According to the 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 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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95 – Tables
24 – Figures
118 – Pages
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“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. 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.
“By end-user, the pharmaceutical companies segment to account for the largest share in the compound/sample management products market.”
The rising drug discovery activity, coupled with increasing pharmaceutical companies, is the major factor driving the growth of the segment.
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“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.
Prominent players in the Compound Management market are Brooks Automation (US), Hamilton Company (US), TTP Group (US), Labcyte (US), Biosero (US), and Tecan (Switzerland) Evotec (Germany), Wuxi AppTec (China), Icagen (US), TCG Lifescience (India), and Frontier Scientific (US)