The clinical trial biorepository and archiving solutions market enable pharmaceutical and biotechnology companies to capture patient data, biospecimens and conduct clinical trials through state-of-the-art infrastructure for archiving, storage and management of biological samples. These solutions help in proper documentation, cataloguing and retrieval of biospecimens which are crucial for developing novel drugs. They help in accelerating the drug development process by cross-referencing patient data and biospecimens.
The Global Clinical Trial Biorepository and Archiving Solutions Market is estimated to be valued at US$ 4.51 Bn in 2024 and is expected to exhibit a CAGR of 10.2% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the clinical trial biorepository and archiving solutions are Azenta U.S., Inc., Thermo Fisher Scientific Inc., Precision for Medicine, Inc., Medpace, LabCorp Drug Development, ATCC, Q2 Solutions, Labconnect, Charles River Laboratories, Cell&Co. Key players are focusing on expanding their service portfolio and geographical presence to capitalize on market opportunities.
Decentralized clinical trials are reducing patient burden and helping in faster clinical development. The Clinical Trial Biorepository And Archiving Solutions Market Growth is witnessing significant owing to rising R&D expenditure by biopharmaceutical companies adoption of decentralized clinical trials.
North America dominated the global clinical trial biorepository and archiving solutions market in 2021. However, Asia Pacific clinical trial biorepository and archiving solutions market is expected to witness highest growth during the forecast period owing to increasing outsourcing of clinical trials to countries such as China and India.
Market Key Trends
One of the key trends gaining traction in the Clinical Trial Biorepository and Archiving Solutions Market Challenges And Opportunities is adoption of decentralized clinical trials. Decentralized clinical trials help in reducing patient burden by conducting various trial procedures closer to patient locations
including their homes. This has boosted patient participation in clinical trials. Solution providers are focusing on developing capabilities to support decentralized clinical trials through integration of virtual solutions and remote patient monitoring technologies with their existing infrastructures. This is expected to drive the demand for clinical trial biorepository and archiving solutions.
Porter’s Analysis
Threat of new entrants: Low barriers to entry due to lack of regulations and standards. However, established players have economies of scale and brand recognition.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of alternatives and standardized nature of services. However, switching costs are relatively low.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there are many suppliers for equipment and consumables. Supplier concentration is relatively low.
Threat of new substitutes: Threat of substitutes is low as there are no close substitutes that can provide equivalent value propositions.
Competitive rivalry: Intense competition among existing players to gain market share. Players differentiate based on technology, quality, and services.
Geographical Regions
North America dominates the clinical trial biorepository and archiving solutions market currently, accounting for over 40% of the global market value. This is attributed to presence of majority of key players, high R&D spending, and growing clinical trials in the region.
Asia Pacific is expected to be the fastest growing region during the forecast period, estimated to expand at over 12% CAGR till 2031. Rapidly developing economies such as China and India provide major growth opportunities owing to low-cost operations and rise in clinical trial activity in these countries.
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- *Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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