Central Lab Market

COVID-19 Impact analysis:

In the ongoing COVID-19 pandemic, companies in the central lab market are being scrutinized for minimizing potential interruptions to human sample logistical movements and potential supply concerns for clinical kits. Due to the increased expense of shipping supplies, Lab Connect, a leading provider of central laboratory support services, is stepping up efforts to collaborate closely with its logistics providers and courier partners to adopt alternate transportation solutions. The central lab market participants are engaging with network laboratories to examine the current COVID-19 scenario and plan its potential impact on lab testing services. Laboratory vendors are actively monitoring and updating their business continuity plans in the COVID-19-affected areas. Stakeholders are collaborating with their workers to ensure subject compliance.

Top Impacting Factors:

• The increase in the number of trials for the development of various pharmaceutical trials such as clinical, pathological, genetic testing, and microbiological is fuelling market expansion.
• The rise in the number of people suffering from and impacted by various ailments, such as cancer and cardiovascular diseases, is propelling demand for the central lab market globally. 
• Furthermore, the use of advanced technology and software to automate various processes assists in reducing the time duration for some services, consequently lowering the cost of the clinical trial, which is expected to support the growth of the global central lab market.
• However, the need for high capital investments to establish and operate a central laboratory facility may hamper the market expansion during the forecast period.

Market Trends:

New Product Launches to Flourish Central Lab Market

In November 2019, Q2 solutions announced plans to expand its genomics capabilities with a new laboratory facility in Durham, North Carolina, supporting the development of new precision medicines. The expansion received state economic incentives in the form of grants pegged to job creation targets. Q2 pledged to invest $73 million and create 749 jobs over seven years.

In March 2020, LabCorp and Quest Diagnostics announced their launch of COVID-19 testing capabilities. Since then, they have developed at-home test collection kits and partnered with major national retailers to expand the testing capacity.

Depth of scientific expertise, experience with agencies such as the Food and Drug Administration (FDA), more robust supply chains, and the ability to process tests at scale have benefited the national labs. 

Surge in Rapid Adoption of Technologically-advanced Products 

The significance of a central lab can be found in the technological requirements for transporting clinical trial samples. Adoption of advanced technical solutions and service bundling are two significant strategies imposed by players in the global central lab market. The presence of a high volume of clinical trial data for the purpose of study and increased complexities are anticipated to benefit the market. Bundled services provide a wide range of services to biopharmaceutical and pharmaceutical companies at a significantly reduced cost.

Key Benefits of Report:

• This study presents the analytical depiction of the central lab along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the central lab market share.
• The current market is quantitatively analyzed from 2020 to 2030 to highlight the central lab market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed central lab market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions Answered in Central Lab Market Report:

• Who are the leading market players active in the central lab market?
• What current trends will influence the central lab market in the next few years?
• What are the driving factors, restraints, and opportunities in the central lab market?
• What future projections would help in taking further strategic steps?
• What is Central Lab?
• What is the central lab market prediction for the future?
• Who are the leading global players in the central lab market?
• What are the current trends and predicted trends?
• What are the key benefits of the central lab market report?