Clinical Trial Biorepository & Archiving Solutions Industry Overview
The global clinical trial biorepository and archiving solutions market size was valued at USD 3.1 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.2% from 2021 to 2028.
This is largely attributed due to the growing areas of personalized, precision, and genomic medicine, increase in R&D investments, rising availability of low-cost computers, and a drive to simplify data collection and reporting by using software like LIMS for the management of samples in laboratories. An increasing number of companies are outsourcing storage and cold-chain operations to free up resources for pharmaceutical development. Maintaining pace with growing storage and transportation technology, global regulatory requirements, and current bio storage trends can cost time and effort. Smaller pharmaceutical companies avoid the costs of managing cold-chain resources, tracking and monitoring specimen and equipment temperatures, inventory control, equipment management, and other parts of repository quality management by outsourcing specimen storage and cold-chain logistics.
Gather more insights about the market drivers, restrains and growth of the Global Clinical Trial Biorepository & Archiving Solutions Market
In recent years, the rapid rise of immunotherapy, stem cell therapy, and other areas of regenerative medicine have created a significant demand for storage capabilities at extremely low temperatures. Pharmaceutical companies can reduce the inherent biohazard risks and regulatory delays associated with the maintenance and management of large amounts of liquid nitrogen by outsourcing to biorepositories.
However, the Covid-19 pandemic disturbed the supply chain of clinical trial biorepository and archiving solutions services due to travel restrictions, reduced workforce, lockdown in numerous industrial hubs, and changing regulatory rules. The supply chain interruption also resulted in a lack of clinical trial supplies and delayed delivery of materials to clinical trial sites. These variables also led to the wastage of supplies due to distortion in material quality, further posing market constraints.
Multiple regulatory agencies advise and develop best practices in biorepository operations. The International Society for Biological and Environmental Repositories has strengthened its position in the standardization of bio storage procedures on a global level. The College of American Pathologists established the first biorepository accreditation scheme that adheres to stringent regulations to standardize biorepository practices. Biorepository standards for competence, impartiality and consistent operation for bio storage have been issued by the International Organization for Standardization (ISO-20387). The U.S. FDA has established GMP, GLP, GDP, and GTP, which contain the elements associated with the packing and storage of drug products.
Biobanking has been identified as a key area to boost growth within these industries due to the availability of translational research and personalized treatment. Biobanks have seen a significant increase in the number of samples collected for biomarker and companion diagnostic research. The growing interest in biomarkers to understand and identify the biological underpinnings of disease is driving this trend.
Browse through Grand View Research's Medical Devices Industry Research Reports
- MRI Contrast Media Agents Market: The global MRI contrast media agents market size was valued at USD 1.9 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.8% from 2022 to 2030.
- Phototherapy Equipment Market: The global phototherapy equipment market size was valued at USD 368.8 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 3.95% during the forecast period.
Clinical Trial Biorepository & Archiving Solutions Market Segmentation
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)
- Biorepository Services
- Archiving Solution Services
Clinical Trial Biorepository & Archiving Solutions Product Outlook (Revenue, USD Million, 2016 - 2028)
- Preclinical Products
- Clinical Products
Clinical Trial Biorepository & Archiving Solutions Phase Outlook (Revenue, USD Million, 2016 - 2028)
- Phase I
- Phase II
- Phase III
- Phase IV
Clinical Trial Biorepository & Archiving Solutions Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Market Share Insights
- March 2020: ATCC partnered with the Global Scientific Community. In response to the COVID-19 pandemic, the collaboration aimed to increase its aid to the U.S. and international R&D communities.
- January 2020: Brooks Life Sciences has expanded the amount of its Indianapolis biorepository to strengthen its biobanking and sample management capabilities.
Key Companies profiled:
Some prominent players in the global clinical trial biorepository and archiving solutions market include:
- Brooks Life Science
- Patheon
- Precision for Medicine, Inc.
- Medpace
- LabCorp Drug Development
- ATCC
- Q2 Solutions
- Labconnect
- Charles River Laboratories
- Cell&Co
Order a free sample PDF of the Clinical Trial Biorepository & Archiving Solutions Market Intelligence Study, published by Grand View Research.
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.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
