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(USGovernment-News.Com, May 04, 2020 ) 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. 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 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
“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.
“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.
“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.
Key Market Players
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)
Critical questions the report answers:
⏩ Where will all these developments take the compound management market in the long term?
⏩ What are the upcoming trends for the compound management market?
⏩ Which segment in the compound management market provides the most opportunity for growth?
⏩ Who are the leading vendors operating in the market?
⏩ What are the opportunities for new market entrants in the compound management market?
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