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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Central Lab Market
Request Now !Pharmaceutical businesses employ central labs for pharmacology and pharmacovigilance, and biotechnology companies use these central labs for testing, detection, development, and production of novel products. Central labs offer services to support clinical trials for new pharmaceuticals and genetic testing for a variety of genetic abnormalities such as sickle cell anemia, Parkinson's disease, and Alzheimer's disease. These labs are also used to evaluate the morphology, anatomy, physiology, and activity toward the response of various therapeutic drugs that limit microbial proliferation and replication.
Aside from cost reductions, the usage of central labs speeds up the drug development process. Typically, pharmaceutical and biopharmaceutical industries completely outsource central labs. Many Clinical Research Organisation (CROs) are interested in central lab services because they provide bundled services that allow them to accept a variety of services.
Market Scope and Structure Analysis:
Report Metric | Details |
Market Size Available for Years | 2020–2030 |
Base Year Considered | 2020 |
Forecast Period | 2021–2030 |
Forecast Unit | Value (USD) |
Segments Covered | Product Type, Application, End User, and Region |
Companies Covered | Covance (Labcorp), Eurofins Global Central Library, ICON Central Labs, Medpace Reference Laboratory, PPD Central Lab and Q² Solutions |
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:
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:
Questions Answered in Central Lab Market Report:
Key Market Segments
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