Compound Management : Technological advancements Biopharma Companies
<p>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™, the global market is projected to reach USD 424.5 million in 2023 from USD 215.3 million in 2018, at CAGR of 14.5%.</p>
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<p><br />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.</p>
<p><br />Based on sample type, the chemical compounds segment is expected to account for the largest share of the market in 2018</p>
<p> <br />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.</p>
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<p><br />North America is expected to account for the largest share of the market in 2018</p>
<p><br />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.</p>