The Europe compound management market is expected to reach US$ 192.77 Mn in 2027 from US$ 60.32 Mn in 2018. This market is projected to grow at a growth rate of 14.5% from 2019-2027.
The growth of the compound management market is primarily attributed to growth in the bio-banking sector and development of the European pharmaceutical industry. On the other hand, rising emphasis on personalized medicine is expected to have a positive effect on the growth of the Europe compound management market in the coming years.
The benefits offered by biobanking has led to the growth of the sector in the European countries during recent years. For instance, the UK Biobank is recognized as a national and international health resource which offers a broad spectrum of opportunities to conduct research activities. UK Biobank aims to provide better prevention, diagnosis, and treatment of various severe and life-threatening illnesses such as eye disorders, heart diseases, arthritis, cancer, osteoporosis, stroke, diabetes, depression, and forms of dementia. UK Biobank is also supported by the National Health Service (NHS) and provides access to bona fide researchers from any part of the world, including those funded by academia and industry. Hence, with the growth of the bio-banking sector, which is a significant contributor to compound management, the market is anticipated to grow at a considerable rate during the forecast period.
Europe 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 Health Service (NHS) among others.