The biospecimen procurement market is expected to reach USD 52 million in 2021 and anticipated to grow at a CAGR of 16% during the forecast period 2021-2035.

Biomedical research follows a cyclical path, characterized by a diverse array of experiments focused on comprehending diseases and crafting treatments. Central to this progression are biospecimens, critical elements utilized in drug development, clinical trials, and epidemiological investigations. In the domain of precision medicine, biospecimens act as a pivotal link connecting a patient’s biology to the customization of therapies. However, acquiring, preserving, and thoroughly analyzing high-quality biospecimens pose persistent challenges in the pharmaceutical industry. These hurdles often result in research delays and elongated timelines for drug approvals. Ensuring reliable and efficient tracking of biospecimens demands unique identifiers, sophisticated data management systems, and stringent quality control measures. Furthermore, the ethical and legal complexities surrounding biobanking remain constantly evolving, with ongoing development of regulations governing the maintenance of human biospecimens.

Technological advancements in biospecimen research over recent decades have significantly improved the acquisition of superior biospecimens tailored for molecular research. Notably, novel and refined methodologies for obtaining, processing, and storing biospecimens have emerged in the industry. There is a noticeable trend in the pharmaceutical industry toward outsourcing bioanalytical services. This strategic shift aims to capitalize on cost-effective methods and address existing capacity constraints. This shift is evident through increased collaboration activities aimed at expanding the capabilities of service providers. These partnerships strive to offer specialized services in biospecimen procurement and analysis. Based on prevailing patterns, it is foreseeable that more developers and innovators will rely on contract research organizations to navigate existing challenges and drive innovation in drug development. Consequently, this trend is expected to create more opportunities for service providers in the anticipated future.

Report Coverage
? The report conducts an analysis of the biospecimen procurement market, examining it through various lenses such as therapeutic area, biospecimen types, geographical regions, and non-oncological study specimens
? It evaluates the market growth influencers?factors like drivers, restraints, opportunities, and challenges?assessing their impact on the industry.
? The report delves into potential advantages and barriers within the market landscape, providing insights into the competitive dynamics among the leading market players.
? Revenue projections for market segments are forecasted concerning four major regions, offering a comprehensive outlook on market growth.
? An extensive assessment of companies providing biospecimen-related research services encompasses multiple crucial parameters, including establishment year, company size, headquarters location, and the range of biospecimens and analytical services offered across various regions.
? Competitive analysis involves evaluating biospecimen contract research service providers’ portfolio strength, service capabilities, and supplier strengths across different regions.
? Profiles of major players in North America, Europe, and Asia-Pacific encompass company overviews, offered services, analytical capabilities, recent developments, and future outlooks in the biospecimen research domain.
? Examination of biospecimen procurement partnerships post-2015 includes deals focused on biospecimen services, mergers/acquisitions, agreements, alliances, distribution deals, joint ventures, and other collaboration agreements.
? A comprehensive case study of commercial biobanks involves parameters like establishment year, company size, services offered, handled biospecimens, therapeutic areas, and competitiveness based on their biorepository offerings.
? Further analysis of biospecimen contract research service providers is presented through schematic representations, including grid analysis, breakdown by therapeutic area and active players, assessment of company size related to therapeutic areas, and a world map indicating regional distribution based on biorepository locations.

Key Market Companies
? BioChain Institute
? BioIVT
? Creative Bioarray
? Discovery Life Sciences
? Infinity BiologiX
? Precision for Medicine
? PrecisionMed