Global Compound Management Market Worth $424.5 Million In 2023

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.

What the Market Looks Like?

The Compound management 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 large share of North America is attributed to the presence of the large pharmaceutical and biopharma industry.

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.

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What Drives the Market?

The growth of the Compound Management Market is primarily influenced by the following factors:

Increasing Drug Discovery Activity
Growth of the Biopharmaceutical Industry
Rising Outsourcing of Compound/Sample Management
Growth of the Biobanking Sector

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.

Read more about Sample Management Products Market@ https://www.marketsandmarkets.com/requestsampleNew.asp?id=182172928

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