NEWARK, Del, Sept. 11, 2023 (GLOBE NEWSWIRE) -- According to a recent Future Market Insights report, the clinical trial biorepository & archiving solutions market was valued at US$ 3.5 billion in 2021 and is expected to grow at a 12.1% CAGR from 2022 to 2032. The market is expected to be worth US$ 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. These technologies require 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 noteworthy for phase III studies, which require many samples preservation for long-term study.
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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.
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.
“The clinical trial biorepository and archiving solutions market is instrumental in bolstering the progress of biomedical research and the development of pharmaceutical products” says a lead analyst at Future Market Insights (FMI)
Key Takeaways:
Global clinical trial biorepository & archiving solutions market is expected to reach a market size of US$ 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 an absolute dollar growth opportunity of US$ 3.3 Billion during 2022 to 2032.
- The market in China is set to experience the highest CAGR of 15.8% during the 2022 to 2032 forecast period.
| Attribute | Details |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | US$ Million for Value |
| Key Regions Covered | North America, Latin America, Europe, Asia Pacific, Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, UK., France, Spain, Italy, Russia, China, Japan, South Korea, India, Australia, South Africa, Saudi Arabia, United Arab Emirates(UAE), and Israel. |
| Key Market Segments Covered | Product Type, Phase, Application, Region |
| Key Companies Profiled |
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| Pricing | Available upon Request |
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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 COVID-19 into consideration, the collaboration sought to expand its assistance to the United States and foreign R&D communities.
More Insights Available:
In its new offering, Future Market Insights presents an unbiased analysis of the clinical trial biorepository and archiving solutions market, presenting historical market data (2017 to 2021) and forecast statistics for 2022 to 2032.
The study reveals extensive growth in clinical trial biorepository & archiving solutions market across five regions (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
Clinical Trial Biorepository & Archiving Solutions Market Segmentation:
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
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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