SAN FRANCISCO, Oct. 12, 2021 /PRNewswire/ -- The globalclinical trial biorepository and archiving solutions market size is expected to reach USD 6.0 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.2% from 2021 to 2028. This is largely due to the increasing importance of biological sample management in clinical trials and the desire to streamline the collection and reporting of data.
Key Insights & Findings:
By service, biorepository services dominated the market with a revenue share of 67.2% in 2020. This can be attributed to the rise in R&D of advanced therapies such as personalized medicine and the requirement of high-quality biorepository practices for the collection, processing, testing, and storage of samples
In terms of phase, the phase III segment dominated the market with a revenue share of 52.1% in 2020
Based on product, clinical products held the largest share of 63.1% in 2020. This can be attributed to the fact that most clinical trial protocols depend largely on the analysis of biological specimens to meet the study endpoints
Asia Pacific is anticipated to register the fastest growth rate of 15.3% over the forecast period. The shift of clinical trial sites from Western regions, such as Europe and North America, to Asia Pacific is a major driver for the regional market
Biorepositories have entered the Big Data era, which requires new IT technologies, artificial intelligence (AI) techniques, and machine learning and deep learning tools and algorithms. These features help to the paradigm shift toward data-driven science by higher-quality biobanking data. Cloud storage and other new data storage technologies help to solve the problem of limited local storage capacity.
New IT solutions such as the sample/data negotiator and locator, which are part of the BBMRI-ERIC infrastructure, make it easier to discover samples and data that meet specific criteria. This new level of biobanking activity contributes to basic research, translational research, and therapy of a wide range of human disorders, including cancer, CVD rare diseases, diabetes, and neurodegenerative diseases.
Besides, the COVID-19 pandemic has created opportunities for local players. To enhance their foothold in the market, key companies are adopting various plans and policies to gain a greater market share. The important step that key players can incorporate is to partner with relevant third-party vendors. It can be achieved by proper communication and adjustments in the frequency and volume of clinical trial biorepository and archiving solutions.
Grand View Research has segmented the global clinical trial biorepository and archiving solutions market based on service, product, phase, and region:
Clinical Trial Biorepository & Archiving Solutions Service Outlook (Revenue, USD Million, 2016 - 2028)
List of Key Players of Clinical Trial Biorepository & Archiving Solutions Market
Brooks Life Science
Precision for Medicine, Inc.
LabCorp Drug Development
Charles River Laboratories
Check out more studies related to clinical trials, conducted by Grand View Research:
COVID-19 Clinical Trials Market – The global COVID-19 clinical trials market size is valued at 5.0 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.5% from 2021 to 2027. The market is majorly driven by the rapid spread of coronavirus leading to a staggering number of deaths globally thus putting pressure on healthcare organizations to provide therapeutics/vaccines.
Clinical Trial Supplies Market – The global clinical trial supplies market size was valued at USD 1.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.0% from 2021 to 2028. Globalization, rise in the number of clinical trials, and rise in the number of biologics and biosimilar drugs in clinical trials are among major factors expected to drive the market.
Clinical Trials Support Services Market – The global clinical trials support services market size was valued at USD 20.03 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 7.3% from 2021 to 2028. The global market is projected to expand rapidly due to the rising demand for trials in emerging economies, rising R&D investment, and an increasing number of Contract Research Organizations (CROs).
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.