medpace, MLM Medical Labs GmbH, PPD, Q² Solutions. Key players are focusing on expanding their service portfolio and global footprint through acquisitions and partnerships.
Global Central Lab Market Demand Pacific due to lower costs presents significant growth opportunities for central lab service providers in the region. In addition, introduction of technologically advanced services such as next-generation sequencing-based genomic and toxicogenomic testing is expected to drive the demand for centralized laboratory services over the forecast period.
Technological advancements in areas such as robotics, Global central lab market Size And Trends and big data analytics are enabling central laboratories to improve efficiency, turnaround times, and result interpretation. For instance, integration of robotics enables automation of manual processes for higher throughput and reduced errors.
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