Central Lab Market Trends

Growth Drivers

• Growing Prevalence of Genetic Disorders Owing to Rising Mutations -A genetic disorder is a medical disease caused by one or more malformations in the genome. These disorders consist of several types of chronic diseases and birth defects that are received from one or both parents. Such disorders require in-depth research and study to discover an optimum treatment. For instance, there are over 6,010 clinically defined rare diseases, out of these 72% are genetic disorders.

• Rise in Genetic Testing as the Number of Genetic Cases Increasing - Changes in genes, chromosomes, or proteins are detected through genetic testing. Genetic test results confirm or rule out a suspected genetic condition. The increasing number of genetic abnormalities is leading to the growth of genetic testing. For instance, by 2021, over 78,000 genetic tests were in use.

• Increasing Prevalence of Cancer in All Age Groups of Population - Cancer is one of the leading causes of death globally and numerous clinical trials have been performed to find out the best-suited treatment for it. As per the data provided by the World Health Organization (WHO), nearly 10 million people died from cancer worldwide in 2020.

• Upsurge in Cardiovascular Diseases (CVDs) Across the World - Conditions affecting the heart or blood vessels are collectively referred to as cardiovascular disease (CVD). It is commonly related to a buildup of fatty deposits inside the arteries. The number of CVDs patients is growing faster which leads to the rising number of testing and trials for new and effective drugs. As per the World Health Organization, in 2019, approximately 17.9 million people died from CVDs, representing 32% of all deaths worldwide.

• Growing Investment in R&D with Government and Private Support – According to the data released by the Unesco Institute for Statistics, worldwide R&D investment has continued to rise, with an average annual increase of 4.7% over the last decade (2010-2020). In global terms, the proportion of global GDP invested in R&D has grown substantially from 1.61% in 2010 to 1.93% in 2020.

Challenges

• Requirement of High Capital Investments to Operate Central Lab

The need for high capital investment to develop and operate a central lab is estimated to hamper the market growth. The central lab requires costly equipment, skilled medical professionals to handle the equipment, and a large space to set up a sophisticated lab facility.

• Problems Associated with Contamination of Samples

• Stringent Government Regulations

The global central lab market is segmented and analyzed for demand and supply by end-user into biotechnology companies, pharmaceutical companies, and research institutes, out of which the pharmaceutical companies segment is anticipated to hold the notable share in the global central lab market during the forecast period on account of the clinical studies of prevalent genetic illnesses such as sickle cell anemia, Parkinson's disease, and Alzheimer's disease. As per the data from World Health Organization, in the last 25 years, the prevalence of Parkinson’s disease (PD) has doubled, and more than 8.5 million people worldwide are anticipated to have PD in 2019.