Clinical Trial Biorepository and Archiving Solutions Market is Estimated to Witness High Growth Owing to Advancements in Biobanking Technology
The clinical trial biorepository and archiving solutions market involves services and products that are used in the storage and management of biological samples obtained from clinical trials. These solutions enable safekeeping of samples including blood, tissues, DNA, plasma and other body fluids for analysis during and post clinical trials. They assist in managing the complete life cycle of sample collection from accessioning to final disposition according to established standards.
The Global clinical trial biorepository and archiving solutions market is estimated to be valued at US$ 188 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 Market Demand are Brooks Automation, Hamilton Company, Thermo Fisher Scientific and Tecan Group.
The key opportunities in the market include increasing R&D investments by pharmaceutical companies and growing number of clinical trials. Furthermore, advancements in biobanking technologies such as automated sample storage systems and cloud-based sample management software are expected to boost market growth.
Market Drivers
The clinical trial biorepository and archiving solutions market is expected to be driven by the rising demand for personalized medicine and genetic testing. Growing importance of biological sample collection and storage in clinical trials is another major factor contributing to market growth. Increase in outsourcing activities by pharmaceutical companies to third party storage providers will further accelerate the demand for clinical trial biorepository and archiving solutions over the forecast period.
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