The global Clinical 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. Some of the key players in this industry are Brooks Life Science, Patheon, Precision for Medicine, Inc., Medpace, LabCorp Drug Development, ATCC. 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.

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.

Related Press Release@ Clinical Trial Biorepository & Archiving Solutions Market Report

Clinical Trial Biorepository & Archiving Solutions Market Report Highlights

• 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