Global Central Lab Market: Overview
Rise in the complexity and number of clinical trials is expected to support growth of the global central lab market over the forecast period, from 2020 to 2030. In addition, a rise in the number of diseases together with the need to lessen burden of cost is likely to work in favor of the global central lab market. Emergence of outsourcing across the globe is estimated to shoot up the demand for central labs worldwide.
Pharmaceutical companies are increasingly looking for ways to lessen the manufacturing and development cost of their products. One of the most commonly outsourced services is central lab services. Most of the biopharmaceutical and pharmaceutical companies outsource central labs. Besides, the process of drug development is accelerated by the use of central labs. Many of the clinical research organizations (CROs) have exhibited considerable interest in central lab services as they offer bundled services. All these factors are likely to foster growth of the global central lab market in the near future.
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Service type, end user, and region are the three important parameters based on which the global central lab market has been classified. Such detailed analysis of the market comes with the sole purpose to provide stakeholders with a detailed and clear analysis of the global central lab market.
Global Central Lab Market: Notable Developments
One of the important market developments that give a quick view of the dynamics pertaining to the global central lab market is mentioned as below:
- In 2016, Pfizer Inc. entered into a relationship with inVentiv Health, its strategic partner. With the formation of this relationship, both the companies are likely to widen its geographical presence.
Some of the prominent organizations in the global central lab market comprise the below-mentioned:
- Eurofins Global Central Library
- Covance Inc.
- Medpace Reference Laboratory
- ACM Global Central Lab
- CLR-Clinical Reference Laboratory
- INTERLAB Central Lab Services
Global Central Lab Market: Key Trends
The global central lab market is characterized by the presence of the following restraints, drivers, and opportunities.
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Rapid Adoption of Technologically Advanced Products to Spur Market Growth
The importance of central lab lies in the technical requirements pertaining to the shipping of clinical trial samples. Some of the important strategies that the players in the global central lab market impose are adoption of advance technological solutions and bundling services. Presence of large volume of clinical trial data for the purpose of study and augmented complexities are likely to work in favor of the market. Bundled services make an offering of a wide variety of services to biopharmaceutical and pharmaceutical companies at a much discounted rate.
In addition, the environment of the clinical trial and the trials themselves has been becoming more complex, which has resulted in the emergence of several central labs all over the world. This has also brought down the price of the trials, which is likely to drive the demand for central labs. Progress made in the advancement of new drugs and therapies are some of the factors estimated to foster growth of the global central lab market over the period of assessment, from 2020 to 2030. On the other hand, challenges for the market come in the form of regulations, which is estimated to hamper growth of the global central lab market.
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Global Central Lab Market: Geographical Analysis
North America together with Europe are likely to account for most of the market share over the period of forecast, 2020 to 2030. Dominance of the both the regions is ascribed to the advancement in technology, increased awareness, and augmented healthcare budget in the regions.
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