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The central lab market is forecasted to achieve significant growth in the coming few years with a forecast CAGR (compound annual growth rate) of almost 7%, as per The Business Research Company’s market report!

Read More On The Central Lab Market Report 2022 – https://www.thebusinessresearchcompany.com/report/central-lab-global-market-report

The Central Lab Market Size In 2022 And Forecast
The global central lab market is expected to grow from $2.28 billion in 2021 to $2.51 billion in 2022 at a compound annual growth rate (CAGR) of 9.9%. The Russia-Ukraine war disrupted the chances of 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, surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The central lab market is expected to grow to $3.28 billion in 2026 at a CAGR of 6.9%.

The central lab market consists of the sales of central lab services by entities (manufacturers, sole traders, and partnerships) that are used to support clinical trials and genetic testing in the drug development process.

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Rise In The Number Of Clinical Trials Is Driving The Growth Of The Central Lab Market
For instance, according to ClinicalTrials.gov, a registry of clinical trials by the National Library of Medicine and a US-based medical library operated by the US federal government, as of July 2022, 422,646 clinical trials were listed as compared to 399,523 in 2021. Therefore, the rise in the number of clinical trials will promote the central lab market.

Competitive Landscape And The Regional Analysis Of The Central Lab Market
Major players in the central lab market are Acm Global Laboratories Private Limited, Cerba Research, Sonic Healthcare Limited, Celerion Inc, Cirion Biopharma Research Inc, Clinical Reference Laboratory Inc, Eurofins Central Laboratory LLC, Frontage Laboratories Inc, Icon Central Labs, Interlab Central Lab Services, InVitro International, Labcorp Drug Development India Private Limited, LabConnect LLC, Medpace Clinical Research India Private Limited, MLM Medical Labs GmbH, Synevo Central Lab, and Q2 Solutions Pty Ltd.

Additionally, as per TBRC’s research – North America was the largest region in the central lab market in 2021 holding the largest market share and Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The Central Lab Global Market Report 2022 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the central lab market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the central lab market.

Technological Advancement – A Key Trend In The Central Lab Market
Major companies operating in the central lab sector are focused on developing new technological solutions to strengthen their position in the market.

Central Lab Market Segmentation By The Business Research Company

1) By Service Type: Genetic Services, Biomarker Services, Microbiology Services, Anatomic Pathology or Histology, Specimen Management and Storage, Special Chemistry Services, Other Service Types

2) By Test Type: Human and Tumor Genetics, Clinical Chemistry, Medical Microbiology and Cytology, Other Esoteric Tests

3) By End-User: Pharmaceutical Companies, Academic and Research Institutes, Biotechnology Companies

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