Clinical Trial Biorepository & Archiving Solutions Market to reach over USD 7.92 billion by the year 2030

Global Clinical Trial Biorepository & Archiving Solutions market is estimated to reach over USD 7.92 billion by 2030, exhibiting a CAGR of 9.22%

NEW JERSEY, NJ, USA, October 7, 2022 /EINPresswire.com/ -- InsightAce Analytic Pvt. Ltd. has announced the publication of a market research report titled "Global Clinical Trial Biorepository & Archiving Solutions Market Based on service Biorepository Services (Warehousing & Storage, Transportation, Sample Processing and Others) and Archiving Solution Services (Database Indexing and Management and Scanning & Destruction). Product (Preclinical Products and Clinical Products (Human Tissue, Organs, Stem Cells and Other Biospecimens)), Phase (Phase I, Phase II, Phase III and Phase IV)- Market Outlook and Industry Analysis 2030."

The global Clinical Trial Biorepository & Archiving Solutions market is estimated to reach over USD 7.92 billion by 2030, exhibiting a CAGR of 9.22% during the forecast period.

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The recent spectacular rise of immunotherapy, stem cell therapy, and other regenerative medicine sectors have significantly increased the demand for storage capacity at superficial temperatures. Pharmaceutical companies can reduce the inherent biohazard risks and regulatory delays associated with the maintenance and management of sizable amounts of liquid nitrogen by contracting with biorepositories. Biobanking has been seen as a significant area to boost growth within these companies because translational research and tailored therapies are readily available. Biobanks have dramatically increased the volume of samples collected for biomarker and companion diagnostic investigations. The growing interest in biomarkers as a tool to understand and identify the underlying biological causes of disease is driving this growth.

Furthermore, the COVID-19 pandemic has opened up new options for local players. Key corporations are implementing various programs and policies to increase their market share. Collaboration with suitable third-party vendors is a vital step that significant players can take. It is possible to do this through effective communication and changes in the frequency and volume of clinical trial biorepository and archiving solutions.

List of Prominent Players in the Clinical Trial Biorepository & Archiving Solutions Market:
Brooks Life Science
Patheon
Precision for Medicine, Inc.
Medpace
LabCorp Drug Development
ATCC
Q2 Solutions
Labconnect
Charles River Laboratories
Cell&Co

Market Dynamics:
Drivers-
The market is expanding quickly due to the increased accessibility of inexpensive devices and the need to create data compilation and simple reporting using software resembling a laboratory information management system primarily designed to be used by the management of laboratory samples. Depersonalized and genomic medicine advancement is the fundamental cause of the market expansion. In addition, efforts to accelerate data collection and reporting by implementing software like Laboratory Information Management for laboratory sample tests have boosted market expansion.

Challenges:
Limited cross-border movement and national export restrictions are the main issues that every company's supply chain vertical faces due to Covid-19. A scarcity of clinical trial supplies and a delay in the delivery of materials to clinical trial sites were additional effects of the supply chain breakdown. These factors also caused supply loss due to material quality distortion, adding to the market's restrictions.

Regional Trends:
The North America Clinical Trial Biorepository & Archiving Solutions market is expected to register a significant market share in revenue and is projected to grow at a high CAGR shortly. The region is anticipated to experience rapid growth during the predicted period. Among the key variables influencing this local market is the rise in clinical trials, several companies in the space, and the accessibility of cutting-edge technology. Besides, Asia Pacific had a substantial share in the Clinical Trial Biorepository & Archiving Solutions market. The region's market is anticipated to grow faster than average due to the enormous growth in clinical research. In a Pharma IQ study, 60.0% of participants said that China and India might host clinical research in the upcoming five years. The global clinical research and manufacturing company Almac Group's introduction into the Asia Pacific market is a blatant sign of the market's expansion in this region.

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Recent Developments:
• In March 2020, ATCC and the Global Scientific Community teamed up. The collaboration aims to increase its support for the US and international R&D communities taking Covid19 into account.
• In January 2020, Brooks Life Sciences increased the size of its Indianapolis biorepository to improve its biobanking and sample management capabilities. This expansion benefited clients in academia and pharma who are trying to expedite clinical trials and discover treatments.

Segmentation of Clinical Trial Biorepository & Archiving Solutions Market-
By Service-
• Biorepository Services
o Warehousing & Storage
o Transportation
o Sample Processing
o Others
• Archiving Solution Services
o Database Indexing and Management
o Scanning & Destruction
By Product-
• Preclinical Products
• Clinical Products
o Human Tissue
o Organs
o Stem Cells
o Other Biospecimens
By Phase-
• Phase I
• Phase II
• Phase III
• Phase IV
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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Priyanka Tilekar
Insightace Analytic Pvt. Ltd.
+1 551-226-6109
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