Category Intelligence on Core Labs covers the following
Global Central Laboratory Services Market Size: Expected to grow at a CAGR of 7 percent from 2019 to 2024 In 2020E: $4.12 billion
• Cost efficiency
• Technological Innovations
• Shift of clinical trials to emerging economies
• Regulatory and operational leading to increased outsourcing
Outsourcing Adoption rates
Engaging with a CRO is preferred, as they provide other related services as a value addition, when compared to a diagnostics laboratory service provider. Large Pharma and Bio-Pharma outsource100 percent of their central laboratory testing. However, mid-sized companies still carry out certain testing functions in-house.
• Need to constantly innovate and acquire the latest technological and medical innovations
• Requirement of large capital investments to build and maintain central laboratory facility
• The most preferred pharma engagement is based on preferred supplier (52 percent). However, the industry is facing a transformation, wherein more strategic partnerships are coming into practice.
• Fee for service/volume-based fixed unit pricing: Pharma sponsors engaged in preferred pricing agreements and offer volume-based reduction schemes, based on overall global spend with the vendor.
Mergers and Acquisitions
• Mergers and acquisitions is done on a large scale to expand the core lab services provided.
• Pacific Biomarkers is merging with Neomed Labs to build a centre of excellence for clinical immunology and specialty biomarker testing services
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