Central Lab Market to Grow by a CAGR of ~6% During 2022 – 2031
Central Lab Market to Grow by a CAGR of ~6% During 2022 – 2031; Market to Grow on Account of Increasing Advancement of Novel Drugs and Devices to Treat Genetic Disorders
Research Nester published a report titled “Central Lab Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global central lab market in terms of market segmentation by service type, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global central lab market is estimated to grow with a CAGR of ~6% over the forecast period, i.e., 2022 - 2031. The market is segmented by end-user into biotechnology companies, pharmaceutical companies, and research institutes. Amongst these, pharmaceutical companies segment projected to grow at the highest rate during the forecast period backed by the rising occurrences of several genetic disorders, and the continuous clinical trials for new drugs formulation.
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The global central lab market is estimated to garner a revenue of ~USD 4 Billion by the end of 2031 by growing at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 2 Billion in the year 2021.
The global central lab market is projected to significantly expand owing to the growing occurrences of several genetic illnesses, followed by the increasing number of genetic testing to detect the suspected genetic condition. Besides this, rise in cancer cases and increasing investment in research and development are some of the major factors anticipated to drive the growth of the market in the forecast period.
Geographically, the global central lab market is segmented into five major regions comprising of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in the North America region is estimated to witness significant growth over the forecast period on the back of increasing awareness in patients regarding the importance of clinical tests, escalating occurrences of chronic and infectious illnesses, and a noteworthy ratio of research and development in the region.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Worldwide Increasing Surge in Numerous Genetic Disorders to Drive the Market Growth
Over 6,010 clinically defined rare diseases exist, and 72% of these disorders are genetic.
Typically, a genetic disorder occurs by one or more deformities in the genome. Such disorders include a wide range of chronic diseases and birth defects hereditary from one or both parents. Genetic disorders are a major cause of impairment, death, and desolation in humans. Thousands of distinct genetic disorders with characterized clinical symptoms have been identified up to now, still we need more exploration to understand and to formulate a significant treatment to get relieve from such syndromes. Therefore, numerous clinical studies and trials have been running throughout the world to set a benchmark in the clinical research and this factor is fueling up the growth of global central lab market.
However, rigorous government guidelines, contamination issue of samples, and prerequisite of extreme investments are expected to operate as key restraint to the growth of the global central lab market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global central lab marketwhich includes company profiling of Clinical Reference Laboratory, Inc., Lambda Therapeutic Research Limited, Laboratory Corporation of America Holdings, Medpace, Inc., InVitro International (IVRO), LabConnect, Eurofins Scientific (Ireland) Limited, Cerba Research NV, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global central lab marketthat will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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