According to a recent Future Market Insights study, the global clinical trial biorepository & archiving solutions market is likely to reach USD 3.9 Billion in 2022 and are expected to increase at a CAGR of 12.1% from 2022 to 2032. The market is predicted to reach a value of USD 12.2 Billion by the end of 2032.
Biorepositories have entered a new era with the use of cutting-edge information technology, AI, machine learning, and deep learning tools and algorithms. With these technologies, it requires less time and effort to keep up with new storage and transportation technologies, global regulatory demands, and current bio storage trends. Clinical trial biorepository and archiving solutions services are particularly extremely noteworthy for phase III studies, which require a large number of samples preservation for long-term study.
The leading number of companies are outsourcing storage and cold-chain functions to free up resources for pharmaceutical research. Keeping up with new storage and transportation technology, global regulatory needs, and current bio storage trends take time and effort.
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Amidst the COVID-19 outbreak, centralized distant location clinical testing matching and screening, virtual molecular tumor boards, and centralized molecular interpretation support systems have enabled clinic workers at the Sarah Cannon Research Institute to help identify people involved in medical trials quite productively.
Key Takeaways from the Market Study:
- Global Clinical Trial Biorepository & Archiving Solutions Market is expected to reach a market size of USD 3.9 Billion by 2022.
- The Biorepository Services application, is expected to have the highest CAGR rate of 12.1% during the forecast period.
- United States to remain the most dominant market with absolute dollar growth opportunity of USD 3.3 Billion during 2022 – 2032.
- The market in China is set to experience the highest CAGR of 15.8% during the 2022-2032 forecast period.
“A growing number of companies are outsourcing storage and cold-chain functions to free up resources for pharmaceutical research.” comments a Future Market Insights analyst.
Competitive Landscape:
The market is intensely competitive, and significant firms are more focused on gaining a competitive edge. To take advantage of the tremendous untapped potential in emerging nations, the market’s leading rivals are focused on providing low-cost, high-quality items. This is seen by increased research and development spending as well as an increase in the number of new product approvals.
- In Feb 2020, The College of American Pathologists created the first biorepository accreditation program, which follows strict guidelines to ensure that biorepository processes are uniform.
- In March 2020, ATCC has joined hands with the Global Scientific Community. Taking Covid19 into consideration, the collaboration sought to expand its assistance to the US and foreign R&D communities.
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Key Players:
- Brooks Life Science
- Patheon
- Precision for Medicine, Inc.
- Medpace
- LabCorp Drug Development
- ATCC
- Q2 Solutions
- Labconnect
- Charles River Laboratories
- Cell&Co BioServices
Market Segments Covered in Clinical Trial Biorepository & Archiving Solutions Market Analysis:
By Product Type:
- Preclinical Products
- Clinical Products
By Phase:
- Phase I
- Phase II
- Phase III
- Phase IV
By Application:
- Biorepository Services
- Archiving Solution Services
By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
About Future Market Insights (FMI)
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