iSpecimen Named Top Competitor in $4.4 Billion USD Market

Industry Overview - The biospecimen contract research services market is currently valued at USD 4.4 billion as of 2023 and is projected to exceed USD 13.5 billion by 2032, growing at a compound annual growth rate (CAGR) of 13.3% during the forecast period [1] - Growth drivers include the expanding drugs and biologics market, increasing demand for specialized testing services, and the need for innovative clinical trial designs for complex cell and gene therapies [1] Company Positioning - iSpecimen has been recognized as a key competitor in the biospecimen market for the second consecutive year, indicating its strong positioning within this rapidly growing industry [2] - The company focuses on large segments within the biospecimen market, particularly oncology, and has developed strategies to capitalize on this growth [2] - iSpecimen has sourced over 90% of the specimen categories mentioned in the market report, showcasing its extensive supplier network and capabilities [3] Market Segmentation - The biospecimen market is segmented by biospecimen types and therapeutic areas, with oncological studies including formalin-fixed paraffin-embedded (FFPE) tissue, frozen tissue, plasma, serum, and other biospecimens [2] - Non-oncological studies include blood products, human tissue, and other biospecimens, while therapeutic areas encompass oncological, neurological, cardiovascular disorders, and more [2] Strategic Focus - iSpecimen is committed to enhancing its capabilities in oncology by allowing researchers to search by cancer type and covering various oncological specimens [3] - The company is also exploring opportunities in other segments, particularly in cardiovascular and neurological disorders, to deepen its specialized offerings [3] Company Overview - iSpecimen operates an online marketplace connecting scientists with healthcare providers for access to human biospecimens needed for medical research [4] - The company's proprietary cloud-based technology facilitates intuitive searches for specimens and patients across a network of hospitals, labs, biobanks, and blood centers [4]