Clinical Trial Biorepository & Archiving Solutions Industry Overview
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. 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.
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:
Based on the Service Insights, the market is segmented into Biorepository Services and Archiving Solution Services.
- Biorepository services led the market and accounted for 67.2% share in 2020. Stringent regulations such as Health Insurance Portability and Accountability Act (HIPAA), Right to Withdraw, European Union General Data Protection Regulation, and other regulations regarding sample custody and ownership, human tissues and informed consent, and access to biospecimens are anticipated to improve data protection and patient privacy.
- The archiving solution services segment is anticipated to witness significant growth over the forecast period. The globalization of clinical trials is expected to trigger a need for several archiving solutions, such as material indexing, real-time material management systems, tracking solutions, and multi-site archiving solutions, thereby positively boosting segment growth.
Based on the Product Insights, the market is segmented into Preclinical Products and Clinical Products.
- The clinical products segment led the market and accounted for 63.1% share in 2020. The segment is anticipated to register the fastest growth rate throughout the forecast period. This is due to an increase in the number of clinical trial registrations in recent years.
- The preclinical products segment is anticipated to witness substantial growth over the forecast period. An increasing number of molecules in the preclinical stage is anticipated to create significant opportunities for market players.
Based on the Phase Insights, the market is segmented into Phase I, Phase II, Phase III, and Phase IV.
- The phase III clinical trials segment held the largest share of 52.1% in 2020. Phase III clinical trials investigators compare the new treatment’s safety and effectiveness against the current standard of care. A substantial number of patients, at least several hundred, participate in most phase III clinical trials.
- Furthermore, due to the large number of participants and the extended duration of this phase, long-term and unusual adverse effects are more likely to occur. In light of these considerations, clinical trial biorepository and archiving solutions services are especially important for phase III trials, which entail a wide range of samples and specimen storage for long-term research.
Clinical Trial Biorepository & Archiving Solutions Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Key Companies Profile & Market Share Insights
Market players are undertaking various strategic initiatives, such as the signing of the new partnership agreement, collaborations, mergers & acquisitions, and geographic expansion, in order to strengthen their services and gain a competitive advantage over other players.
Some of the prominent players operating in the global clinical trial biorepository & archiving solutions market include,
- Brooks Life Science
- Precision for Medicine, Inc.
- LabCorp Drug Development
- Q2 Solutions
- Charles River Laboratories
Order a free sample PDF of the Clinical Trial Biorepository & Archiving Solutions Market Intelligence Study, published by Grand View Research.