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.

According to the new market research report global Compound Management market is projected to reach $ 424.5 million in 2023 from $ 215.3 million in 2018, at a CAGR of 14.5% during the forecast period.

Download PDF Brochure @  https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=182172928

Opportunity: 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.

the Indian government announced investments of up to USD 5 billion each year over the next five years to boost the biotechnology sector in the country. The Department of Biotechnology (DBT) and government-funded institutions like the National Biotechnology Board (NBTB) are working together to transform India into a global hub for biotechnology research.

Brooks Life Sciences (US) is the leading player in the compound management market. The company has a strong geographic presence across the US, Europe, Greater China, and Asia Pacific. The company offers a wide range of products in the compound management market including automated storage systems, software, and other compound/sample management small instruments (including automated decappers, recappers, and barcode scanners).

Recent Developments

Brooks Automation partnered with the Cleveland Clinic to open a new biobanking facility for Cleveland Clinic by utilizing Brooks' sample storage solutions.
Brooks Automation acquired BioSpeciMan Corporation to expand its consumer base, sample management services offering, and geographic footprint.
Tecan collaborated with DiaSorin to deploy its Tecan's Fluent Laboratory Automation Solution into its nucleic acid extraction platform.
Biosero completed the expansion of its new facility and relocated headquarters, its corporate office, R&D center, and production facilities in San Diego, CA.
Evotec signed a multi-year compound management agreement with Pierre Fabre Laboratories. Under the terms of the agreement, Evotec gained exclusive rights to manage Pierre Fabre's compound collection and compound management facility based at Toulouse, France.

Request For Free Report Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=182172928

North America to account for the largest share of the compound management market during the forecast period.

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.