Compound management market to almost double by 2023
Several factors linked to projection of $424.5 million
Add bookmark
The global compound management market is projected to reach $424.5 million in 2023 from $215.3m in 2018, at CAGR of 14.5 per cent.
Increasing drug discovery activity, the growth of the biopharmaceutical industry, the rising outsourcing of compound/sample management, and growth of the biobanking sector are the major factors driving the growth of the compound management.
On the other hand, the large capital investments needed to establish compound management facilities is the major factor restraining market growth.
“The chemical compound segment is expected to account for the largest share 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 global compound management market.
This large share can be attributed to the large number of small molecule compounds being assayed and screened during the drug discovery process in the global pharmaceutical industry.
“The pharmaceutical companies segment is expected to account for the largest share in 2018.”
On the basis of end user, the global compound management products market is divided into pharmaceutical companies, biopharmaceutical companies, contract research organizations (CROs), biobanks, and other end users.
In 2018, the pharmaceutical companies segment is expected to account for the largest share of the global compound management products market.
The rising drug discovery activity is leading to an increased demand for compounds which is positively affecting the market growth.
