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New York, Nov. 24, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Central Lab Global Market Report 2022: Ukraine-Russia War Impact' -
The global central lab market is expected to grow from $2.28 billion in 2021 to $2.51 billion in 2022 at a compound annual growth rate (CAGR) of 9.9%. 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, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The central lab market is expected to grow to $3.28 billion in 2026 at a CAGR of 6.9%.
The central lab market consists of the sales of central lab services by entities (manufacturers, sole traders, and partnerships) that are used to support clinical trials and genetic testing in the drug development process.The central labs use validated technology, standardized procedures and reference ranges, and trial-specific testing kits to run all of the laboratory tests requested by the sponsor.
The Central Lab provides bundled services where all of the samples from the trial's clinical locations are submitted. This ensures that the results and analysis are consistent.
The main types of services in the central lab are genetic services, biomarker services, microbiology services, anatomic pathology and histology, specimen management and storage, special chemistry services, and others.Genetic services are services that identify and counsel those who are at risk for genetic abnormalities.
The different test types include human and tumor genetics, clinical chemistry, medical microbiology and cytology, and other esoteric tests that are employed in several end-users such as pharmaceutical companies, academic and research institutes, and biotechnology companies.
North America was the largest region in the central lab market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the central lab market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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. Therefore, the rise in the number of clinical trials will promote the central lab market.
Technological advancements are a key trend gaining popularity in the central lab market.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 Bluehill Central Lab management software that allows lab administrators to remotely use Bluehill Central Lab regardless of the quantity or location of test systems.The new Bluehill Central software streamlines the lab administration procedure by managing Instron systems and data at the enterprise level using a single database.
With this platform, lab administrators can remotely manage a variety of operations across all the frames on their network, including all Bluehill Universal users and permissions, test method templates, results, file revision approvals, and audit trail information.
In December 2021, Thermo Fisher Scientific, a US-based supplier of scientific instrumentation, reagents and consumables, and software services, acquired PPD Inc. for $17.4 billion. The acquisition is expected to strengthen Thermo Fisher's capabilities and help it become an industry leader in clinical research services. PPD, Inc. (Pharmaceutical Product Development), is a US-based contract research organization providing comprehensive, integrated drug development, laboratory, and lifecycle management services.
The countries covered in the central lab market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The central lab market research report is one of a series of new reports that provides central lab market statistics, including central lab industry global market size, regional shares, competitors with a central lab market share, detailed central lab market segments, market trends and opportunities, and any further data you may need to thrive in the central lab industry. This central lab market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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