The North America compound management market is expected to reach US$ 275.04 Mn in 2027 from US$ 89.75 Mn in 2018. The market is estimated to grow with a CAGR of 13.9% from 2019-2027.
The growth of the market is driven by factors such as, increasing R&D expenditures and outsourcing activities and rise in the number of clinical trials. However, market growth is likely to slow down due to the shortage of skilled professionals in the region.
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Major vendors covered in this report:
TCG Lifesciences Pvt. Ltd.
Frontier Scientific Services
Tecan Trading AG
Brooks Life Sciences
Research and development (R&D) is a significant part of the company’s business. Pharmaceutical and biotech companies focus on research and development (R&D) to come up with new molecules for various therapeutic applications with the most significant medical as well as commercial potential. Companies invest majorly on the R&Ds to deliver comparatively innovative products in the market. R&D investment made by biopharmaceutical companies has increased over the years. As per a report of Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D expenditure of the biopharmaceutical companies has increased from US$49.6 billion in 2012 to US$ 58.8 billion in 2015.
The US is expected to lead the market in the North America region to the rapidly increasing expenditure of research and development by pharmaceutical companies. Moreover, various pharmaceutical companies are focusing on the development of new leads and storing the enormous amount of how samples to third-party companies who are expertise in compound management. This helps to reduce the in-house R&D activities by outsourcing these studies through third party companies’ expertise in compound management. Therefore, considering the factors mentioned above, growth of the market in the US is likely to contribute the most significant share in the North America region during the forecast period.
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