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The Global Biospecimen Contract Research Market is estimated to exhibit CAGR of 9.3% during the forecast period.
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Biospecimen Research Services includes researchers and biobanks with services, assistance, and guidance on acquiring, collecting, and using human biospecimens and related data for health research. Growth in the drugs and biologics market despite the COVID-19 pandemic, rising demand for specialized testing services among end-users, and the need for novel clinical trial designs for complex cell and gene therapies are all expected to provide market participants with a wide range of growth opportunities. Most pharmaceutical, biopharmaceutical, and medical device companies continue to invest significantly in developing new drugs and devices. Pharmaceutical companies invest in R&D in order to bring high-quality, innovative products to market.
Furthermore, according to trends, the top pharmaceutical companies are increasing their R&D efficiencies through heavy R&D investments and collaborative R&D efforts. This is expected to increase the outsourcing of research services by pharmaceutical, biotechnology, and research and academic organizations. Biopharmaceutical companies’ increased investment in biologics and biosimilars is attributed to an increase in the number of approved products globally. Biologics such as proteins, peptides, and monoclonal antibodies now account for more than half of all developing drug candidates.
List of Prominent Players in the Biospecimen Contract Research Services Market:
Discovery Life Sciences
Precision for Medicine, Inc.
The MT Group
Eolas Biosciences Co. Ltd
Ardent Clinical Research Services
Capital Biosciences, Inc.
Trans-Hit Bio (Brooks Life Science Systems)
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Most pharmaceutical, biopharmaceutical, and medical device companies continue to make significant investments in developing new drugs and devices. Research and development are essential in the pharmaceutical industry, and pharmaceutical companies invest in R&D in order to bring high-quality, innovative products to market. The increased investment by biopharmaceutical companies in developing biologics and biosimilars is attributed to the increase in the number of approved products worldwide. Currently, biologics such as proteins, peptides, and monoclonal antibodies account for more than half of all drug candidates in the discovery stage.
The global R&D outsourcing industry for pharmaceuticals, biotechnology, and medical devices is constantly changing. Highly skilled professionals are required to keep up with the ongoing changes in pharmaceutical and medical device R&D technologies and methodologies, provide quality services, and adhere to good laboratory practices. The Biospecimen contract research service market faces challenges in attracting and retaining highly skilled professionals because they compete for qualified and experienced scientists with pharmaceutical, biotechnology, and medical device companies, as well as academic and research institutions. To compete effectively, companies must offer higher compensation and other benefits; this may impact players’ finances and operational results, particularly for small-scale analytical testing providers.
North America accounted for the largest share of the global biospecimen contract research services market. North America’s dominance in this market is primarily due to the market’s rapid growth, an increasing focus on outsourcing among pharmaceutical and biopharmaceutical companies, and an increase in the number of clinical trial activities in the region. The growing popularity of precision/personalized medicine and genetic testing has been a critical driver of the market in the area. Biobanks have long played an essential role in biomedical research. Over the last few decades, there have been several advancements in platforms and tools used in genetic studies. This has increased demand for biospecimens from clinical labs to develop assays for genetic testing in this region.
Segmentation of Biospecimen Contract Research Services Market-
By Biospecimen Types:
By Therapeutic Area:
Middle East & Africa-
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