Clinical Trial Biorepository & Archiving Solutions Market To Generate Revenue worth $6,916.6 Million by 2030

The global clinical trial biorepository & archiving solutions market is projected to generate USD 6,916.6 million revenue by 2030, advancing at a CAGR of 8.2% during 2024–2030. The growth is attributed to the rising count of clinical trials across the world and the growing need for the management of the data generated during these activities. Essentially, the surge in the demand for data collection, storage, and management tools and for sharing biological samples in the field of oncology propels the adoption of biorepository and archiving solutions.

Moreover, the growth in the pharmaceutical and biotechnology industry is the biggest driver for this market. Governments are focusing increasingly on creating advanced healthcare infrastructure, to boost their economy and offer better treatments. This is resulting in the setup of new R&D facilities, which, ultimately, creates a high demand for such solutions. The growing competition among service providers and drug manufacturers is creating an enormous opportunity for this market.

The growth in the CRO business across the world is another significant factor for this market. Biopharmaceutical companies are shifting to contract businesses to save costs, shorten the time to market, and be able to focus on marketing and other activities. Moreover, working with CROs gives a sponsor instant access to virtually everything they need to conduct a successful clinical development program. Clinical trials are complex to conduct on a global level with diverse populations and experts located far from one another.

Biorepository Services Dominate Industry

On the basis of offering, biorepository services accounted for the larger clinical trial biorepository & archiving solutions market share, of 65%, in 2023, and this bifurcation is further expected to maintain its dominance in the future. The storage, location, and management of sample demographic data and flow management are performed by biorepositories. The management of such operations is crucial during any research activity, to offer scientists access to the biological samples essential for understanding the underlying mechanisms of illnesses and developing novel treatments.

The archiving solutions category will show the faster growth during the forecast time frame, owing to the surge in the count of clinical trials and other kinds of pharmaceutical and clinical research activities. Archiving solutions provide a platform to access and retrieve data and documents, as needed. These solutions are becoming more important because of the requirement for follow-ups for analysis during the ongoing clinical trials. Moreover, the growing demand for the long-term storage of data and to maintain its integrity is fueling the demand for archiving solutions.

The Asia-Pacific region is projected to see the highest CAGR over the forecast period. This would be due to the advancement in the healthcare infrastructure, governments’ increasing focus on the setup of new pharmaceutical manufacturing units, and administrative support for drug discovery and development activities. Moreover, the investments by the major market players and a focus on better patient care are projected to assist the market in growing in the future. Furthermore, the large number of clinical trials being performed in the region is driving the region’s growth.

China will grow considerably in the market due to the rising medical research activities, with the establishment of R&D facilities by pharmaceutical companies and the increasing government support for such activities.

Some of the major providers in the market are Azenta US Inc., Thermo Fisher Scientific Inc., Precision Medicine Group LLC, Medpace Inc., Labcorp Drug Development, American Type Culture Collection, IQVIA Inc., and LabConnect Inc.