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 expenditure in biopharmaceutical companies, as well as the increasing prevalence of chronic diseases.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.Compound Management market聽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.Accessories to Fuel the Growth of聽Compound Management market聽:High capital investments are required to build a compound/sample management facility, including investment in both hardware and software, such as the installation of new automated liquid compound storage systems linked to a robust inventory database.
The high capital requirements for setting up such facilities may put them out of reach for small or medium-size pharmaceutical companies.
Research institutes with limited budgets also find it difficult to afford such instruments.
As a result, the use of manual storage systems is still preferred among these end-users.Download PDF Brochure:聽https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=182172928鈥淏y sample type, the chemical compounds segment to account for the largest share during the forecast period.鈥漈he rising drug discovery activity is leading to an increased demand for compounds, which is positively affecting market growth.鈥淏y product & service, the outsourcing services segment is expected to register the highest CAGR during the forecast period.鈥漈he outsourcing services segment is projected to register the highest CAGR during the forecast period.