The market size of the Global Clinical Trial Biorepository & Archiving Solutions market in the year 2021 is valued at 3.68 billion and is predicted to reach 7.92 billion by the year 2030 at an 9.22% CAGR during the forecast period.
There has been a massive increase in the demand for storage capacities at shallow temperatures due to the recent explosive growth of immunotherapy, stem cell therapy, and other regenerative medicine fields. By contracting with biorepositories, pharmaceutical businesses can lessen the inherent biohazard hazards and regulatory delays connected with the maintenance and management of significant amounts of liquid nitrogen. Due to translational research and individualized therapy availability, biobanking has been a crucial area to increase growth within these industries. Biobanks have significantly increased the number of samples gathered for biomarker and companion diagnostic studies. The rising interest in biomarkers is driving this development as a way to comprehend and pinpoint the molecular causes of disease.
However, the growth is largely attributed to the expanding fields of personalized, precision, and genomic medicine, as well as to an increase in R&D investments, the proliferation of low-cost computers, and a push to make data collection and reporting simpler by using software like LIMS for the management of laboratory samples. To free up resources for pharmaceutical development, an increasing number of organizations are outsourcing cold-chain and storage activities. It can be time-consuming and labor-intensive to stay on top of storage and transportation technology advances, international regulatory standards, and bio-storage trends.
The Clinical Trial Biorepository & Archiving Solutions market is segmented on the service, product, and phase. Based on service, the market is segmented into Biorepository Services (Warehousing & Storage, Transportation, Sample Processing and Others) and Archiving Solution Services (Database Indexing and Management and Scanning & Destruction). Based on product, the Clinical Trial Biorepository & Archiving Solutions are segmented into Preclinical Products and Clinical Products (Human Tissue, Organs, Stem Cells and Other Biospecimens). Based on the Phase, the Clinical Trial Biorepository & Archiving Solutions are segmented into Phase I, Phase II, Phase III and Phase IV.
Based on service, the Biorepository Services segment is accounted as a significant contributor to the Clinical Trial Biorepository & Archiving Solutions market.
Based on service, the market is segmented into Biorepository Services (Warehousing & Storage, Transportation, Sample Processing and Others) and Archiving Solution Services (Database Indexing and Management and Scanning & Destruction). The biorepository service category dominated the market. Collection, processing, storage, and distribution of samples and other associated services are the key components of biorepository services. Strategic planning and implementation, supplies and reagents for high-quality collection, storage, and retrieval, physical space for operations and equipment, and IT infrastructure for sample monitoring and management are all necessary to form a high-quality biorepository.
The phase III segment witnessed growth at a rapid rate.
Researchers conducting phase III clinical studies contrast the novel therapy's safety and efficacy with the industry norm. Most phase III clinical trials have a sizeable patient population, usually several hundred. Furthermore, long-term and unexpected side effects are more likely to emerge due to the substantial participant pool and lengthy phase duration. Since phase III trials require the storage of a variety of samples and specimens for lengthy research, clinical trial biorepository and archiving solutions services are particularly crucial.
The North American Clinical Trial Biorepository & Archiving Solutions market holds a significant regional revenue share.
The North American Clinical Trial Biorepository & Archiving Solutions market is expected to register the highest market share in revenue in the near future. The increased frequency of clinical trials is one of the significant variables influencing the local market. Additionally, the industry's abundance of businesses creates additional opportunities for the need for clinical trial biorepository & archiving solutions to expand quickly. American pharmaceutical companies spend more money on R&D than most other industries. In addition, Asia Pacific is projected to grow in the global Clinical Trial Biorepository & Archiving Solutions market. The growing use of clinical trials Biorepository & Archiving Solutions, the presence of significant organizations and the availability of cutting-edge technology are driving the market forward. Among the key reasons driving this regional market are an increase in clinical trials, a large number of market participants, and the availability of current technology.
The key players in the Clinical Trial Biorepository & Archiving Solutions market have shifted their focus toward product manufacturing and are initiating significant strategies such as mergers, acquisitions, and joint ventures of major and domestic players to enhance their product portfolio and strengthen their global market footprint. Some major key players in the Clinical Trial Biorepository Archiving Solutions market are Brooks Life Science, Patheon, Precision for Medicine, Inc., Medpace, LabCorp Drug Development, ATCC, Q2 Solutions, Labconnect, Charles River Laboratories and Cell&Co.