Core Labs Market Intelligence

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Are you looking for answers on Core Labs category?

Are you looking for answers on Core Labs category?

  • What are the key trends in Core Labs category?
  • Am I paying the right price?
  • Am I working with the right supplier?
  • What are the major challenges and risks in Core Labs industry?
  • How is Core Labs industry performing?

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Report Coverage

  • Market Overview
  • Market Trends
  • Technology & Innovation Trends
  • Sourcing - Best Practices

Table of Contents

  1. Executive Summary
  2. Impact of COVID
  3. Executive Summary- Global Central Laboratories Snapshot
  1. Market Overview
  2. Market size and Growth forecast
  3. Drivers and Constraints
  4. Outsourcing Adoption Rates
  5. Porter’s Five Force Analysis
  6. Market Trends
  7. Technology & Innovation Trends
  8. Regional Overview-Australia
  1. Sourcing - Best Practices
  2. Cost Breakup and Cost Drivers
  3. Central Labs – Sourcing Scenarios
  1. Innovations and Sustainability
  2. Innovations
  3. Sustainability

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Core Labs Global Market Outlook:

Global Central Laboratory Services Market Size: Expected to grow at a CAGR of 7 percent from 2019 to 2024 In 2020E: $4.12 billion

Market Drivers
• 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.

Market Constraints
• Need to constantly innovate and acquire the latest technological and medical innovations
• Requirement of large capital investments to build and maintain central laboratory facility

Engagement Model
• 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.

Pricing Models
• 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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