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The growing demand for new drugs and vaccines across the world due to the emergence of new disease conditions has increased the rate of clinical studies conducted in countries such as the U.S., the U.K., and China. This has led to the adoption of central laboratories for clinical trials and other laboratory assessments.
The major players in the market are willing to outsource central labs to reduce their drug development and manufacturing costs. Also, the increasing number of pharmaceutical and biotechnology companies and the limited presence of local laboratories is driving the need and demand for central laboratories.
The demand for central labs is rising due to various benefits such as reduced time to deliver the results, providing the latest technological solutions, and patient-friendly and faster results. The central laboratory services include pathology services, bioanalytical services, clinical trials to develop new drugs or vaccines, and genetic testing for various diseases such as cancer, and sickle cell disease.
Also, the availability of A.I. integrated systems, the presence of skilled professionals and their expertise in handling huge amounts of samples, management of samples, sample storing and tracking are major factors responsible for choosing central labs by pharmaceutical & biotech companies. Recently, major companies have shifted their focus toward home collection services, further driving the market growth.
However, the demand for central laboratories is increasing, and the lack of training for healthcare professionals is restricting the market growth. Also, the various accreditations required for the laboratory to function College of American Pathologists, Centers for Disease Control and Prevention (CDC), and also should meet the requirements of the ministries of health in the different countries, further limiting the market growth.
The Covid-19 pandemic has been challenging for the major players in the market as they faced difficulties in transporting the samples to different countries due to the various government guidelines and imposed lockdown. This has resulted in close monitoring of these lab testing processes by stakeholders during the pandemic to provide various alternative options for transporting the samples from one location to another, increasing the overall cost associated.
Apart from this, the pandemic has offered various opportunities for pharmaceutical companies to expand their pipeline portfolio for Covid-19 vaccine preparation. Various pharmaceutical companies collaborated with central laboratories to manufacture and develop Covid-19 vaccines.
This along with many central labs have started providing PCR test kits and other Covid-19-related diagnostic tests. Also, home-based services have increased during the pandemic to avoid the spread of the virus.
The report will cover the following key insights:
Based on services, the market is segmented into clinical trial services, genetic services, pathology services, biomarker analysis, bioanalytical services, biorepository services, and others. The central labs are mostly preferred to conduct clinical research and trials as they are time-consuming and costly. Pharmaceutical companies usually don't have the infrastructure and expertise to conduct clinical studies independently. This has resulted in outsourcing the central labs to conduct various clinical studies to develop and commercialize a new drug or vaccine. Also, the advanced technology offered and results delivered in time with zero errors is resulting in companies selecting central labs for various clinical trial services.
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North America has dominated the central lab market due to the ongoing technological advancements, advanced healthcare infrastructure in the U.S. and Canada, and the increasing number of pharmaceutical companies. Also, the presence of various regulatory bodies and fast approvals of new drugs in the market is further responsible for the market's growth in this region.
Asia Pacific region is anticipated to grow at a faster pace during the forecast period. This is due to the growing popularity of clinical studies conducted in countries such as China and the increasing number of central laboratories in these countries. Also, the low costs of the clinical trial workforce in the Asia Pacific region as compared with other regions is further responsible for the market growth in this region.
The report will include the profiles of key players such as Eurofins Scientific, ACM Global Laboratories, LabConnect, Labcorp Drug Development, Q2 Solutions, Medpace, ICON plc, Frontage Labs, MLM Medical Labs, Cerba Research, and others.
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