San Francisco, 24 February 2030: The Report Central Lab Market Size, Share & Trends Analysis Report By Service (Genetic Services, Biomarker Services), By End-use (Pharmaceutical Companies, Biotechnology Companies), By Region, And Segment Forecasts, 2024 - 2030
The global central lab market size is expected to reach USD 5.05 billion by 2030, expanding at a CAGR of 6.44% from 2024 to 2030, according to a new report by Grand View Research, Inc. It is estimated to register a CAGR of 6.50% 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.
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.
The growth can be attributed to increasing investment in R&D and increased focus of sponsors & investigators on reducing research costs. Moreover, the increasing adoption of outsourcing laboratory services by pharmaceutical & biotechnology companies and other end users to reduce the overall cost of research activities further supports the market growth over the forecast period. A survey conducted in 2022 with biopharmaceutical companies suggests that the outsourcing trend is expected to continue in the coming years as it allows investigators to focus on the trial.
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Increased focus on diagnostics owing to COVID-19 led to a rise in funding for novel diagnostics with the potential to improve diagnosis scenarios. For instance, in April 2023, according to LabCentral 2022 Impact Report, companies raised USD 6.05 billion in funding, including 21% of all early-stage funding globally, dosed 4,504 participants in 37 clinical trials, and granted 56 patents. Such strategies are likely to improve the demand for central laboratory services for clinical studies in the country. Furthermore, in March 2021, Bio-Techne Corporation opened a new immunoassay-focused R&D and manufacturing facility in Minneapolis, U.S. This facility is engaged in the production of ELLA immunoassay cartridges for rapid detection of biomarkers for diagnosis of diseases. Thus, opening of such manufacturing facilities in countries strengthens the production of immunoassay test kit development for diagnosis of infectious respiratory diseases during the forecast period.
Central Lab Market Report Highlights
• The genetic services segment is anticipated to grow at the fastest growth rate, owing to the increasing significance of genetic analysis in clinical studies • Strategic acquisitions are one of the factors influencing the changing dynamics of the market. For instance, players are acquired by medium and large-scale enterprises for enhancing their global reach and entering new business segments • Pharmaceutical companies held the largest market share by end-use, attributable to an increasing number of interventional studies and investment into research • North America dominated the global market in 2023, the increasing need for genetic testing in clinical trials related to personalized healthcare in disease areas, such as diabetes & cancers • Key players in the market include ACM Global Laboratories, Labconnect, Cerba Research, Eurofins Scientific, Medicover Integrated Clinical Services, and Versiti
The preference of consumers toward small- and medium-scale enterprises is rising, owing to the presence of depth & breadth of specialty lab solutions. For instance, in February 2023, Cerba Research signed a Memorandum of Understanding (MoU) with Teddy Clinical Research Laboratory to enter into a joint venture with an aim to combine Teddy's well-established reputation in mainland China, known for providing high-quality central lab solutions backed by more than 12 years of clinical trial experience, with Cerba Research's technical capabilities and scientific expertise. Cerba Research excels in areas such as vaccines, immuno-oncology, cell & gene therapy, and infectious disease research drug development.
Central Lab Market Report Scope
Report Attribute Details Market size value in 2024 USD 3.47 billion Revenue forecast in 2030 USD 5.05 billion Growth rate CAGR of 6.44% from 2024 to 2030 Base year for estimation 2023 Historical data 2018 - 2022 Forecast period 2024 - 2030
The presence of up-to-date and novel instruments in the new laboratory is expected to enhance automation and provide more efficient results with high-quality data. In May 2023, the China Association of Clinical Laboratory Practice Expo stood as the premier exhibition for IVD within China. Drawing a gathering of more than 30,000 experts, including entrepreneurs, scholars, users, and thought leaders in the clinical laboratory sector from across the world, CACLP fosters the exchange of advancements in the industry. It serves as a platform for enhancing partnerships and collectively shaping the future of the IVD industry. However, changes in government regulations can adversely affect central lab market growth.
The global Biosensors Market is anticipated to reach 21.2 billion by 2020 owing to the rise in technological developments in all the sectors of the biosensors industry.
The biosensors include three components namely the bio elements, biological recognition unit and the transducers.
The biological recognition unit deals with the given biological responses, bio-elements that establishes enzymes, antibiotics, living tissues and transducers.
The biosensors are indispensable devices that features quick detention ability, easy usage, low cost and have portable solutions.
The rising prevalence of lifestyle-induced and chronic diseases are demanding the point-of-care testing (POCT), rise in the geriatric population and biosensors for nanotechnology is expected to fuel up the growth of biosensors industry.The increasing popularity of medical equipment, personalized medications and wider acceptability of user-friendly Biosensors are expected to grow the biosensors market.
Additionally, the adoption speed of these regulatory requirements to advanced technologies is slower due to which the global market is expecting hindrances.Request Sample Copy of This Market Research @ https://www.millioninsights.com/industry-reports/biosensors-market/request-sample Furthermore, the present lifestyle disorders and the prevalent chronic diseases are stimulating the consumers to adopt the biosensors for early detection of unhealthy viruses in the body.
A satellite modem (also known as a sat modem) is used to establish data transfers with the use of communications satellite as a relay device.
A satellite modem is primarily used to transform an input bitstream to a radio signal and vice versa.In terms of end users, the market for military & defense is expected to grow at the highest rate during the forecast period.
In the military & defense industry, reliable, secure, and uninterrupted communication is crucial irrespective of the location and weather condition.
For this, satellite connectivity with the help of modems is the ideal solution.
Furthermore, satellite modems also help in providing secure communication by following the encryption technology, which would make modem perfectly suitable for military & defense purposes.Get Sample Copy of this Report @ https://dataintelo.com/request-sample/?reportId=7066The US is at the forefront of adopting and installing the satellite communication network for all these industries.
The satellite modem market in APAC is likely to grow at a high rate between 2018 and 2023.
Global Enterprise Key Management Market is expected to reach USD 3.61 billion by 2025. Numerous encryption key management standards include Organization for the Advancement of Structured Information Standards (OASIS) and Key Management Interoperability Protocol (KMIP).
The Enterprise Key Management Market is estimated to grow at a significant CAGR over the forecast period as the scope and its applications are rising enormously across the globe.
Rising need to exploit operational efficiency and security, and growing data security anxiety are documented as major factors of Enterprise Key Management Market that are estimated to enhance the growth in the years to come.
However, lack of awareness regarding enterprise key management among organizations mainly in SMEs is a factor that may restrain overall market growth in coming years.
Services and solutions are the components that could be explored in Enterprise Key Management in the forecast period.
