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.
Compound management is a service that provides secure compound storage and aggregation, rapid delivery of hits, and leads to the pharmaceutical, biopharmaceutical, and other contract research organization with quality control and inventory management.
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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. 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.
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.
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).Key
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The global compound management market is projected to reach USD 424.5 million in 2023 from USD 215.3 million in 2018, at CAGR of 14.5%.
Brooks Life Sciences (US) is the leading player in the compound management market. The company has a strong geographic presence across the US, Europe, Greater China, and Asia Pacific. The company offers a wide range of products in the compound management market including automated storage systems, software, and other compound/sample management small instruments (including automated decappers, recappers, and barcode scanners).