north america compound management Market

The North America compound management market is expected to reach US$ 275.04 Mn in 2027 from US$ 89.75 Mn in 2018. This market is projected to grow at a growth rate of 13.9% from 2019-2027.

The growth of the compound management market is primarily attributed to increasing R&D expenditures and outsourcing activities, along with an increase in the number of clinical trial activities. On the other hand, increasing demand for specialized testing services is expected to have a positive effect on the growth of the North America compound management market in the coming years.
The pharmaceutical companies need to perform various testing services throughout the development of the product to comply with the international and national regulatory standards as per the specification.  Specialized tests such as LC/MS testing, protein profiling, inorganic analysis, microbiology testing, and environmental testing need advanced technological setup and skilled professional to avoid even the slightest of errors. Pharmaceutical companies need to increase the cost for the maintenance of high-end technologically advanced machineries to perform these specialized testing services. The time required for these testing services is also more than that of the other services, which may hamper the different process of drug development. Therefore, to avoid the increasing labor cost and time, companies are outsourcing these services to the CROs. Additionally, to comply with the regulatory standards and validate their data for these services, some of the pharmaceutical companies are outsourcing these services to the specialized/boutique CROs. The growing demand for specialized testing services among pharmaceutical companies may stimulate market growth during the forecast period.

North America compound management market is segmented by product & services, sample type, application, and end user. Based on product & services the market is categorized as, compound/sample management products and services. The market is classified based on sample type such as, chemical compounds and biosamples. On the basis of application, the market is categorized as, drug discovery, gene synthesis, and biobanking. Similarly, as per end user, the compound management market is segmented as, pharmaceutical companies, biopharmaceutical companies, contract research organizations (CROs), and others.

Some of the major primary and secondary sources for compound management included in the report are World Health Organization (WHO), Canadian Institutes of Health Research (CIHR), Centers for Disease Control and Prevention (CDC), Food and Drug Administration (FDA), and National Institute for Health among others.