Central Laboratory Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2023-2030

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1. Central Laboratory Market Research- Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013-2019

The global central laboratory market is expected to grow at a CAGR of 5.3% from 2013 to 2019. In terms of value, the central laboratory market was valued at USD 2.65 Billion in 2012 and is expected to reach USD 3.73 Billion by 2019. The central laboratory market comprises of various services such as biochemistry, immunology, microbiology, hematology, and histology. The central laboratory market has been growing owing to the increase in the number of clinical trials and the need for efficient and cost-effective services.

The market is segmented on the basis of services, end users, and geography. The services segment includes biochemistry, immunology, microbiology, hematology, and histology. The end users segment comprises of pharmaceutical and biotechnology companies, contract research organizations, and academic and government research institutes.

Geographically, the central laboratory market is segmented into North America, Europe, Asia, and Rest of the World (RoW). North America is expected to be the largest market for central laboratory services owing to the increase in the number of clinical trials, increase in the number of patients, and the presence of major players in this region. However, Asia is expected to grow at the highest CAGR from 2013 to 2019.

2. Central Laboratory- Market Overview

The central laboratory market is growing at a rapid pace due to the increasing demand for clinical trials and the need for early diagnosis of diseases. The global central laboratory market is expected to reach USD 12.9 billion by 2025 from USD 8.1 billion in 2020, at a CAGR of 9.4%. The growth of this market is driven by the increasing number of clinical trials, the rising incidence of chronic diseases, and the need for early diagnosis of diseases.

The central laboratory market is segmented based on type, disease type, service type, end user, and geography.

On the basis of type, the central laboratory market is segmented into standalone and networked central laboratories. The standalone central laboratories segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to the rising number of clinical trials and the need for early diagnosis of diseases.

On the basis of disease type, the central laboratory market is segmented into oncology, cardiology, neurology, infectious diseases, and others. The oncology segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to the rising incidence of cancer and the need for early diagnosis of the disease.

On the basis of service type, the central laboratory market is segmented into biochemistry, hematology, immunology, microbiology, and others. The biochemistry segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing number of clinical trials and the need for early diagnosis of diseases.

On the basis of end user, the central laboratory market is segmented into hospitals, academic & research institutes, and pharmaceutical & biotechnology companies. The pharmaceutical & biotechnology companies segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to the rising number of clinical trials and the need for early diagnosis of diseases.

3. Central Laboratory- Market Size and Forecast

The central laboratory market is expected to grow at a CAGR of around 5.5% during the forecast period of 2020-2025.

The central laboratory market is segmented by product, service, application, and geography. By product, the market is classified into instruments, reagents, and software & services. The instruments segment is further categorized into cell counters, hematology analyzers, chemistry analyzers, coagulation analyzers, and urinalysis instruments. The reagents segment is sub-segmented into hematology, chemistry, coagulation, and urinalysis reagents. The software & services segment is further classified into laboratory information management system (LIMS), data management, and central laboratory services.

By service, the central laboratory market is classified into central laboratory services, data management, and laboratory information management system (LIMS). The central laboratory services segment is further categorized into hematology, coagulation, chemistry, urinalysis, and other services. The data management segment is sub-segmented into data management services and data management software. The laboratory information management system (LIMS) segment is further categorized into on-premises LIMS and cloud-based LIMS.

By application, the central laboratory market is classified into drug discovery and development, diagnostics, and others. The drug discovery and development segment is further categorized into target identification, target validation, lead identification, and lead optimization. The diagnostics segment is sub-segmented into personalized medicine, pharmacogenomics, and toxicogenomics. The others segment includes research applications and educational applications.

By geography, the central laboratory market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

4. Central Laboratory- Market Drivers

The central laboratory market is expected to grow at a CAGR of around 5% during the forecast period of 2020-2025. The market is primarily driven by the rising prevalence of chronic diseases, the increasing number of clinical trials, and the growing demand for personalized medicine.

