Compound Management Market : Latest Trends & Industry Vision by 2023

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%.

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The global compound management market is projected to reach USD 424.5 million in 2023 from USD 188.0 million in 2017, at CAGR of 14.5%. The base year considered for the study is 2017, and the forecast for the market size is provided for the period between 2018 and 2023. In the current market scenario, the growth of the market can be attributed to the increasing drug discovery activities, growing biopharmaceutical industry, and rising trend in outsourcing compound/sample management. On the other hand, the large capital investments needed to establish compound management facilities is the major factor restraining market growth.

Browse 95 market data Tables and 24 Figures spread through 118 Pages and in-depth TOC on "Compound Management Market"

Increasing drug discovery activity :

Rising R&D expenditure globally has driven the pace of drug discovery. Most major players in the pharmaceutical industry have committed substantial investments to R&D to fulfill the demand for more effective drugs and therapies, which has proven beneficial to the compound/sample management market.

Additionally, the demand for automated compound/sample management is expected to gain momentum in the coming years due to the growing government funding for biotech and drug discovery research worldwide.

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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.

Market Players

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).

Market DynamicsDriver: Growth of the biopharmaceutical industry

Biopharmaceuticals form the fastest-growing segment of the pharmaceutical industry. The growth of this sector will also support that of the sample management market, as increased biologic production will spur the demand for sample management. The growth of the biopharmaceuticals market is attributed to the increasing demand for biologics, the emergence of biosimilars, and increasing R&D expenditure in biopharmaceutical companies, as well as the increasing prevalence of chronic diseases. In addition, a focus on outsourcing functions to CROs and CMOs has allowed most biotech and biopharma companies to focus on core functions.

The global bioinformatics market is expected to account for Usd 7,063.7 billion in 2018. It is expected to reach Usd 13,901.5 billion by 2023, at a Cagr of 14.5% during the forecast period.