US pharmaceutical firms outpace in research and development investment, surpassing most businesses, and showcasing a commitment to innovation and advancement.

NEWARK, DELAWARE, UNITED STATES OF AMERICA, December 14, 2023 /EINPresswire.com/ -- The clinical trial biorepository & archiving solutions market was estimated to be worth US$ 3.5 billion in 2021 and is projected to rise at a compound annual growth rate (CAGR) of 12.1% from 2022 to 2032, per a recent Future Market Insights research. By the end of 2032, the market is projected to be valued at US$ 12.2 billion.

Biorepositories have entered a new era with the use of cutting-edge information technology, AI, machine learning, and deep learning tools and algorithms. These technologies require less time and effort to keep up with new storage and transportation technologies, global regulatory demands, and current bio-storage trends. Clinical trial biorepository and archiving solutions market sales and services are particularly noteworthy for phase III studies, which require many sample preservation for long-term study.

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The leading number of companies are outsourcing storage and cold-chain functions to free up resources for pharmaceutical research. Keeping up with new storage and transportation technology, global regulatory needs, and current bio-storage trends takes time and effort.

Amidst the COVID-19 outbreak, centralized distant location clinical testing matching and screening, virtual molecular tumor boards, and centralized molecular interpretation support systems have enabled clinic workers at the Sarah Cannon Research Institute to help identify people involved in medical trials quite productively.

“The clinical trial biorepository and archiving solutions market is instrumental in bolstering the progress of biomedical research and the development of pharmaceutical products,” - opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).

Key Takeaways:

• Global clinical trial biorepository & archiving solutions market is expected to reach a market size of US$ 3.9 Billion by 2022.

• The biorepository services application is expected to have the highest CAGR rate of 12.1% during the forecast period.

• United States to remain the most dominant market with an absolute dollar growth opportunity of US$ 3.3 Billion during 2022 to 2032.

• The market in China is set to experience the highest CAGR of 15.8% during the 2022 to 2032 forecast period.

Competitive Landscape:

The market is intensely competitive, and significant firms are more focused on gaining a competitive edge. To take advantage of the tremendous untapped potential in emerging nations, the market’s leading rivals are focused on providing low-cost, high-quality items. This is seen by increased research and development spending as well as an increase in the number of new product approvals.

In Feb 2020, The College of American Pathologists created the first biorepository accreditation program, which follows strict guidelines to ensure that biorepository processes are uniform.

In March 2020, ATCC joined hands with the Global Scientific Community. Taking COVID-19 into consideration, the collaboration sought to expand its assistance to the United States and foreign R&D communities.

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Clinical Trial Biorepository & Archiving Solutions Market Segmentation:

By Product Type:

Preclinical Products
Clinical Products

By Phase:

Phase I
Phase II
Phase III
Phase IV

By Application:

Biorepository Services
Archiving Solution Services

By Region:

North America
Latin America
Europe
APAC
MEA

Authored By:

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

Explore Future Market Insights, Inc. Extensive Coverage in Healthcare Market Domain:

Clinical Trials Market Outlook: The Global Market is expected to enjoy a valuation of US$ 115.4 Billion by the end of the year 2023, and further expand at a CAGR of 4.41% to reach a valuation of US$ 177.7 Billion by the year 2033.

Clinical Information System Market Analysis: The market is expected to record a CAGR of 8% during the forecast period, reaching a valuation of US$ 1560 Million by 2027.

About Future Market Insights (FMI):

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Ankush Nikam
Future Market Insights, Inc.
+91 90966 84197
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