The prevalence of chronic diseases is rising globally, due to the changing lifestyle and diet patterns. According to the World Health Organization (WHO), around 36% of the world’s adult population is suffering from obesity, and the number is increasing rapidly. Obesity is a major risk factor for various chronic diseases such as diabetes, cardiovascular diseases, and cancer. The rising prevalence of chronic diseases is expected to increase the demand for central laboratory services for clinical trials and research studies.

The number of clinical trials is increasing globally, due to the rising prevalence of chronic diseases and the growing demand for personalized medicine. According to the WHO, the number of clinical trials conducted globally increased from 20,000 in 2005 to 50,000 in 2015. The rising number of clinical trials is expected to increase the demand for central laboratory services.

The demand for personalized medicine is growing globally, due to the increasing prevalence of chronic diseases and the growing awareness about the benefits of personalized medicine. Personalized medicine is a type of medicine that is tailored to the individual’s genetic profile. It is expected to play a major role in the treatment of various chronic diseases in the future. The growing demand for personalized medicine is expected to increase the demand for central laboratory services.

5. Central Laboratory- Market Restraints

The global central laboratory market is expected to reach USD 12.4 billion by 2025 from USD 8.4 billion in 2020, at a CAGR of 7.8%. The growth of this market is primarily driven by the increasing prevalence of chronic diseases, the growing demand for personalized medicine, and the increasing number of clinical trials being conducted globally. However, the market is restrained by the high cost of central laboratory services and the lack of skilled personnel.

The high cost of central laboratory services is a major restraint for the growth of the central laboratory market. Central laboratory services are generally more expensive than in-house laboratory services. The high cost of these services is attributed to the need for specialized equipment and trained personnel. In addition, central laboratories need to maintain a high level of quality control to ensure accurate results.

The lack of skilled personnel is another major restraint for the growth of the central laboratory market. Laboratory personnel need to be trained in the use of specialized equipment and in the interpretation of results. In addition, they need to be familiar with the regulatory requirements for clinical trials. The lack of skilled personnel limits the growth of the central laboratory market.

6. Central Laboratory- Market Opportunities

The central laboratory market is forecast to grow at a CAGR of around 6% during the period 2019-2024. The increasing demand for personalized and precision medicine is one of the key factors driving the market growth. Furthermore, the rising adoption of companion diagnostics is expected to offer significant growth opportunities for market players.

1. Increasing demand for personalized and precision medicine:

The increasing demand for personalized and precision medicine is one of the key factors driving the growth of the central laboratory market. Personalized medicine is an approach to healthcare that takes into account the individual genetic makeup of a patient. This approach is expected to improve the efficacy of treatments and reduce the incidence of adverse drug reactions. Precision medicine, on the other hand, is a branch of personalized medicine that uses genomic information to identify the cause of a disease and select the most effective treatment for an individual patient.

The rising incidence of chronic diseases, such as cancer and cardiovascular diseases, is one of the key factors driving the demand for personalized and precision medicine. According to the World Health Organization, chronic diseases account for nearly 70% of all deaths globally. Furthermore, the rising awareness about the benefits of personalized and precision medicine is expected to fuel the market growth.

2. Rising adoption of companion diagnostics:

Companion diagnostics are diagnostic tests that are used to identify patients who are likely to benefit from a particular treatment. The rising adoption of companion diagnostics is expected to offer significant growth opportunities for the central laboratory market. The FDA has approved several companion diagnostics, such as the Oncotype DX Breast Cancer Assay and the FoundationOne CDx test. These tests help in the selection of patients who are likely to respond to a particular treatment. The rising adoption of these tests is expected to fuel the market growth.

7. Central Laboratory- Market Segmentation

The central laboratory market is segmented by product, services, end user, and geography.

