CLINICAL TRIAL BIOREPOSITORY AND ARCHIVING SOLUTIONS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Clinical Trial Biorepository and Archiving Solutions Market Size and Trends

Global clinical trial biorepository and archiving solutions market is estimated to be valued at USD 4.51 Bn in 2024 and is expected to reach USD 8.88 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 10.2% from 2024 to 2031.

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Increasing R&D expenditure by biopharmaceutical companies and growing adoption of precision medicine boosts demand for effective clinical trial biorepository solutions. Furthermore, rising prevalence of various chronic diseases and growth in clinical trial activities can drive the market growth. Various initiatives by market players to expand their global footprint through strategic partnerships can drive the market growth. However, lack of harmonization in regulations and standardization practices can hamper the clinical trial biorepository and archiving solutions market growth during the forecast period.

Rising demand for personalized medicine

As scientific advances continue to revolutionize healthcare, personalized medicine has become an important driver in clinical research. Personalized medicine focuses on tailoring treatments and prevention strategies based on a patient's genetic profile and other biological factors. This requires extensive molecular profiling and genomic analysis of clinical samples to better understand how a person's unique genetic profile impacts disease risk, progression and response to therapy. Thus, biorepositories play a key role in facilitating personalized medicine research by securely storing and archiving biological specimens and associated clinical datasets that can be used to identify biomarkers and develop targeted therapies. Their role has become integral to furthering research in precision medicine by enabling scientists to examine large numbers of biological samples in clinical studies focused on individualizing patient care. Growing emphasis on personalized healthcare boosts demand for reliable solutions that can effectively manage the massive amounts of sensitive data and specimens being generated through personalized medicine research efforts. In response to escalating challenges of chronic diseases and growing need for personalized treatments, AI-driven precision medicine is increasingly viewed as a transformative solution in healthcare. For instance, in May 2024, latest blueprint from Info-Tech Research Group, titled "AI-Powered Precision Medicine for Improved Patient Outcomes," offers healthcare organizations a strategic roadmap to effectively leverage AI technologies. By integrating AI into diagnostic and therapeutic practices, healthcare providers can enhance treatment precision, optimize patient outcomes, and streamline healthcare delivery. Moreover, In October 2022, GSK plc and Tempus, a precision medicine company based in the U.S., signed a three-year collaboration agreement. This agreement granted GSK plc access to Tempus' AI-enabled platform that includes a library of de-identified patient data.

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Increasing collaboration between pharmaceutical companies and CROs

Increasing partnerships and collaborations between pharmaceutical companies and contract research organizations for clinical trial projects can drive the market growth. Large pharmaceutical firms outsource clinical trial activities to CROs as these specialists can offer advantages like reduced costs, faster timelines, and specialized expertise that drug makers may lack internally. CROs expands their service offerings to provide end-to-end support for trials. This includes assisting with newer areas like real-world evidence research, site feasibility assessments, and genomic/companion diagnostic development. As pharmaceutical-CRO relationships strengthen, it boosts need for integrated data and sample management solutions that can support collaborative, multi-site research. Centralized clinical trial biorepositories have become an important platform enabling seamless data and sample sharing between sponsor companies, CRO partners as well as clinical investigators. Their role in facilitating collaboration across research networks can boost demand for sophisticated archiving solutions that comply with data privacy regulations and enable partners to efficiently work together on trials.