New York, Nov. 24, 2022 (GLOBE NEWSWIRE) — Reportlinker.com Announces Release of “Central Lab Global Market Report 2022: Ukraine-Russia War Impact” – https://www.reportlinker.com/p06365021/?utm_source=GNW
The global central laboratory market is projected to grow from USD 2.28 billion in 2021 to USD 2.51 billion in 2022 at a compound annual growth rate (CAGR) of 9.9%. The Russia-Ukraine war has cut short the chances of a 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, increased commodity prices, and supply chain disruptions, affecting many markets around the world. The Central Laboratory Market is projected to grow to USD 3.28 billion in 2026 at a CAGR of 6.9%.
The central laboratory market is the sale of central laboratory services by entities (manufacturers, sole proprietorships and partnerships) used to support clinical trials and genetic testing in the drug development process. Central laboratories use validated technology, standardized procedures and specific reference ranges and test kits to perform all laboratory tests requested by the sponsor.
The central laboratory provides bundled services where all samples from the clinical trial sites are sent. This ensures that the results and analysis are consistent.
The main types of services in the central laboratory are genetic services, biomarker services, microbiology services, pathological anatomy and histology, specimen management and storage, chemistry specialty services, and others. Genetic services are services that identify and counsel those who are at risk for genetic abnormalities.
The different types of tests include human and tumor genetics, clinical chemistry, medical microbiology and cytology and other esoteric tests which are employed in different end users such as pharmaceutical companies, research and academic institutes and biotechnology companies.
North America was the largest region in the Central Laboratory market in 2021. Asia Pacific is expected to be the fastest growing region during the forecast period.
Regions covered in Central Laboratory market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East & Africa.
The increase in the number of clinical trials is expected to advance the central laboratory market. A clinical trial is a type of research study designed to evaluate a new treatment, a new drug, or the safety and efficacy of a medical device.
Pharmaceutical and biotech companies outsource central laboratories for the testing, development and production of new products. For example, according to ClinicalTrials.gov, a clinical trials registry of the National Library of Medicine and a US-based medical library maintained by the US federal government, 422,646 clinical trials were listed as of July 2022 compared to 399,523 in 2021. Therefore, the increase in the number of clinical studies will promote the central market of laboratories.
Technological advances are a key trend that is gaining popularity in the central laboratory market. Leading companies operating in the central laboratory 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 broad range of state-of-the-art 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 the systems test. The new Bluehill Central software simplifies the laboratory administration process by managing Instron systems and data enterprise-wide using a single database.
With this platform, laboratory administrators can remotely manage a variety of operations across all frames in their network, including all Bluehill Universal users and permissions, test method templates, results, test revision approvals, files and audit trail information.
In December 2021, Thermo Fisher Scientific, a US-based provider 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 United States-based contract research organization that provides comprehensive, integrated drug development, laboratory, and lifecycle management services.
Countries covered in Central Laboratory Market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, United Kingdom, United States.
The Central Laboratory Market Research report is one of a series of new reports that provide Central Laboratory market statistics, including global Central Laboratory market size, regional share, competitors with Central Laboratory market share, segments detailed Central Labs market insights, market trends and opportunities, and any additional data you may need to thrive in the Central Labs industry. This Central Laboratory Market Research Report offers a comprehensive perspective of everything you need to know, with an in-depth analysis of current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06365021/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need, instantly, in one place.