What This Report Will Provide?
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.
Expected Revenue Growth:
[118 Pages Report] 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.
Major Growth Boosters:
The growth of the Compound management market can be attributed to increasing drug discovery activities, the growing biopharmaceutical industry, and the rising trend in outsourcing compound/sample management. Compound management is the storage and management of chemical libraries and biosamples used for drug discovery research and clinical purposes.
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Recent Developments :
- In 2018, Brooks Automation partnered with the Cleveland Clinic to open a new biobanking facility for Cleveland Clinic by utilizing Brooks’ sample storage solutions.
- In 2018, Brooks Automation acquired BioSpeciMan Corporation to expand its consumer base, sample management services offering, and geographic footprint.
- In 2018, Tecan collaborated with DiaSorin to deploy its Tecan’s Fluent Laboratory Automation Solution into its nucleic acid extraction platform.
- In 2017, Biosero completed the expansion of its new facility and relocated headquarters, its corporate office, R&D center, and production facilities in San Diego, CA.
Frequently Asked Questions (FAQ):
- Where will all these developments take the compound management market in the long term?
- What are the upcoming trends for the compound management market?
- Which segment in the compound management market provides the most opportunity for growth?
- Who are the leading vendors operating in the market?
- What are the opportunities for new market entrants in the compound management market?
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Expansion of pharma & biopharma manufacturing in emerging markets
Emerging markets such as India and China are expected to emerge as key hubs for pharma and biotech manufacturing. This can mainly be attributed to their low labor and raw material costs, rising life science research, government support, and technological integration and advancements. Governments of various Asian countries have been allocating large budgets to encourage research in the life sciences industry.
Regional Growth Analysis:
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.