Central Lab Market to hit USD 5.1 billion by 2032, says Global Market Insights Inc.

Selbyville, Delaware, Oct. 08, 2024 (GLOBE NEWSWIRE) —

Central Lab Market size was valued at approximately USD 3.1 billion in 2023. Projections indicate it will grow to around USD 5.1 billion by 2032, achieving a CAGR of 5.8% from 2024 to 2032, fueled by a rising emphasis on outsourcing testing services and a significant uptick in research and development investments.

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Organizations are increasingly turning to outsourced testing services, motivated by the pursuit of cost efficiency, high-quality results, and specialized testing capabilities. The U.S. Food and Drug Administration (FDA) reported a 25% surge in clinical trials leveraging outsourced central laboratory services in 2022, a marked increase from 2019. By outsourcing, organizations can focus on their primary activities, while central labs ensure accurate and swift testing.

Technological advancements are reshaping the landscape of lab services. Innovations such as next-generation sequencing (NGS), automated laboratory systems, artificial intelligence, machine learning, point-of-care testing breakthroughs, and sophisticated biosensors are enhancing precision and efficiency while broadening the range of services offered. These developments are pivotal in defining the industry’s trajectory.

The central lab market is segmented based on services, application, end-use, and region.

The biomarker services segment dominated the market with a revenue of USD 934.5 million in 2023. Precision medicine, which customizes treatments based on individual genetic, environmental, and lifestyle factors, heavily relies on biomarkers. These biomarkers are essential for identifying specific disease pathways and predicting patient responses to therapies, making them critical for developing personalized treatments. This trend significantly drives the demand for biomarker services. The pharmaceutical and biotech industries rely on biomarkers to enhance the efficiency and effectiveness of drug development, further boosting the demand for biomarker services.

The central lab market is categorized based on applications into oncology, neurology, cardiology, infectious diseases, and other applications. The oncology segment is anticipated to dominate the central lab industry, with a projected revenue of USD 1.6 billion by 2032. The high prevalence of cancer drives the demand for extensive cancer research, diagnostics, and treatment monitoring. Central labs are crucial in providing specialized testing and diagnostic services for cancer, including genetic profiling, biomarker analysis, and histopathology, to support oncology research and clinical practice. Advancements in diagnostics, such as liquid biopsy, next-generation sequencing (NGS), and advanced imaging, enable precise, early detection and personalized treatment, driving the need for specialized lab services in oncology.

In 2023, North America central lab market accounted for USD 1.1 billion in revenue and is predicted to witness substantial development over the analysis timeline. The increasing focus on personalized medicine in North America boosts demand for advanced diagnostic services and biomarkers, driving the demand for central labs across North America. The rising incidence of chronic diseases such as cancer and diabetes necessitate more comprehensive testing and research.

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Major players in central lab market include A.P. Moller Holding A/S, ACM Global Laboratories, BioAgilytix Labs, Cerba Research, Cirion Biopharma Research Inc., Covance Inc., Eurofins Scientific, Frontage Laboratories, ICON Central Laboratories, LabConnect, Laboratory Corporation of America Holding, Lambda Therapeutics Research Ltd, Medpace, Inc., Parexel International Corporation, Quest Diagnostics and Versiti among others.

Partial Table of Contents (ToC) of the report:

Chapter 1   Methodology & Scope

1.1    Market scope & definition

1.2    Research design

1.2.1    Research approach

1.2.2    Data collection methods

1.3    Base estimates & calculations

1.3.1    Base year calculation

1.3.2    Key trends for market estimation

1.4    Forecast model

1.5    Primary research and validation

1.5.1    Primary sources

1.5.2    Data mining sources

Chapter 2   Executive Summary

2.1    Industry 360⁰ synopsis

Chapter 3   Industry Insights

3.1    Industry ecosystem analysis

3.2    Industry impact forces

3.2.1    Growth drivers

3.2.1.1    Growing emphasis on outsourcing of testing services

3.2.1.2    Technological advancements in testing equipment

3.2.1.3    Extensive growth in research and development investments

3.2.2    Industry pitfalls & challenges

3.2.2.1    Stringent government regulations and compliance

3.3    Growth potential analysis

3.4    Regulatory landscape

3.5    Technological landscape

3.6    Porter’s analysis

3.7    PESTEL analysis

3.8    Future market trends

Browse more lab services industry reports @ https://www.gminsights.com/industry-reports/lab-services/82

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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