Biospecimen Contract Research Services Market Worth USD 11.70 Billion to 2031

Global Biospecimen Contract Research Services Market is valued at US$ 4.38 Bn in 2023, and it is expected to reach US$ 11.70 Bn by 2031, with a CAGR of 13.37 % during the forecast period of 2024-2031.

Market Analysis:

Biospecimen Contract Research Services (BCRS) offer all-encompassing assistance with regard to the acquisition, manipulation, preservation, and dissemination of biological specimens intended for scientific investigation. Pharmaceutical companies, biotechnology firms, and academic institutions engaged in medical research rely heavily on these services.

Crucial elements of BCRS encompass the following: ethical acquisition of samples, proficient preparation and handling, secure storage, streamlined distribution, scrupulous data administration, and unwavering adherence to regulatory requirements. These services promote research of the highest caliber by guaranteeing the ethical and moral procurement of biospecimens, which are indispensable for progress in pharmaceuticals and medical science.

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Recent Developments:

• In July 2023, Discovery Life Sciences (Discovery) introduced clinical trial services utilizing cutting-edge flow cytometry technology. Discovery incorporated Cytek Aurora instruments, in addition to its molecular pathology, genomics, and proteomics services, into a single facility. This action further ensured the quality of pharmaceutical and diagnostic development while saving valuable time. The utilization of full-spectrum technology in Cytek Aurora instruments granted researchers an unparalleled level of flexibility.
• In Jan 2023, CRO Crown Bioscience acquired the Biospecimens Service Unit from Indivumed. With access to the biospecimens through a multiyear collaboration with Crown Bioscience, IndivuType converted them into multiomics data in order to inform the development of personalized cancer drugs powered by artificial intelligence and data.

List of Prominent Players in the Biospecimen Contract Research Services Market:

• BioChain Institute,
• BioIVT,
• Boca Biolistics,
• Creative Bioarray,
• 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,
• Ardent Clinical Research Services,
• Capital Biosciences, Inc.,
• GR BioResearch,
• REPROCELL,
• Trans-Hit Bio (Azenta US, Inc.)
• iSpecimen

Market Dynamics:

Market Drivers: Rising Incidence of Chronic Diseases

The Biospecimen Contract Research Services Market is growing as a result of the increase in chronic diseases, including cancer, cardiovascular disorders, and neurological conditions, which has fueled the demand for biospecimens for research purposes. Biospecimen contract research services enable researchers to access diverse and well-characterized biospecimens from patients with specific diseases, facilitating research into disease mechanisms, biomarker discovery, and drug development. As the global population ages, there’s a higher incidence of severe diseases and conditions that require Biospecimen Contract Research Services. Elderly individuals often require treatments for conditions like autoimmune diseases, which can be managed with Biospecimen Contract Research Services.

Challenges: High Cost Associated With Biospecimen Contract Research Services.

Despite a diverse range of aesthetic applications, some limiting constraints are projected to hamper global market expansion over the forecast period. One of the key factors contributing to the global market’s slowing growth is the high cost of these items. Biospecimen contract research services involve significant costs associated with biospecimen procurement, processing, storage, and distribution, as well as compliance with regulatory requirements. More funding and resources may be needed to ensure the ability of research organizations and biobanks to invest in infrastructure, technology, and personnel needed to support high-quality biospecimen research services.

North America Is Expected To Grow With The Highest CAGR During The Forecast Period.

The North American Biospecimen Contract Research Services Market is likely to record the maximum revenue share in the near future. This is due to the increase in chronic diseases such as cancer, cardiovascular disorders, and neurological conditions in the region. The emergence of precision medicine approaches and biomarker-driven drug development strategies in the region have increased the biospecimen’s growth. Furthermore, Biospecimen contract research services in the region provide researchers with access to well-characterized biospecimens annotated with clinical and molecular data, enabling biomarker discovery and validation studies essential for advancing precision medicine initiatives.

Segmentation of Biospecimen Contract Research Services Market-

Biospecimen Contract Research Services Market By Type-

• Oncological Studies
  • FFPE Tissue
  • Frozen Tissue
  • Plasma / Serum
  • Other Biospecimens
• Non-Oncological Studies
  • Blood Products
  • Human Tissue
  • Other Biospecimens

Biospecimen Contract Research Services Market By Therapeutic Area

• Oncological Disorders
• Neurological Disorders
• Cardiovascular Disorders
• Other Therapeutic Areas

Biospecimen Contract Research Services Market By Region-

North America-

• The US
• Canada
• Mexico

Europe-

• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-

• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-

• GCC Countries
• South Africa
• Rest of Middle East and Africa

Talk with Experts Panel on the Biospecimen Contract Research Services Market Report @ https://calendly.com/insightaceanalytic/30min?month=2024-04

Call: North America +1 551 226 6109 Email: diana.dsouza@insightaceanalytics.com