The North America Compound Management Market would witness market growth of 14.2% CAGR during the forecast period (2022-2028).
The market is anticipated to grow as a result of businesses working together and utilizing expertise more frequently. Organizations are establishing new strategic collaborations with multiple academic institutions, VCs, and other publicly or privately enterprises to boost drug research. The demand for compound management services is anticipated to increase as public and commercial organizations collaborate more on drug discovery. For instance, the pharmaceutical giant AstraZeneca and Benevolent increased their collaboration to find treatments for conditions like systemic lupus erythematosus and heart failure in January 2022.
Some of the important drivers propelling the market are rising drug discovery efforts, expansion in the pharmaceutical and biotechnology sectors, and rising demand for outsourcing these services. In recent years, there has been an obvious increase in the medication pipeline. In 2020, there were 17,737 pharmaceuticals in the R&D pipeline, and in 2022, there were 20,109 drugs in the pipeline, according to Pharma R&D annual review 2022.
Pharmaceutical companies can submit patent applications to get 20 years of exclusivity for a discovery that is revealed in the patent. Several legal standards, including novelty, utility, and no obviousness to a "skilled in the art" person, are taken into consideration by inspectors at the Canadian Intellectual Property Office, a branch of Industry Canada, when determining which innovations are deserving of patent protection. Many patents covering the active ingredient, coatings, therapeutic purposes, dosing, manufacturing processes, and other components of commercially successful medications are typical.
The US market dominated the North America Compound Management Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $286.1 million by 2028. The Canada market is poised to grow at a CAGR of 16.8% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 15.8% during (2022 - 2028).
Based on Type, the market is segmented into Products (Automated Compound/Sample Storage Systems, Automated Liquid Handling Systems, and Others) and Services. Based on Application, the market is segmented into Drug Discovery, Gene Synthesis, Bio Banking, and Others. Based on Sample Type, the market is segmented into Chemical Compounds and Bio Samples. Based on End User, the market is segmented into Pharmaceutical Companies, Biopharmaceutical Companies, Contract Research Organizations, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Compound Management Market is Estimated to reach $1.1 Billion by 2028, at a CAGR of 15.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Danaher Corporation (Beckman Coulter), Azenta US, Inc., Hamilton Company, BioAscent, Evotec SE, SPT Labtech Ltd., Tecan Group Ltd., Titian Software, LiCONiC AG, and AXXAM S.p.A.
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