CATEGORY
Core Labs
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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
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Core Labs Global Market Outlook:
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The core lab market is expected to grow at a CAGR of 7 percent from 2022 to 2026 F; In 2022E: $3.94 billion
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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
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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.
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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
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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
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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
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Cost efficiency
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Technological Innovations
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Shift of Clinical Trials to Home Based testing
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Regulatory and Operational Challenges
Market Constraints
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Update with Technological Innovations
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Capital Investment
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