Central Lab Market to be Worth $5.08 Billion by 2030: Grand View Research, Inc.

Central Lab Market to be Worth $5.08 Billion by 2030: Grand View Research, Inc.

PR Newswire

SAN FRANCISCO, Nov. 9, 2022

SAN FRANCISCO, Nov. 9, 2022 /PRNewswire/ -- The global central lab market size is expected to reach USD 5.08 billion by 2030, according to a new report by Grand View Research, Inc. It is estimated to register a CAGR of 6.7% during the forecast period, driven by the increasing investment in R&D and increased focus of sponsors & investigators on reducing research costs. The outsourcing of central lab work is a significant factor driving the market growth.

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Key Industry Insights & Findings from the report:

Read 200-page full market research report, "Central Lab Market Size, Share & Trends Analysis Report By Services (Genetic Services, Biomarker Services), By End-use (Pharmaceutical Companies, Biotechnology Companies), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Central Lab Market Growth & Trends

Outsourcing central lab work is a rising trend in the clinical trial industry, which is expected to create lucrative business opportunities for central labs. The investigators and sponsors outsource ~80% of the central lab work and prefer the labs that provide end-to-end integrated services.

Investment in R&D has witnessed a surge in past years, which can be attributed to the enhanced focus on the pharmaceutical industry during the pandemic. As we enter the third year of the pandemic, investment in science has enhanced the pipeline and several clinical trials have been initiated. Over the pandemic, activity in interventional studies grew steadily. The pharmaceutical industry developed a new way of conducting trials for the management of ongoing clinical trials during the pandemic.

The pandemic has also created new growth opportunities, with an increasing focus on mRNA vaccine development and investigations for several COVID-19 treatment options. However, sample handling, supply chain, and logistics play a significant role in the sample sent to clinical labs. These samples are highly sensitive and require fast logistics with temperature control, thereby maintaining sample stability to get the most accurate results.

The rise of small- and medium-scale central laboratories is intensifying the competition globally. The presence of small- and medium-scale central labs is highly prominent in developing regions such as the Asia Pacific. These laboratories are becoming critical in the management of clinical trials globally owing to the availability of central laboratory services at 20%–35% lower prices, when compared to Europe and the U.S. Furthermore, the lower cost of conducting clinical trials in the developing economies facilitates the selection of central laboratories present in these regions, which can be attributed to lower logistic costs and presence near the trial location..

Central Lab Market Segmentation

Grand View Research has segmented the global central lab market based on services, end-use, and region

Central Lab Market - Services Outlook (Revenue, USD Million, 2018 - 2030)

Central Lab Market - End-use Outlook (Revenue, USD Million, 2018 - 2030)

Central Lab Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

List of Key Players of Central Lab Market

Check out more related studies published by Grand View Research:

Browse through Grand View Research's  Clinical Diagnostics Industry Research Reports.

GVR has curated a list of micro markets to provide a holistic view of industry performance. We focus on critical applications and end-use to give all stakeholders a detailed perspective. The data books are available in interactive dashboards and services start at US$ 500 per month.

Browse Micro-Markets & Industry Data Books from Grand View Research

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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