The Biospecimen Contract Research Services Market Size is valued at USD 3,955.3 Million in 2022 and is predicted to reach USD 11,828.3 Million by the year 2031 at a 13.1% CAGR during the forecast period for 2023-2031.
Increased investment in pharmaceutical R&D, an increase in the number of clinical trials, and the high cost of in-house drug development are driving growth in the Biospecimen Contract Research Services Market (encouraging pharma-biotech companies to outsource). Growth in the drugs and biologics market despite the COVID-19 pandemic, rising demand for specialized testing services among end-users, and the need for novel clinical trial designs for complex cell and gene therapies are all expected to provide a wide range of growth opportunities for market participants.
Most pharmaceutical, biopharmaceutical, and medical device companies continue to invest heavily in developing new drugs and devices. In the pharmaceutical industry, R&D is essential, and pharmaceutical firms invest in research and development to bring high-quality, innovative products to market. The increased investment in biologics and biosimilars by biopharmaceutical companies is attributed to an increase in the number of approved products globally. Biologics like proteins, peptides, and monoclonal antibodies currently account for more than half of all drug candidates in the discovery stage.
Competitive Landscape
Some major key players in the Biospecimen Contract Research Services Market:
- BioChain Institute,
- BioIVT,
- Boca Biolistics,
- Creative Bioarray,
- Cureline,
- Discovery Life Sciences,
- Infinity BiologiX,
- Precision for Medicine, Inc.,
- PrecisionMed, Inc.,
- Medicover,
- National BioService,
- ICON plc,
- The MT Group,
- Eolas Biosciences Co. Ltd,
- Indivumed GmbH,
- Ardent Clinical Research Services,
- Capital Biosciences, Inc.,
- GR BioResearch,
- REPROCELL,
- Trans-Hit Bio (Azenta US, Inc.)
- iSpecimen
Market Segmentation:
The Biospecimen Contract Research Services market is segmented into the biospecimen types and therapeutics areas. Based on the type of biospecimen types, the market is segmented into oncological and non-oncological studies. The oncological studies are further segmented into FFPE Tissue, Frozen Tissue, Plasma / Serum and Other Biospecimens. The non-oncological studies are further segmented into Blood Products, Human Tissue and Other Biospecimens. The therapeutics area segment includes Oncological Disorders, Neurological Disorders, Cardiovascular Disorders and Other Therapeutic Areas.
Based on Biospecimen Type, the oncological studies segment is accounted as a significant contributor in the Biospecimen Contract Research Services market.
The oncological studies segment is accounted as a significant contributor in the Biospecimen Contract Research Services market. The demand for biospecimens in cancer research has increased, but there is little data on biospecimen usage trends. These data are required to forecast future demand. This was due to larger cohort sizes for both frozen and FFPE tissues. For decades, Formalin-Fixed Paraffin-Embedded (FFPE) tissue specimens have been a mainstay of research and therapeutic applications. FFPE is a type of biopsy specimen preservation and preparation that aids in the examination, experimental research, and diagnostic/drug development. To preserve the proteins and vital structures within the tissue, a tissue sample is first fixed in formaldehyde, also known as formalin. It is then embedded in a paraffin wax block, making it easier to cut slices of the required sizes for examination on a microscopic slide.
The oncological disorders segment witnessed growth at a rapid rate.
Oncology, or the study of cancer and tumours, has made significant advancements in the prevention, treatment, and prognosis of many childhood cancers. Despite this progress, cancer remains the leading cause of death in children. Childhood cancer differs from adult cancers in terms of development, treatment, response to therapy, therapy tolerance, and prognosis. In most cases, childhood cancer responds better to treatment, the child can tolerate more aggressive treatment, and the forecast is better.
The North America Biospecimen Contract Research Services market holds a significant revenue share in the region.
North America dominated the global biospecimen contract research services market. North America's dominance in this market is primarily due to the market's rapid growth, pharmaceutical and biopharmaceutical companies' increased focus on outsourcing, and an increase in the number of clinical trial activities in the region. The rising popularity of precision/personalized medicine and genetic testing has been a major driving force in the region's market. Biobanks have long been essential in biomedical research. Over the last few decades, there have been several advancements in the platforms and tools used in genetic studies. This has resulted in increased clinical lab demand for biospecimens to develop assays for genetic testing in this region.
Recent Developments:
- In July 2023, Discovery Life Sciences (Discovery) introduced clinical trial services utilizing cutting-edge flow cytometry technology. Discovery incorporated Cytek Aurora instruments, in addition to its molecular pathology, genomics, and proteomics services, into a single facility. This action further ensured the quality of pharmaceutical and diagnostic development while saving valuable time. The utilization of full-spectrum technology in Cytek Aurora instruments granted researchers an unparalleled level of flexibility.
- In Jan 2023, CRO Crown Bioscience acquired the Biospecimens Service Unit from Indivumed. With access to the biospecimens through a multiyear collaboration with Crown Bioscience, IndivuType converted them into multiomics data in order to inform the development of personalized cancer drugs powered by artificial intelligence and data.
The Biospecimen Contract Research Services Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 3,955.3 Million |
|
Revenue Forecast In 2031 |
USD 11,828.3 Million |
|
Growth Rate CAGR |
CAGR of 13.1 % from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Biospecimen Type, By Therapeutic Area |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
BioChain Institute, BioIVT, Boca Biolistics, Creative Bioarray, Cureline, Discovery Life Sciences, Infinity BiologiX, Precision for Medicine, Inc., PrecisionMed, Inc., Medicover, National BioService, ICON plc, The MT Group, Eolas Biosciences Co. Ltd, Indivumed GmbH, Ardent Clinical Research Services, Capital Biosciences, Inc., GR BioResearch, REPROCELL, Trans-Hit Bio (Azenta US, Inc.) and iSpecimen |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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