Global Automated Sample Storage Systems Market Size

Automated Sample Storage Systems Market Analysis

The Automated Sample Storage Systems Market is expected to register a CAGR of 12.0% over the forecast period (2022-2027).

COVID-19 has impacted the severely world and so had an impact on the automated sample storage systems market. The increasing incidence of COVID-19 cases leads to an increase in mass sample testing thereby, increasing the storage of samples. All types of laboratories need sample storage, irrespective of the type of sample being stored namely chemical or biological. Conventional freezers generally take up a large amount of highly valuable lab space, and present issues in ensuring sample quality, therefore automated sample storage is used to store the samples. The biological specimens of blood, saliva, urine, and others are collected for various purposes from patients and normal individuals for monitoring and conducting basic, clinical, and epidemiological research studies. On the other hand, compound storage refers to the storage of chemical libraries as well as bios samples that are used for clinical research and drug discovery purposes. The shift toward automation is leading to the growing prominence of automated biological sample storage systems. Automated freezer systems have enabled convenient storage as well as retrieval of samples.

With the increase in research and development activities and biobanking sectors, the market is expected to show significant growth over the forecast period. However, the requirement for consecutive electricity and high installation and maintenance costs may slow down the growth of the market. In recent years with advancements and the introduction of new drug molecules in the pharmaceutical market have led to an increase in R&D activities. Also, after the COVID-19 pandemic, many governments have initiated funding for pharmaceutical companies for the testing of new drug molecules to overcome the spread of this virus. For instance, the 2021 Thermo Fisher Scientific Inc. annual report, reported that the company's research and development expenses in 2021, were USD 1,406 million as compared to USD 1,181 million in 2020. The company's R&D expenses increased by 19% over a year. For another instance, in 2021, Agilent Technologies' annual report, reported that the company's R&D expenses were USD 246 million in 2021 as compared to USD 219 million in 2020. Thus, an increase in R&D expenses is driving the growth of this market. High investments in the R&D of advanced therapies, such as regenerative medicine, personalized medicine, and cancer genomic studies, are driving the growth of biobank sectors. Moreover, the onset of COVID-19 has put biobanks at the forefront of the pandemic control measures, resulting in the growth of the market.

Thus, due to the above-mentioned factors, the market is expected to show significant growth over the forecast period. However, the requirement for consecutive electricity and high installation and maintenance costs may slow down the growth of the market over the studied period.