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Central Lab Market Size Envisioned at USD 5.4 Billion by 2032

Central Lab Estimated USD 5.4 Billion Market Size by 2032

Status: Published Category: Diagnostics Insight Code: 5014 Format: PDF / PPT / Excel

The global central lab market is estimated to grow from more than USD 3.1 billion in 2022 to reach an estimate of more than 5.4 billion by 2032, at a 5.71% CAGR between 2023 and 2032, as increasing clinical trials & increase in investment in research and development.

Central Lab Market Size 2023 - 2032

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The Central Lab Supports Clinical Trials and Helps in Clinical Testing

CIRION BioPharma Research Inc., a top supplier of large molecule bioanalytical testing and global central laboratory services, announced today that the business will expand its current laboratory facilities and start offering new testing services for the screening and clinical diagnosis of COVID-19 in July 2020.

A central laboratory is a medical lab that provides services to numerous sites or institutions and this concept also covers off-site laboratories that provide support services to clinical laboratories housed in healthcare facilities, it exclusively serves one hospital or institution. The corporate-type labs and national reference laboratory systems are two more words that are used to describe central lab services. Central lab lowers costs for the pharmaceutical and biotechnology industries and also guarantees that results are delivered more quickly and accurately. The pharmaceutical and biopharmaceutical firms have completely outsourced central labs. During the evaluation period, the worldwide central lab market will continue to have strong potential due to rising pharmaceutical and biotechnology company activity as well as the rising need for novel medications and vaccines. Moreover, from covid 19 pandemic crisis the demand for central laboratories is continuously driving an increase in research & development and conducting clinical trials.

How Covid 19 Impact the Central Lab Market?

The increased incidence of COVID-19 hurt laboratory operations. Volume increases were seen for hospital tests related to COVID-19 diagnostics and management, including some with limited evidence to support their use; however, overall testing volumes decreased substantially during this period. When there is an increase in the number of patients being tested for a specific disease or infection such as COVID-19 monitoring volume patterns can help inform healthcare staff about how many resources are available at hospitals which may lead them to implement changes that would benefit both patient care and cost containment efforts. Monitoring patterns during emergencies such as this one would help the central lab operators in the future for handling such situations more effectively. It has been observed that the number of outpatients, the frequency of outpatient visits of doctors, the number of patients in wards, and the number of surgery operations decreased by 80.3%, 50.0%, 70.6%, and 75.0% in the first two months of the pandemic. This was majorly witnessed due to fear of catching an infection, strict lockdown, unavailability of public transport, and a ban on intercity travel, among others. In line with this, all hospitals have developed detailed guidelines for protecting potentially vulnerable cancer patients under different conditions and have rearranged non-urgent consultations to minimize a given cancer patient’s exposure to any healthcare setting.

Factors Driving The Central Lab Market

The desire for affordable solutions is being further fueled by the high cost of treating the older population's many ailments. Additionally, new products provide businesses with new sources of income, which sharpens the industry's focus on R&D. This enables the businesses to develop strong intellectual property rights and robust product portfolios (IPR). Clinical trial opportunities will therefore increase, as will the demand for central lab services. Some of the key factors propelling the global central lab market are the high complexity of clinical trials, rising disease prevalence around the world, growing demand for novel drugs and vaccines, the surge in the number of central labs, and the growing need to lower the cost of drug research and development processes. advantages they provide, such as their great efficiency and speed, decreased costs associated with product manufacture, and superior flexibility, central labs have become extremely popular all over the world. Due to the elimination of extra stages, these central labs let multinational corporations introduce new substances to the market more swiftly.

Which Are Future Opportunities In The Central Lab Market?

Central lab boosting from covid & providing several opportunities from covid 19 central lab plays an important role in sample testing. The desire for affordable solutions is being further fueled by the high cost of treating the older population's many ailments. Additionally, new products provide businesses with new sources of income, which sharpens the industry's focus on R&D. This enables the businesses to develop strong intellectual property rights and robust product portfolios (IPR). Clinical trial opportunities will therefore increase, as will the demand for central lab services. The more trending market for central labs worldwide is being overrun by a multitude of technology and software advances. Clinical trial laboratory service providers are assisting central labs with advances including next-generation flow cytometry result reporting automation, sample & consent tracking, and AI protocol reading.

