Compound Management Market Growing at a CAGR 14.5% by 2023


Posted May 27, 2022 by johnnyandrew

Global market is projected to reach USD 424.5 million in 2023 from USD 215.3 million in 2018, at CAGR of 14.5%.
 
According 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™,

Global market is projected to reach USD 424.5 million in 2023 from USD 215.3 million in 2018, at CAGR of 14.5%.

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Increasing drug discovery activities, the growing biopharmaceutical industry, and the rising trend in outsourcing compound/sample management are the major factors driving the growth of the market.

On the basis of product & service, the market is broadly segmented into products (instruments & software) and outsourcing services. The outsourcing service segment is expected to grow at the highest CAGR in the global Compound Management Market. This can be attributed 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.

On the basis of sample type, the global Compound Management Market is divided into chemical compounds and biosamples. In 2018, the chemical compounds segment is expected to account for the largest share of the Compound Management Market. The rising drug discovery activity is leading to an increased demand for compounds which is positively affecting the market growth.

North America is expected to account for the largest share of the market in 2018

Among 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. As a result, several companies in North America are engaged in drug discovery activities, which require maintenance of huge chemical libraries. Moreover, to maintain productivity of such innovative drugs and biologics, most of the leading pharma and biopharma companies have started building compound management facilities.

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The Compound Management Market is highly competitive due to the presence of a large number of players. Few companies that provide compound management systems are Brooks Life Sciences (US), Hamilton Company (US), TTP Group (UK), Labcyte (US), Biosero (US), and Tecan (Switzerland).

Tecan (Switzerland) held the second position in the compound management market in 2017. The company offers an extensive product portfolio in the compound management market through its Life Sciences business segment. The company focuses on collaborations to strengthen its position in this market.

Get More Insights @ https://www.prnewswire.com/in/news-releases/compound-management-market-worth-4245-million-in-2023-690921411.html

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]
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Issued By Johnny
Country United States
Categories Blogging
Tags compound management market
Last Updated May 27, 2022