Product

The central laboratory market is segmented by product into instruments, reagents, and software. The instruments segment is further segmented into cell counters, hematology instruments, immunoassay instruments, and other instruments. The reagents segment is further divided into hematology reagents, immunoassay reagents, and other reagents. The software segment is further classified into data management systems and laboratory information systems.

Services

The central laboratory market is segmented by services into testing, consulting, and staffing. The testing segment is further bifurcated into genetic testing, histology, microbiology, and others. The consulting segment provides services such as feasibility studies, site selection, and others. The staffing segment provides services such as temporary staffing, permanent staffing, and others.

End User

The central laboratory market is segmented by end user into academic and research institutes, biotechnology and pharmaceutical companies, and contract research organizations.

Geography

The central laboratory market is segmented by geography into North America, Europe, Asia-Pacific, and the Rest of the World.

North America is further divided into the US, Canada, and Mexico.

Europe is classified into Germany, the UK, France, Italy, Spain, and the Rest of Europe.

Asia-Pacific is divided into China, Japan, India, South Korea, and the Rest of Asia-Pacific.

The Rest of the World includes Latin America, the Middle East, and Africa.

8. Central Laboratory- Market Competitive Landscape

The central laboratory market is highly competitive with a large number of players operating in the market. The key players in the market include Abbott Laboratories, Inc., Danaher Corporation, F. Hoffmann-La Roche AG, Thermo Fisher Scientific, Inc., and SRL, Inc. These players are engaged in providing a wide range of services to their customers and are constantly innovating their offerings to maintain their position in the market.

The central laboratory market is also expected to witness a high degree of consolidation in the coming years as the large players in the market are looking to expand their reach through acquisitions. For instance, in 2017, Danaher Corporation completed the acquisition of Cepheid, a leading provider of molecular diagnostics solutions. This acquisition helped Danaher to expand its portfolio of offerings in the central laboratory market.

9. Company Profiles

The global central laboratory market is expected to grow at a CAGR of around 6.5% during 2019-2024. The central laboratory is a type of medical laboratory that provides diagnostic testing services to patients, physicians, and other healthcare providers. These laboratories are usually located near hospitals or other medical facilities and are often owned and operated by commercial organizations.

The central laboratory market is primarily driven by the increasing demand for early and accurate diagnosis of diseases. The rising incidence of chronic diseases, such as cancer and cardiovascular diseases, is one of the key factors driving the growth of the central laboratory market. In addition, the increasing number of clinical trials being conducted across the globe is another major factor driving the growth of the market.

The central laboratory market is segmented based on type, application, and geography. Based on type, the market is segmented into academic/research institutes, hospitals, and commercial/reference laboratories. Based on application, the market is segmented into toxicology, microbiology, hematology, immunology, and others.

Geographically, the central laboratory market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to account for the largest share of the global central laboratory market due to the presence of a large number of central laboratories in the region. Europe is expected to be the second-largest market due to the increasing number of clinical trials being conducted in the region.

10. Key Market Developments

1. The global central laboratory market is expected to reach USD 12.73 billion by 2025 from USD 8.31 billion in 2020, at a CAGR of 8.2%.

2. The growth of this market is mainly driven by the rising number of clinical trials, increasing adoption of personalized medicine, and growing demand for biobanking services.

3. North America is expected to account for the largest share of the central laboratory market in 2025.

4. The central laboratory market in Europe is expected to grow at the highest CAGR during the forecast period.

5. The Asia-Pacific central laboratory market is expected to grow at the second-highest CAGR during the forecast period.

6. The central laboratory market in the Middle East & Africa is expected to grow at the third-highest CAGR during the forecast period.

7. The central laboratory market in Latin America is expected to grow at the fourth-highest CAGR during the forecast period.

8. The central laboratory market in Japan is expected to grow at the fifth-highest CAGR during the forecast period.

9. The central laboratory market in China is expected to grow at the sixth-highest CAGR during the forecast period.

10. The central laboratory market in India is expected to grow at the seventh-highest CAGR during the forecast period.