Pune, India, Aug. 11, 2021 (GLOBE NEWSWIRE) -- The compound management market reached USD 350.38 Million in 2021 and it is projected to grow at a CAGR of 13.8% during the forecast period 2021-2030. The collecting, processing, organisation, and storing of compound candidate agents, as well as guaranteeing that selected agents that are prepared and ready for experimental usage, are all part of compound management. Drug development success hinges on effective compound management procedures.
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Compound management services are being adopted as a result of rising demand for compound management services and the need to secure data in pharmaceutical companies. It is in high demand in biotechnology firms for managing and for establishing processes. The lack of storage capacity and knowledge is an issue for small and medium-sized businesses, which they seek to overcome with outsourcing compound management.
The need for better drug discovery workflows, logistics, and storage facilities is growing significantly, which is driving the growth of the market. The growing need to improve testing or reduce inaccuracies in both large and small pharma companies has resulted in increasing adoption of compound management. Increasing integration of automation with compound management to speed up processes and improve quality, precision, and consistency is expected to boost the growth of the market.
Some Significant Market Developments Considered in the Report:
- February 2021 - SPT Labtech acquired BioMicroLab. The move will help SPT Labtech to fortify its sample management capabilities.
- December 2020 - Brooks Automation, Inc. acquired Trans-Hit Biomarkers Inc. The move helped Brooks Automation to reinforce its sample management, biospecimen procurement, and genomic analytical services.
- December 2020 - Symeres and Axxam have further consolidated their strategic relationship, providing integrated drug discovery and development services to clients around the world.
COVID-19 Impact on the Global Compound Management Market
COVID-19 is a major health concern, and medications to treat COVID-19 are urgently needed. The use of approved compounds to evaluate anti-COVID-19 medicines can considerably shorten the research and drug development duration. Furthermore, anti-COVID-19 Compound Library will be a significant resource for finding new anti-COVID-19 active medications. As a result, with rising applications in drug development, the compound management market is predicted to increase significantly in the coming years.
Compound Management Market, by Type
Based on the type, the market is divided into product and service. Among these segments, product segment has captured the largest market share in 2021 and it is anticipated to remain the largest segment over the forecast period up to 2030.
Automated storage systems are an important product, which provides scalable solutions for growing libraries and offers easy integration of automated workflows. Hence, the growth of the product segment is due to increasing demand for automated storage systems.
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Compound Management Market, by Sample Type
Based on the, the market is divided into chemical compounds, bio samples. Among these segments, the chemical compounds segment is anticipated to be the fastest growing segment over the forecast period up to 2030.
The growth of the chemical compounds segment is attributed to increasing preference of big pharma companies to collaborate for sharing the costs of large compound libraries of chemical compounds in compound management. Hence, the need to implement compound management processes in pharma companies is driving the growth of this segment.
Compound Management Market, by Application
Based on, the market is divided into drug discovery and others. Among these segments, the drug discovery segment has captured the largest market share in 2021 and it is anticipated to grow over the forecast period up to 2030.
The growth of the drug discovery segment can be attributed to high demand for compound management in improving the drug discovery workflow. It has helped to eliminate incorrect results and errors saving loss of time and money.
Compound Management Market, by End use
Based on, the market is divided into pharmaceutical companies, biopharmaceutical companies, contract research organizations, and others. Among these segments, the pharmaceutical companies segment has captured the largest market share in 2021 and it is anticipated to grow over the forecast period up to 2030.
The growth of segment can be attributed to increasing demand for medicines due to growing concerns regarding health. The pharmaceutical companies are involved in drug development and they require compound libraries for managing chemical and biological compounds. Hence, these companies are adopting compound management to fulfill their needs and to speedup drug development.
Compound Management Market, by Region
Based on region, the compound management market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America.
Among these regions, North America compound management market holds the largest market share. The growth of the market is attributed to increasing integration of AI in drug development workflow.
The Asia Pacific is expected to experience fastest growth over the forecast period. Emerging markets such as India and China are expected to become the key hubs for pharma and biotech medicine manufacturing. Governments are allocating large budgets to encourage research in the life sciences industry, which is expected to boost the growth of the compound management market.
Some Major Findings of the Compound Management Market Report Include:
- Major global compound management market developments and forecast analysis along with a region-specific market analysis for 25 countries
- In-depth compound management market study by the segments with trend-based insights
- Profiles of major market players operating in the global compound management market, which include Brooks Life Sciences, Tecan, Hamilton Company, BioAscent, Titian Service Limited, Evotec, Beckman Coulter Inc, LiCONiC systems, AXXAM S.p.A., TTP Labtech.
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players
- Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the market
- Impact of COVID-19 on the global compound management market
Browse key industry insights spread across 195 pages with 135 market data tables and 91 figures & charts from the report, “Compound Management Market, By Type (Product {Automated Compound/Sample Storage Systems, Automated Liquid Handling Systems, Other Compound/Sample Storage Systems}, Service), By Sample Type (Chemical Compounds, Bio Samples), By Application (Drug Discovery {Gene Synthesis, BioBanking}, and Others), By End-Use (Pharmaceutical Companies, Biopharmaceutical Companies, Contract Research Organizations, and Others), By Region (North America, Europe, Asia Pacific, Middle East and Africa, South America) — Market Size and Forecasting (2021 to 2030)” in depth analysis along with the table of contents (ToC).
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