Central Lab Market Share, By Sector, 2022 (%)

The market share represented by the sector for biomarker services is more than 40% in 2022 and it is predicted to expand at the fastest rate. The co-creation of medications and diagnostics as well as the choice of suitable assay development platforms, which open up new possibilities for the incorporation of biomarkers in clinical procedures, can be credited with the segment's rise. When it comes to central labs, combining biomarker services with other trial support services can improve the offerings by making it easier to assess biomarker assays. Due to the growing importance of genetic analysis in clinical investigations, genetic services are gaining ground. Identifying the underlying genetic causes of certain diseases can help with the creation of targeted treatments, including

The number of central lab-based trials has gone up since 2009, that time an average of six to eight trials were outsourced to central labs every month and more than 70% of all clinical trials are using central laboratories

The pharmaceutical industry is on the brink of another milestone in big data. The latest analysis by the American Association of clinical research shows that last year, more than 50% of clinical trials were conducted at central labs while outsourcing laboratories only had about 29%. Before the usage of central labs in clinical research for pharmaceutical trials, clinics had to send samples back and forth between several laboratories for testing. This process is time-consuming; it can also cause problems in preventing laboratory workers from sharing information about participant samples with each other, which may lead to errors or bias

North America to Dominate Central Lab Market

North America generated more than 42% revenue share in 2022. The presence of a favorable regulatory environment and a sizeable portion of R&D in the area together drive the market. Additionally, it is projected that the high prevalence of sexually transmitted diseases (STIs) and tuberculosis in the area will increase the need for clinical research related to the development of diagnostic tools and therapies. High technological adoption rates in North America, supported by appropriate quality controls, are crucial for providing high-quality, effective service to the expanding healthcare sector.

The region's market is primarily driven by an increase in the elderly population, rising patient awareness of the need for laboratory testing, and an increase in the prevalence of infectious and chronic diseases. The Centres for Disease Control and Prevention (CDC) estimates that 133 million Americans, or 45% of the population, were living with at least one chronic disease in 2018. Seven out of ten deaths are caused by chronic diseases, which account for more than 1.7 million fatalities annually in the nation.

About The Author

Deepa has certified the degree of Master’s in Pharmacy in the Pharmaceutical Quality Assurance department from Dr D.Y.Patil College of Pharmacy. Her research is focused on the healthcare industry. She is the author or co-author of four Review Articles, which include Solid dispersion a strategic method for poorly soluble drugs and solubility improvement techniques for poorly soluble drugs, Herbal Drugs Used In Treatment Of Cataracts, Nano sponges And Their Application in Cancer Prevention and Ayurvedic Remedies of Peptic ulcer. She has also published a Research Article on the Formulation and Evaluation of Mucoadhesive Tablets of Miconazole cocrystal which was published in GIS Science Journal Volume 9 Issue 8. Her passion for secondary research and desire to take on the challenge of solving unresolved issues is making her flourish is the in the research sector.

FAQ's

The central lab in clinical trials is a specialized laboratory that receives and analyzes biological specimens collected from study participants enrolled in a clinical trial. The central lab is responsible for ensuring the accuracy and consistency of the laboratory data generated from the specimens, which is essential for the evaluation of the safety and efficacy of the investigational product being tested.

Key trends in the central lab market include an increased focus on precision medicine, the adoption of real-world data, the growing demand for decentralized clinical trials, and the use of artificial intelligence and machine learning in laboratory operations.

The global central lab industry was evaluated at USD 3.1 billion in 2022 and is predicted to hit around 5.4 billion by the end of 2032.

The increased incidence of COVID-19 hurt laboratory operations. Volume increases were seen for hospital tests related to COVID-19 diagnostics and management, including some with limited evidence to support their use; however, overall testing volumes decreased substantially during this period.