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(I-SoftwareNews.Com, August 03, 2020 ) 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 market is projected to reach USD 424.5 million in 2023 from USD 215.3 million in 2018, at a CAGR of 14.5% during the forecast period.
The growth of the market can be attributed to increasing drug discovery activities, the growing biopharmaceutical industry, and the rising trend in outsourcing compound/sample management. The rising drug discovery activity is leading to an increased demand for compounds, which is positively affecting market growth.
Among the product & service, segment, the reagents and kits segment is expected to grow at the highest CAGR during the forecast period. The factors attributing to the high growth are, the accessibility of a wide range of reagents, the increasing demand for reagents owing to the increasing genotyping test volumes across the globe, and the relatively smaller capital investment required to adopt reagents and kits for genotyping in pharmaceuticals and diagnostic centers.
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Global Compound Management Market is Segmented on:
1. Product & Outsourcing Services
2. Sample
3. End User
The outsourcing services segment is projected to register the highest CAGR during the forecast period. This high growth is due 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
The rising drug discovery activity, coupled with increasing pharmaceutical companies, is the major factor driving the growth of the segment.
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The geographical regions mapped in the report are:
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 the maintenance of substantial chemical libraries. Moreover, to maintain the productivity of such innovative drugs and biologics, most of the leading pharma and biopharma companies have started building compound management facilities or contracting external service providers.
Some key players mentioned in the research report are:
Brooks Automation (US), Hamilton Company (US), TTP Group (US), Labcyte (US), Biosero (US)
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
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