Companies
Clinical trial biorepository and archiving solutions help in securely storing and managing the data and clinical trial materials generated during clinical research. These solutions enable proper handling and storage of biological samples which helps in future research and development activities. They offer efficient sample and data management, chain of custody tracking, and regulated cold storage. The growing outsourcing of clinical trial activities by pharmaceutical companies and the need to adhere to regulatory guidelines for proper sample storage and management is fueling the demand for effective clinical trial biorepository and archiving solutions in the market.
The Global Clinical Trial Biorepository and Archiving Solutions Market is estimated to be valued at US$ 632 million in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024.
Key Takeaways
Key players operating in the Clinical Trial Biorepository and Archiving Solutions areBrooks Life Sciences, Tecan Trading AG, Hamilton Company, Chi Solutions Inc., and ProMedDx LLC.
The Clinical Trial Biorepository and Archiving Solutions Market Demand is witnessing new opportunities with increasing investments in cell and gene therapy research. Moreover, increasing preference for outsourcing clinical trial sample management is another key growth driver.
Geographical expansion through partnerships especially in emerging markets of Asia Pacific and Latin America is a key focus area for leading players in this market.
Market Drivers
The clinical trial biorepository and archiving solutions market is driven by the increasing R&D expenditure of pharmaceutical and biotech companies. Rapid adoption of personalized medicine approach and growth in companion diagnostics development further pushes the need for effective sample management and storage solutions. Stringent regulatory guidelines for sample handling and management across regions also drives compliance among research organizations.
PEST Analysis
Political: Regulations regarding clinical trial data storage and management are becoming more stringent. Stringent rules around data protection and privacy are being formulated.
Economic: Growing R&D expenditure of pharmaceutical and biotechnology companies is driving increased investment in efficient clinical trial solutions. The need to shorten time to market for new drugs is further fueling demand.
Social: Increasing incidence of diseases like cancer is leading to higher number of clinical trials. This is increasing the volume of data being generated which requires effective archival and retrieval solutions.
Technological: Advancements in storage technologies and automated sample management solutions are enabling higher sample throughput and storage capacity. Adoption of cloud and artificial intelligence is allowing remote access and analytics of archived data.
Geographical Regions
North America currently accounts for the largest share of the global clinical trial biorepository and archiving solutions market, in terms of value. This is attributed to presence of majority of top pharmaceutical companies and clinical research organizations in the region. The region also has favorable regulations regarding clinical trials and data archival.
Fastest Growing Regional Market
The clinical trial biorepository and archiving solutions market in Asia Pacific is expected to grow at the fastest rate globally during the forecast period. This can be attributed to increasing clinical trial activity in the region's emerging economies like China and India. Growing biopharma industry and presence of large patient pools are driving increased clinical trial sponsorship and data generation in Asia Pacific.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)