Central Lab Market: Current Analysis and Forecast (2022-2028)

Report Description

Global Central Lab Market is expected to grow at a significant rate of around 6% during the forecast period. The global central lab market is anticipated to witness an uptick owing to the rapid technological advancement and rising investment in research & development of pharmaceutical & biotechnology companies. For instance, The Pharmaceutical Research and Manufacturers of America (PhRMA) trade group represents the leading biopharmaceutical research companies in the United States. In 2019, the research and development (R&D) expenditure of its member companies reached USD 83 billion worldwide, up from USD 79.6 billion in 2018. Furthermore, the market for the central lab is expanding as a result of a number of key factors including a rise in the number of people affected by various diseases such as cancer, cardiovascular disease, etc. and an increase in the number of trials for the development of various pharmaceutical trials including clinical trials, genetic testing, etc.

ACM Global Laboratories, Eurofins Scientific, Cerba Research, Cirion Biopharma Research Inc., Versiti, LabConnect, Q² Solutions, Synevo Central Lab, ICON Central Labs, PPD are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new and innovative products.

Insights Presented in the Report

“Amongst services, biomarker services category to witness higher CAGR during the forecast period”

Based on the services, the central lab market is segmented into genetic services, biomarker services, microbiology services, special chemistry services and others. The biomarker services segment accounted for a significant market share in 2020 and it is estimated that it will grow rapidly during the projected timeframe owing to the co-development of diagnostics & drugs and the selection of appropriate assay development platforms that provide new opportunities for the integration of biomarkers in clinical processes

“Amongst end-user, the pharmaceutical companies segment to hold a significant share in the market in 2020”

Based on end-user, the market is fragmented into pharmaceutical companies, biotechnology companies, academic & research institutes and others. The pharmaceutical companies segment grabbed a considerable market share in 2020 and it is estimated that it will grow rapidly during the forecast period. This can be due to the rising demand for novel pharmaceuticals and an increase in the number of clinical trials. Furthermore, as pharmaceutical firms are continually looking for ways to save costs in drug development and manufacturing, the demand for central labs is expected to surge in the future

“North America to hold a significant share in the market”

North America is anticipated to grow at a substantial CAGR during the forecast period. The major factors such as well-established healthcare infrastructure, the presence of numerous biopharmaceutical and pharmaceutical companies in the region, a rising focus on drug discovery and rising R&D investments by various pharmaceutical key players. For instance, in 2019, the pharmaceutical industry spent USD 83 billion on R&D. These expenditures covered a wide variety of research activities including drug discovery and development

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global central lab market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Central Lab Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global central lab market were the three major steps undertaken to create and analyze the adoption of the central lab in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global central lab market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the central lab market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the central lab market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as services and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the central lab market. Further, we conducted factor analysis using dependent and independent variables such as various services and end-user of central lab. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the central lab market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global central lab market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the central lab market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global central lab market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global central lab market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of services and end-user in the global central lab market.

The main objective of the Global Central Lab Market Study

The current & future market trends of the global central lab market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the central lab market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of services and end-user.
• Define and analysis of the regulatory framework for the central lab
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the central lab market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the central lab market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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