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The biospecimen procurement market is estimated to be worth $52 million in 2021 and is expected to grow at CAGR of 16% during the forecast period. Biomedical research is an evolutionary process involving a wide array of research experiments focused on studying diseases and their treatment options; biospecimens are credited as critical components of this process, starting from drug development to clinical trials and epidemiological investigations. Further, in the field of precision medicine, biospecimens act as a link between the biology of a patient and the development of customized therapy. However, procurement and storage of a high quality biospecimen and its analytical evaluation has remained a challenge in the pharmaceutical industry, resulting in delays in research and drug approval timeline. Reliable and efficient traceability of biospecimens demands unique identifiers, advanced data management and quality control systems. Moreover, there are legal and ethical concerns associated with biobanking, and laws and regulations regarding the upkeep of human biospecimens are still evolving.
Over the last few decades, the field of biospecimen research has witnessed significant technological advancements resulting in the procurement of high quality biospecimens for molecular research purposes. In fact, new best practices and improved methods of procurement, processing and storage of biospecimens have also been introduced to the industry. The pharmaceutical industry has seen a significant shift towards outsourcing the bioanalytical services to leverage cost-effective methods and overcome the existing capacity constraints. This shift is evident from the increase in partnership activity focused on expanding the existing capabilities of service providers and offering biospecimen procurement and analytical services. Based on the prevalent trends, we believe that more developers and innovators are likely to rely on the contract research organizations in order to deal with the existing challenges and drive innovation in drug development, thereby, increasing the opportunities for these service providers in the foreseen future.
Examples of key biospecimen procurement CRO (which have also been profiled in this market report; the complete list of companies is available in the full report) include BioChain Institute, BioIVT, Creative Bioarray, Discovery Life Sciences, Infinity BiologiX, Precision for Medicine, PrecisionMed, Medicove, National BioService and REPROCELL. This biospecimen procurement market report includes an easily searchable excel database of all the companies providing biospecimens for biomedical research, worldwide.
Several recent developments have taken place in the field of biospecimen procurement market. We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.
The “Biospecimen Procurement Market by Therapeutic Area (Oncological Disorders and Other Disorders), Type of Biospecimen for Oncological Studies (FFPE Tissue, Frozen Tissue, Plasma / Serum and Other Biospecimens), Type of Biospecimen for Non-Oncological Studies (Blood Products, Human Tissue and Other Biospecimens), Key Geographical Regions (North America (US and Canada), Europe (Germany, France, Italy, UK, Spain and Other European Countries) and Asia Pacific (China, India, Japan and other Asia-Countries and Rest of the World)): Industry Trends and Global Forecasts, 2021-2030” market report features an extensive study on the current market landscape, market size, market growth, market share, market forecast, market outlook and future opportunities for the biospecimen procurement market. The market research report underlines an in-depth analysis, highlighting the diverse capabilities of stakeholders engaged in biospecimen procurement market. Amongst other elements, the market research report includes:
The key objective of biospecimen procurement market report is to provide a detailed market analysis in order to estimate the existing market size, market value, statistics and future opportunity for biospecimen procurement market during the forecast period. Based on different parameters, such as overall human biological sample market, share of commercial biobanks and share of biospecimen contract research service providers, we have provided informed estimates on the evolution of the market for the forecast period 2021-2030. In order to provide a detailed future outlook, year-wise projections of the current and forecasted opportunity have been further segmented across [A] Therapeutic Area (Oncological Disorders and Other Disorders), [B] Type of Biospecimen for Oncological Studies (FFPE, Frozen Tissue, Plasma / Serum and Other Biospecimens), [C] Type of Biospecimen for Non-Oncological Studies (Blood Product, Human Tissue and Other Biospecimens), [D] Key Geographical Regions (North America (US and Canada), Europe (Germany, France, Italy, UK, Spain and Other European Countries) and Asia Pacific (China, India, Japan and other Asia-Countries and Rest of the World). In order to account for the uncertainties and to add robustness to our model, we have provided three market forecast scenarios, portraying the conservative, base and optimistic tracks of the market’s evolution.
The opinions and insights presented in the market report are backed by a deep understanding of key insights generated from both secondary and primary research. The information presented in this market research report was also influenced by discussions held with senior stakeholders in this industry. The market research report features detailed transcripts of interviews held with the following individuals:
All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this market report are in USD, unless otherwise specified.