Compound management is the storage and management of chemical libraries and biosamples used for drug discovery research and clinical purposes. This process comprises multiple steps, including sample acquisition, storage, reformatting, assay plate preparation, and retrieval of a compound/sample.
According to the new market research report by MarketsandMarkets, the Compound management market is projected to reach USD 424.5 million in 2023 from USD 215.3 million in 2018, at a CAGR of 14.5% during the forecast period.
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The growth of the Sample Management market can be attributed to increasing drug discovery activities, the growing biopharmaceutical industry, and the rising trend in outsourcing compound/sample management.
North America to account for the largest share of the compound management market during the forecast period
The large share of North America is attributed to the presence of the large pharmaceutical and biopharma industry. As a result, several companies in North America are engaged in drug discovery activities, which require the maintenance of substantial chemical libraries. Moreover, to maintain the productivity of such innovative drugs and biologics, most of the leading pharma and biopharma companies have started building compound management facilities or contracting external service providers.
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The growth of the Sample Management market can be attributed to increasing drug discovery activities, the growing biopharmaceutical industry, and the rising trend in outsourcing compound/sample management.
The rising drug discovery activity is leading to an increased demand for compounds, which is positively affecting market growth.
The outsourcing services segment is projected to register the highest CAGR during the forecast period. This high growth is due to the shift in trend towards outsourcing compound management to third-party service providers. These companies are experts in compound management and provide various services to pharmaceuticals, biopharmaceuticals, and CROs with regard to their compound storage needs, and are reasonably priced.
The rising drug discovery activity, coupled with increasing pharmaceutical companies, is the major factor driving the growth of the segment.
Biopharmaceuticals form the fastest-growing segment of the pharmaceutical industry. The growth of this sector will also support that of the sample management market, as increased biologic production will spur the demand for sample management. The growth of the biopharmaceuticals market is attributed to the increasing demand for biologics, the emergence of biosimilars, and increasing R&D expenditure in biopharmaceutical companies, as well as the increasing prevalence of chronic diseases. In addition, a focus on outsourcing functions to CROs and CMOs has allowed most biotech and biopharma companies to focus on core functions.
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Key Market Players
Brooks Automation (US), Hamilton Company (US), TTP Group (US), Labcyte (US), Biosero (US)
The global compound management market is projected to reach USD 424.5 million in 2023 from USD 188.0 million in 2017, at CAGR of 14.5%.
The base year considered for the study is 2017, and the forecast for the market size is provided for the period between 2018 and 2023.
In the current market scenario, the growth of the market can be attributed to the increasing drug discovery activities, growing biopharmaceutical industry, and rising trend in outsourcing compound/sample management.
On the other hand, the large capital investments needed to establish compound management facilities is the major factor restraining market growth.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=182172928According to a new market research report "Compound Management Market by Product & Outsourcing Services (Instruments (Automated Storage, Decapper), Software), Sample (Chemical Compounds, Biological Samples), End User (Biopharma Companies, Biobank, Pharma Companies, CRO) - Global Forecast to 2023", published by MarketsandMarkets™, the global market is projected to reach USD 424.5 million in 2023 from USD 215.3 million in 2018, at CAGR of 14.5%.Browse 95 market data Tables and 24 Figures spread through 118 Pages and in-depth TOC on "Compound Management Market"Increasing drug discovery activity :Rising R expenditure globally has driven the pace of drug discovery.
Most major players in the pharmaceutical industry have committed substantial investments to R to fulfill the demand for more effective drugs and therapies, which has proven beneficial to the compound/sample management market.Additionally, the demand for automated compound/sample management is expected to gain momentum in the coming years due to the growing government funding for biotech and drug discovery research worldwide.Request Sample Report :- https://www.marketsandmarkets.com/requestsampleNew.asp?id=182172928North America is expected to account for the largest share of the market in 2018Among the four geographic regions, North America is expected to account for the largest share of the Compound Management Market in 2018, followed by Europe, APAC, and the RoW.
The large share of North America is attributed to the presence of the large pharmaceutical and biopharma industry.
Biopharmaceuticals form the fastest-growing segment of the pharmaceutical industry.
The growth of this sector will also support that of the sample management market, as increased biologic production will spur the demand for sample management.
The growth of the biopharmaceuticals market is attributed to the increasing demand for biologics, the emergence of biosimilars, and increasing R expenditure in biopharmaceutical companies, as well as the increasing prevalence of chronic diseases.The growth of the market can be attributed to increasing drug discovery activities, the growing biopharmaceutical industry, and the rising trend in outsourcing compound/sample management.Compound Management market is projected to reach USD 424.5 million in 2023 from USD 215.3 million in 2018, at a CAGR of 14.5% during the forecast period.Accessories to Fuel the Growth of Compound Management market :High capital investments are required to build a compound/sample management facility, including investment in both hardware and software, such as the installation of new automated liquid compound storage systems linked to a robust inventory database.
The high capital requirements for setting up such facilities may put them out of reach for small or medium-size pharmaceutical companies.
Research institutes with limited budgets also find it difficult to afford such instruments.
As a result, the use of manual storage systems is still preferred among these end-users.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=182172928“By sample type, the chemical compounds segment to account for the largest share during the forecast period.”The rising drug discovery activity is leading to an increased demand for compounds, which is positively affecting market growth.“By product & service, the outsourcing services segment is expected to register the highest CAGR during the forecast period.”The outsourcing services segment is projected to register the highest CAGR during the forecast period.
