Surge in Clinical Trials Set to Propel Central Lab Market Growth || Acm Global Laboratories Private Limited, Cerba Research, Sonic Healthcare Limited, Celerion Inc

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company's Central Lab Global Market Report 2023 identifies the rise in the number of clinical trials is is the major driver for the central lab market's growth in the forecast period. A clinical trial is a type of research study that is aimed at evaluating a new treatment, a new drug, or a medical device's safety and effectiveness. Pharmaceutical and biotechnology companies outsource central labs for testing, development, and production of new products. For instance, according to ClinicalTrials.gov, a registry of clinical trials by the National Library of Medicine and a US-based medical library operated by the US federal government, as of July 2022, 422,646 clinical trials were listed as compared to 399,523 in 2021.

The global central lab market size grew from $2.52 billion in 2022 to $2.74 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global central lab is expected to grow to $3.64 billion in 2027 at a CAGR of 7.3%.

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Major competitors in the central lab market are Acm Global Laboratories Private Limited, Cerba Research, Sonic Healthcare Limited, Celerion Inc., Cirion Biopharma Research Inc., Clinical Reference Laboratory Inc., Eurofins Central Laboratory LLC, Frontage Laboratories Inc., Icon Central Labs, Interlab Central Lab Services, InVitro International, Labcorp Drug Development India Private Limited, LabConnect LLC.

A key trend in the central lab market includes offering technological advancements. Major companies operating in the central lab sector are focused on developing new technological solutions to strengthen their position in the market. For example, in December 2021, Instron, a US-based manufacturer of a wide range of cutting-edge materials testing equipment, introduced BluehillCentral Lab management software that allows lab administrators to remotely use Bluehill Central Lab regardless of the quantity or location of test systems.

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The central lab market is segmented -

1) By Service Type: Genetic Services, Biomarker Services, Microbiology Services, Anatomic Pathology or Histology, Specimen Management And Storage, Special Chemistry Services, Other Service Types

2) By Test Type: Human And Tumor Genetics, Clinical Chemistry, Medical Microbiology And Cytology, Other Esoteric Tests

3) By End-User: Pharmaceutical Companies, Academic And Research Institutes, Biotechnology Companies

4) By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Western Europe was the largest region in the Central Labmarket.

The Business Research Company's "Global Central LabMarket Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.

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The Table Of Content For The Central LabMarket Include:
1. Executive Summary
2. Central Lab Market Characteristic
3. Central Lab Market Trends And Strategies
4. Central Lab Market - Macro Economic Scenario
5. Central Lab Market Size And Growth
……………
27. Central Lab Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Central Lab Market
29. Central Lab Market Future Outlook And Potential Analysis
30. Appendix

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