The clinical trial biorepository and archiving solutions market is gaining significant traction over the past few years. Biorepositories play a crucial role in drug discovery and development by securely storing, tracking, maintaining, and processing biological samples and associated data. Rising R&D spending and an increasing number of clinical trials are driving demand for biorepository services. Clinical trial biorepositories help pharmaceutical companies adhere to stringent standards and regulations related to sample collection, transport, storage, retrieval, and disposal.
The global clinical trial biorepository and storage solutions market is expected to be valued at USD 4.51 Bn in 2024 and is projected to reach USD 8.88 Bn by 2031 , exhibiting a compound annual growth rate (CAGR) of 10.2% by 2031.
With the increasing number of Clinical Trial Biorepository and Archiving Solutions Market Demand and stringent regulations surrounding sample management, biorepositories ensure effective sample and data tracking with minimal errors.
Key Takeaways
Key players operating in the clinical trial biorepository and archiving solutions are Brooks Life Sciences, Sigma-Aldrich Corporation, Qiagen, Hamilton Company, TTP Labtech, General Electric Company, Thermo Fisher Scientific Inc., and others.
The key opportunities in the market include growing demand for outsourcing biorepository services, increasing need to comply with stringent regulations, and rising prevalence of chronic diseases requiring clinical trials.
The market is witnessing increased growth opportunities in emerging regions of Asia Pacific and Latin America owing to rising R&D investments, growing clinical trial activities, and developing healthcare infrastructure. This is prompting key players to expand their operations in these regions through partnerships and acquisitions.
Market Drivers
Increase in R&D expenditure by pharmaceutical companies: Pharmaceutical companies are increasingly spending more on R&D activities for drug development. This is fueling the demand for effective sample management techniques provided by biorepositories.
Increased compliance with stringent regulations: Stringent regulations surrounding clinical sample collection, transport, storage, retrieval, and disposal are driving increased adoption of specialized biorepository solutions for complying with standards.
Market Restrain
High setup and operational costs associated with biorepositories: Setting up large-scale biorepositories involves significant investments in equipment, infrastructure, trained staff and quality management systems. This acts as a major restrain.
Segment Analysis
The Global Clinical Trial Biorepository and Archiving Solutions market is segmented on the basis of product and service, biorepository type, sample type, and end user. Among product and service, clinical trial archival and retrieval services is dominating sub-segment as it provides various benefits like well-organized storage which saves cost and time, centralized storage across geographies and ability to access data from any part of the world.
The clinical trial biorepository and archiving solutions market is further segmented by biorepository type into biobanks and biorepositories/bioarchives. Biospecimen banking services offered by bioarchives/biorepositories is dominating sub-segment as they provide long-term and short-term collection, processing, storage and distribution of biospecimens.
Global Analysis
North America dominates the global clinical trial biorepository and archiving solutions market due to presence of top pharmaceutical and biotechnology companies, rising research activities in the region. Asia Pacific is the fastest growing region in the market due to increasing number of clinical trials in countries like China and India. Additionally, countries like South Korea and Japan are also investing heavily in clinical research and biospecimen storage facilities which drives the growth of clinical trial biorepository and archiving solutions market in Asia Pacific region.
Regional analysis related content: North America dominates the global clinical trial biorepository and archiving solutions market due to presence of top pharmaceutical and biotechnology companies, rising research activities in the region. Asia Pacific is the fastest growing region in the market due to increasing number of clinical trials in countries like China and India. Additionally, countries like South Korea and Japan are also investing heavily in clinical research and biospecimen storage facilities which drives the growth of clinical trial biorepository and archiving solutions market in Asia Pacific region.
Get this Report in Japanese Language:
Get this Report in Korean Language:
About Author:
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.
(LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91)
Comments
0 comment