Central labs Market are designed and developed to offer laboratory services to support clinical trials for upcoming drugs. Central lab is responsible for various laboratory services such as anatomic pathology services, biomarker services, clinical research & trial services, genetic services, microbiology services and many others. In addition, central lab also provide solutions such as project management, global logistics and sample management, data management and analytics solutions, specimen management and storage, clinical trial kit production and global digital pathology solutions.
Market Dynamic – Global Central Lab Market
The global central lab market has been seeing tremendous growth from the past few years. Major growth factors such as rapid growth in the biotechnology and pharmaceutical industry across the globe, increasing number of clinical trials, and rising adoption of intelligent technologies such as AI and automation in central labs are accredited to the growth of the market. Likewise, factors such as rise in occurrence of diseases and growing demand to reduce the cost of clinical trials are further anticipated to contribute to the market growth. Besides, continuous investment and funding in the research and development activities in the field central lab services and related systems is further expanding the market growth across the globe.
COVID-19 Impact on Central Lab Market
The exclusive COVID 19 impact analysis report by Axiom MRC provides a 3600 analysis of micro and macro-economic factors on the central lab market. In addition, complete analysis of changes on central lab market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. Also, the COVID-19 pandemic has affected the global central lab market and manufacturers on the both positive as well as negative level in the pandemic period. This is owing to the delay and suspension of the planned clinical trials during pandemic period. However, increasing focus of biopharmaceutical industry on developing therapies and vaccines in response to COVID-19 virus is likely to impact market growth on a positive level.
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Central Lab Market Segmental Overview
The study analyses global central lab market based on product, end user and geography.
Central Lab Market by Product
Various products such as anatomic pathology/histology, biomarker services, clinical research & trial services, genetic services, microbiology services, special chemistry services, specimen management & storage, and others are covered in the global central lab market. Biomarker services segment dominated the market in 2020 and is expected to maintain its dominance during the forecast period. The use of biomarkers in clinical development programs is an increasing requirement for many disease areas. Biomarker central laboratory services help drug developers produce a biomarker identification strategy to help drive commercial and clinical success of a drug.
Central Lab Market by End User
Major end users of the global central lab market are pharmaceutical companies, biotechnology companies, and academic & research institutes. Pharmaceutical companies segment held the largest share of the market. An increasing demand for efficient and cost effective clinical testing solutions and various central lab services from biotechnology and pharmaceutical companies is major factor behind the growth of the market. Rapid growth in the global pharmaceutical industry owing to factors such as advanced drug discovery using AI, automation in the pharma supply chain, accelerated digitization post COVID-19 and many others is further likely to benefit the growth of the market.
Central Lab Market Key Players
The major key players of market includes ACM Global Central Lab, Barc Lab (Cerba Research), Bioscientia (Sonic Healthcare), Celerion, CIRION BioPharma Research, Clinical Reference Laboratory, Eurofins Central Laboratory, Frontage Laboratories, Inc, ICON Central Labs, INTERLAB Central Lab Services, InVitro International, Lab Corp/Covance, LabConnect, PPD Inc and Q2 Solutions among others.
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