(PharmaNewsWire.Com, August 14, 2021 ) The Key Growth Elements in Detailed?
The 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.
The growth of Compound Management Market can be attributed to increasing drug discovery activities, the growing biopharmaceutical industry, and the rising trend in outsourcing compound/sample management.
Worldwide Growth Opportunities in Terms of Revenue:
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%.
The outsourcing services segment is expected to grow at the highest CAGR in the market during the forecast period
On the basis of product & service, 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.
Yhe chemical compounds segment is expected to account for the largest share of the market in 2018
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.
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.
Major Key Players Mentioned in the research report are:
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 market. 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. The company serves quality and innovative products to its end users including liquid handling and automation, and software products. The company has a strong geographic presence including North America, Europe, Asia, and other regions. With the strong business focus and continuous collaborations, the company is expected to witness strong growth in this market.
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