Central Lab Market Size, Share & Trends Analysis Report By Service (Genetic Services, Biomarker Services), By End-use (Pharmaceutical Companies, Biotechnology Companies), By Region, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the central lab market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for central lab market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of central lab market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Central Lab Market Categorization:

The central lab market was categorized into three segments, namely services (Genetic Services, Biomarker Services, Microbiology Services, Anatomic Pathology/Histology, Specimen Management & Storage, Special Chemistry Services), end-use (Pharmaceutical Companies, Biotechnology Companies, Academic & Research Institutes), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Segment Market Methodology:

The central lab market was segmented into services, end-use, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The central lab market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; Germany; the UK; France; Italy; Spain; Denmark; Sweden; Norway; China; Japan; India; Australia; South Korea; Thailand; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Central lab market companies & financials:

The central lab market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• ACM GLOBAL LABORATORIES - ACM Global Laboratories is healthcare diagnostic and clinical trials testing services provider that aims to provide a more intelligent approach to medical testing. Furthermore, many tests are performed annually by the company's medical diagnostic trial testing services, spanning all medical disciplines such as pathology, microbiology, molecular diagnostics, and toxicology, allowing clients a better access to medical diagnosis and testing. It is a privately held company.

• LABCONNECT - LabConnect, a private company, is a provider of clinical laboratory services. For pharmaceutical, medical equipment, and CRO customers, LabConnect provides global central laboratory services such as routine & specialized laboratory analysis, kit development, sample maintenance, database administration, and biorepository & scientific support services. In addition, drug development organizations may rely on LabConnect for all of their central laboratory service needs because of its unique combination of cutting-edge technology, world-class laboratories, and simple access to major & emerging markets, and significant specialized testing knowledge.

• CERBA RESEARCH - Cerba Research is a company that owns and operates a network of clinical laboratory that sells diagnostic biological trials. The company owns & operates a system of clinical pathology labs that focus on regular lab tests and specialty laboratory tests for more complicated medical diagnoses and testing facilities for clinical studies for clients, such as private patients, healthcare professionals, labs, private & public hospitals, nursing homes, and pharma & biopharmaceutical companies. Cerba Research is a private company.

• EUROFINS SCIENTIFIC - Eurofins Scientific is a Luxembourg-based company that specializes in food & environmental testing, pharmaceutical & biotechnology services, and clinical diagnostics. Eurofins also offers testing alternatives for assessing the safety, integrity, composition, validity, source, traceability, and purification of biological substances through its subsidiaries, which provide analytical testing & laboratory services on a global scale. Infectious disorders, prenatal screening, and organ transplant are among the company's developing clinical diagnostics expertise. In addition, Eurofins has over 900 laboratories spread across 54 countries.

• MEDICOVER INTEGRATED CLINICAL SERVICES -Medicover Integrated Clinical Services is a Swedish company that provides healthcare & diagnostic services globally. It has a large network of outpatient clinics, hospitals, specialty care centers, and laboratories that provide a wide range of healthcare services. Furthermore, healthcare services and diagnostic services are the two segments through which the organization provides its services. The healthcare services segment provides the most revenue. Moreover, outpatient and inpatient healthcare services are provided by the healthcare division, which provides competent and cutting-edge medical services & solutions. Its primary source of revenue is Poland, although it also has operations in Romania, Germany, Ukraine, India, and other countries.

• VERSITI - Versiti, a national leader in blood health technology, was founded with the goal of improving patient health and enabling success of the healthcare partners across the U.S. It provides consumers with innovative, valueadded solutions in the sectors of transfusion medicine, transplantation, and blood-related disorders. The company’s efforts result in better patient outcomes, enhanced access to care, and cost savings for healthcare systems across the country. It is a privately held company.

• A.P. MØLLER HOLDING A/S - A.P. Moller is a global conglomerate based in Denmark that is active in global trade, transportation, and energy. A.P. Moller - Maersk, Unilabs, KK Wind Solutions, Maersk Drilling, Maersk Product Tankers, A.P. Moller Capital, Nissens Cooling Solutions, Danske Bank, Faerch, Maersk Tankers, Innargi, and ZeroNorth are all part of the A.P. Moller Company. Furthermore, the Group's parent firm is A.P. Moller Holding. For more than 20 years, A.P. Moller Line has become one of the largest container shipping corporation in the world, contributing the most to the group's revenue and profitability.

• AMPERSAND CAPITAL PARTNERS - Ampersand Capital Partners is a private equity firm. Laboratory testing solutions, laboratory goods, contract manufacturing, pharma offerings, specialty pharma, and health care are among the sectors in which the corporation intends to invest. Furthermore, Ampersand has also aided in the development of a number of market-leading firms, including Confluent Medical, Brammer Bio, Talecris Biotherapeutics, Viracor-IBT Laboratories, and Genoptix, in each of the major healthcare sectors.

• LAMBDA THERAPEUTICS RESEARCH LTD. - Lambda Therapeutic Research Ltd., a global international clinical research organization, offers the global biopharmaceutical, innovator, and generic industries a full range of end-to-end drug development services. Early phase to patient-based clinical trials; bioanalytical offerings; pharmacokinetics & pharmacodynamics; data processing; medical writings; regulatory affairs; drug safety services; and biomarker testing & medical imaging services are among the company's services. The company’s global positioning system includes facilities and activities in Mumbai, Mehsana, Toronto, Warsaw, London, and the U.S. It is a private company.

• CIRION BIOPHARMA RESEARCH INC - CIRION BioPharma Research Inc. is a private company, which is one of the leading providers of tailored central laboratory services for clinical trials and contract research, with global central laboratory capabilities. The company provides a wide range of specialized and safety testing services, as well as project management, R&D, and validation.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Central Lab Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Central Lab Market Report Assumptions:

• The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.