Central Lab Global Market Size is Expected to Grow at $4.15 Billion at CAGR of 8.1% By 2028 | Key Players: Celerion Inc., Cerba Research, Frontage Laboratories Inc., Icon Central Labs, Interlab Central Lab Services

The Business Research Company presents an extensive market research report on the ""Central Lab Global Market Report 2023,"" furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the Central Lab industry. This report on Central Lab market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:
The central lab market size has grown strongly in recent years. It will grow from $2.8 billion in 2023 to $3.04 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to increased clinical trials growth, growth in drug development activities, regulatory compliance, increased healthcare research, growth in diagnostic testing. The central lab market size is expected to see strong growth in the next few years. It will grow to $4.15 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.

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Key Market Players:
Celerion Inc., Cerba Research, Cirion Biopharma Research Inc., Clinical Reference Laboratory Inc., Eurofins Central Laboratory LLC, Frontage Laboratories Inc., Icon Central Labs, The Progressive Corporation are prominent players in the Central Lab industry.

Market Drivers:
The rise in the number of clinical trials is expected to drive the central lab market going forward. 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.

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Market segments for Central Lab include:
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

The report answers the following questions:

What are the primary factors propelling the market during the projected period?

In which region is the most substantial growth expected?

Which trend will take center stage in the upcoming period?

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