CATEGORY
Core Labs
Beroe LiVE.Ai™
AI-powered self-service platform for all your sourcing decision needs across 1,200+ categories like Core Labs.
Market Data, Sourcing & Supplier Intelligence, and Price & Cost Benchmarking.
Schedule a DemoCore Labs Market Monitoring Dashboard
Understand the correlation between costs, margins, and prices impacting your category on a real time basis on Beroe LiVE.Ai™
Schedule a DemoCore Labs Industry Benchmarks
Savings Achieved
(in %)
The average annual savings achieved in Core Labs category is 5.40%
Payment Terms
(in days)
The industry average payment terms in Core Labs category for the current quarter is 73.4 days
Compare your category performance against peers and industry benchmarks across 20+ parameters on Beroe LiVE.Ai™
Category Strategy and Flexibility
Engagement Model
Supply Assurance
Sourcing Process
Supplier Type
Pricing Model
Contract Length
SLAs/KPIs
Lead Time
Supplier Diversity
Targeted Savings
Risk Mitigation
Financial Risk
Sanctions
AMEs
Geopolitical Risk
Cost Optimization
Price per Unit Competitiveness
Specification Leanness
Minimum Order Quality
Payment Terms
Inventory Control
The World’s first Digital Market Analyst
Abi, the AI-powered digital assistant brings together data, insights, and intelligence for faster answers to sourcing questions
Abi is now supercharged with GPT4 AI engine. Enjoy the ease of ChatGPT, now on Abi
Use the Core Labs market, supplier and price information for category strategy creation and Quaterly Business Reviews (QRBs)
Schedule a DemoCore Labs market report transcript
Core Labs Global Market Outlook:
-
The core lab market is expected to grow at a CAGR of 7 percent from 2022 to 2026 F; In 2022E: $3.94 billion
-
Core labs have increased testing volume, in order to combat the COVID-19 pandemic. Despite a significant drop in demand for non-COVID-19 testing, laboratories have constantly improved their capacity to satisfy the growing demand for COVID-19 sample
-
LabCorp is one of the largest providers of clinical lab services globally and they expanded their capacity to meet the demand of an increase in testing activities.
-
They have recently announced the expansion of its automated clinical trial production line in Belgium, thereby allowing clinical trial supply to over 70 countries in the EU and EMEA
Demand Market Outlook
- With bundled sourcing, enhanced integration with e-clinical solutions to improve end-to-end data collection and post market regulatory submission centralized sourcing of central lab has proven cost benefits and translates into a successful engagement considering a single point sourcing.
Global Market Size and Growth Forecast: Central Laboratory Services
-
The trend is shifting towards consolidation of the supplier base, where the suppliers are collaborating and expanding their abilities. The major market share is held by the top suppliers including LabCorp (Covance), Eurofins, ICON,Q2 solutions, ThermoFisher Scientific and Medpace Reference Laboratory
-
The dynamics of outsourcing of this category by large pharma has shifted to a more consolidated base, with four or five preferred vendors to support their global central lab operations. The leading service providers include large CROs, like IQVIA, as well as specialized central laboratory service providers BARC. Acquisition of LabCorp (Covance) by LabCorp by has allowed pharma companies to venture into new options of comprehensive outsourcing of central laboratory work.
Growth Drivers and Challenges : Core Labs
Market Drivers
-
Cost efficiency
-
Technological Innovations
-
Shift of Clinical Trials to Home Based testing
-
Regulatory and Operational Challenges
Market Constraints
-
Update with Technological Innovations
-
Capital Investment
Interesting Reads:
Discover the world of market intelligence and how it can elevate your business strategies.
Learn more about how market intelligence can enable informed decision-making, help identify growth opportunities, manage risks, and shape your business's strategic direction.