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Biospecimen Contract Research Services Market Size, Share and Trends Analysis Report 2024-2031
The Biospecimen Contract Research Services Market Size is valued at USD 4.38 Billion in 2023 and is predicted to reach USD 11.70 Billion by the year 2031 at a 13.37% CAGR during the forecast period for 2024-2031.
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A biospecimen is a material sample obtained from humans, animals, or vegetation. It may include urine, blood, tissue, cells, DNA, RNA, or protein, among other things. Biospecimens may be subjected to laboratory examination or stored in a biorepository for subsequent scientific research. Biomedical research is a dynamic process encompassing diverse experiments to investigate diseases and their potential therapies. Biospecimens are recognized as essential elements of this process, which commences with drug development and extends to clinical trials and epidemiological investigations.
Furthermore, biospecimens serve as a conduit between the biological characteristics of a patient and the development of personalized treatment plans in the field of precision medicine. The pharmaceutical sector is increasingly outsourcing bioanalytical services to overcome the current capacity constraints and capitalize on more cost-effective procedures. The Biospecimen Contract, Research Services Market, is expanding due to the increasing cost of in-house drug development, the growing number of clinical trials, and the increasing expenditure on pharmaceutical research and development (which motivates pharma-biotech companies to outsource).
Market participants can anticipate diverse growth opportunities, such as an emerging drugs and biologics market, an increasing demand for specialized testing services among end-users, and innovative clinical trial designs for complex cell and gene therapies despite the COVID-19 pandemic. The market expansion will be stimulated by service agreements, which an acquisition or merger will follow. The market expansion is impeded by a scarcity of qualified personnel, which impedes the adoption of new technologies and methods. North America dominated the global market for biospecimen contract research services. The region's dominant position in this industry is primarily due to the increasing emphasis on outsourcing by pharmaceutical and biopharmaceutical companies, the rapid development of this market, and the increase in the number of clinical trial activities in North America.
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Some of the primary key players in the Biospecimen Contract Research Services market are BioChain Institute, BioIVT, Boca Biolistics, Creative Bioarray, Ardent Clinical Research Services, Cureline, Discovery Life Sciences, Infinity BiologiX, Precision for Medicine, Inc., PrecisionMed, Inc., Medicover, National BioService, ICON plc, The MT Group, Eolas Biosciences Co. Ltd, Indivumed GmbH, Capital Biosciences, Inc., GR BioResearch, REPROCELL, Trans-Hit Bio (Azenta US, Inc.) and iSpecimen.
Key Developments in the market :
• In May 2022, The Gentest® business entity was acquired by Discovery Life SciencesTM from the Life Sciences division of Corning, Inc. The company's capacity to provide scientifically based biospecimen medication and biomarker development capabilities is enhanced by the merger of Discovery's companies. As a direct result of this, customers can negotiate the intricate terrain of their drug development programs in a manner that is more time and cost-efficient due to a unique innovation engine.
• In Apr 2022, A commercial blood bank known as BioIVT recently completed the acquisition of Tennessee Blood Services. As a result of the deal, BioIVT's donor base is expanded, and the company's capacity to offer fresh whole blood, plasma, serum, and red blood cells for the development of pharmaceuticals and diagnostics is increased.
• In Oct 2021, Azenta Life Sciences and Cleveland Clinic launched a new 22,000-square-foot facility for the handling and storage of biospecimen samples on the main campus of Cleveland Clinic. The two-story biorepository, which features ultra-cold and cryogenic storage for the Cleveland Clinic and other institutions, is operated by Brooks' freshly rebranded life sciences branch, Azenta Life Sciences. The new building will expand the Cleveland Clinic's biobanking capabilities and accelerate translational research.
• In Mar 2021, Scientist.com and Cureline have collaborated to enhance the efficiency of the process and increase the accessibility of human biospecimens to researchers. The direct connection between the marketplace on Scientist.com and the new online webstore that Cureline had launched allowed consumers to access a diverse selection of certified human biospecimens almost instantaneously.
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Market Segmentation
Global Biospecimen Contract Research Services Market, by Therapeutic Area, 2022-2030 (Value US$ Mn)
• Oncological Disorders
• Neurological Disorders
• Cardiovascular Disorders
• Other Therapeutic Areas
Global Biospecimen Contract Research Services Market, by Biospecimen Types, 2022-2030 (Value US$ Mn)
• Oncological Studies
• FFPE Tissue
• Frozen Tissue
• Plasma / Serum
• Other Biospecimens
• Non-Oncological Studies
• Blood Products
• Human Tissue
• Other Biospecimens
Global Biospecimen Contract Research Services Market, by region, 2022-2030 (Value US$ Mn)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
North America Biospecimen Contract Research Services Market, by Country, 2022-2030 (Value US$ Mn)
• U.S.
• Canada
Europe Biospecimen Contract Research Services Market, by Country, 2022-2030 (Value US$ Mn)
• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe
Asia Pacific Biospecimen Contract Research Services Market, by Country, 2022-2030 (Value US$ Mn)
• India
• China
• Japan
• South Korea
• Australia & New Zealand
Latin America Biospecimen Contract Research Services Market, by Country, 2022-2030 (Value US$ Mn)
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa Biospecimen Contract Research Services Market, by Country, 2022-2030 (Value US$ Mn)
• GCC Countries
• South Africa
• Rest of Middle East & Africa
Why should buy this report:
> To obtain a thorough examination of the global Biospecimen Contract Research Services Market's prospective
> To obtain an industry overview and prospective trends of the Biospecimen Contract Research Services Market
> To examine the drivers and challenges of the global biospecimen contract research services market
> To obtain information regarding the Global Biospecimen Contract Research Services Market's size (Value US$ Mn) forecast through 2030
> Significant investments, mergers, and acquisitions in the Global Biospecimen Contract Research Services Market
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