GLOBAL CENTRAL LAB MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Global Central Lab Market Size and Trends

Global central lab market is estimated to be valued at USD 3.40 Bn in 2024 and is expected to reach USD 5.31 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.6% from 2024 to 2031.

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Global central lab market is expected to witness positive growth over the forecast period due to factors such as increasing volume of diagnostic tests performed, rising prevalence of chronic and infectious diseases, technological advancements in diagnostic testing, and increasing demand for early and accurate disease diagnosis. However, factors such as high installation and maintenance costs of these systems and the requirement of specialized technicians to operate central lab equipment can hamper the market growth during the forecast period.

Rising Demand for Specialized Testing

Global central lab market growth is driven by increasing demand for specialized diagnostic and clinical testing. Healthcare providers are ordering more sophisticated tests than  before to aid in diagnosis, develop targeted treatment plans, and monitor patient progress. Continued advancements in medical technology have enabled labs to perform highly complex assays and analysis. Tests like tumor genomic profiling, liquid biopsies, and companion diagnostics provides clinicians more granular insights into diseases at the molecular level. This information helps clinics identify the most effective therapies and personalize care. As new biomarkers and assays are discovered, there has been huge demand for those specialized services from central laboratories. Rare and complex diseases are being diagnosed more frequently as awareness rises. Conditions like cancer, neurological disorders, and genetic abnormalities require intricate testing involving multiple biomarkers, imaging integration, and big data analytics. Such multidisciplinary examination is most effectively handled by centralized labs that have aggregated diverse expertise and scientific capabilities under one roof. Community hospitals and physician offices are referring out those difficult cases more than ever to tap into advanced specialized resources. Furthermore, lifestyle diseases are becoming increasingly common globally due to aging populations and environmental changes. Burgeoning public health issues like diabetes, cardiovascular conditions, and obesity drive heightened disease surveillance needs. For instance, in April 2024, Labcorp exceeded Wall Street's expectations for first-quarter profit, driven by robust demand for specialty tests like cancer and prenatal diagnostics. CEO Adam Schechter highlighted accelerated growth in specialty testing alongside a steady increase in routine tests. With over 2,000 patient service centers in the U.S., Labcorp has benefited from a resurgence in medical procedures and routine check-ups deferred during pandemic restrictions.

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Technological advancements in diagnostic equipment

Technological advancements in diagnostic equipment can drive the central lab market growth globally. Various advancements such as automation, digitization, artificial intelligence helps labs to improve their efficiency as well as offer advanced quality of services. Use of sophisticated equipment such as immunoassay analyzers, PCR machines, NGS systems have enabled quick diagnosis of wide range of diseases. This has boosted productivity and reduced turnaround time for test reports in central labs. Adoption of laboratory automation solutions by leading central labs has revolutionized their workflow. Automated solutions are assisting in sample sorting, prioritizing, processing, and reducing manual errors. For example, automated storage and retrieval systems are used to store samples and retrieve them in an organized way, thus, reducing chances of misplacement. Advanced LIMS or laboratory information management systems are integrating different automated equipment and streamlining information flow digitally within central labs and with referring hospitals or clinics. This helps labs to scale up their operations as well as offer 24/7 diagnostic services to large population.  Artificial intelligence and machine learning technologies are further elevating the quality of diagnostics. AI assistants are aiding in tasks like sample imaging, result interpretations and performing quality checks. Some central labs are deploying AI solutions to flag abnormal diagnostic patterns, detect outliers and interpret complex genomic tests better. As per UNESCO Data, over 30 global labs have already installed AI mammography systems that have increased breast cancer detection rate by 15-20% as compared to humans alone. Such advancements not only improves accuracy but allows predictive, preventive and personalized healthcare.