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Biospecimen Market To Exceed $13.5 Billion USD By 2032
Woburn, Massachusetts--(Newsfile Corp. - November 8, 2024) - iSpecimen Inc. (NASDAQ: ISPC) ("iSpecimen" or the "Company"), an online global marketplace that connects scientists requiring biospecimens for medical research with a network of healthcare specimen providers, announced today the addressable Biospecimen contract research services market is attractive and growing. In fact, according to AceInsight Analytic, the market is presently valued at USD 4.4 billion as of 2023 and is predicted to reach USD 13.5 billion by the year 2032, growing at a 13.3% CAGR during the forecast period. The market is being fueled growth in the drugs and biologics market, rising demand for specialized testing services among end-users, and the need for novel clinical trial designs for complex cell and gene therapies.
Leslie Hoyt, the Company's Senior Vice President of Operations, commented, "For the second year in a row that we have been following InsightAce Analytic's groundbreaking market research, iSpecimen has made the list of key competitors in this rapidly growing industry. iSpecimen is pleased to be at the epicenter of this growth. We have developed and will continue to refine core strategies to capitalize on this marketplace."
The Company's core strategies include a focus on large segments within the Biospecimen market such as oncology. The Biospecimen contract research services market is segmented into the biospecimen types and therapeutics areas. Based on the type of biospecimen types, the market is segmented into oncological and non-oncological studies. The oncological studies are further segmented into formalin-fixed paraffin-embedded "FFPE" tissue, frozen tissue, plasma, serum and other biospecimens. The non-oncological studies are further segmented into blood products, human tissue and other biospecimens. The therapeutics area segment includes oncological disorders, neurological disorders, cardiovascular disorders and other therapeutic areas.
Ms. Hoyt continued, "Since our inception, we have sourced 90%+ of the specimen categories mentioned in the report and are reminded that our supplier network and capabilities are vast. Additionally, iSpecimen has developed a specific capability in oncology by offering researchers the option to search by cancer type and covering each type of oncological specimen from FFPE tissue to plasma and serum. At the same time, we have tapped into other segments and are actively seeking to deepen specialized selling options for researchers in cardiovascular and neurological disorders. There is so much opportunity and we are committed to continued growth."