Compound Management Market Size to Reach USD 1,212.9 Million in 2028 | Reports
New York, April 15, 2021 (GLOBE NEWSWIRE) — Market Size – USD 353.8 million in 2020, Market Growth – at a CAGR of 17%, Market Trends – Rise in adoption of automated systems for compound storage and management
The global compound management market size is expected to reach USD 1,212.9 million in 2028 and register a CAGR of 17% over the forecast period, according to a latest report by Reports and Data. Some key factors driving market revenue growth including robustly expanding pharmaceutical and biotechnology sectors, consistently increasing drug discovery and development activities globally, expansion in sample collection and storage activities, and rising focus on adopting compound management outsourcing services. Other major revenue driving factors are increasing biopharmaceutical research & development activities, expanding biobanking sector, surging need for chemical and biological sample outsourcing, and increasing research collaborations between academic research institutions and leading pharmaceutical companies.
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Compound management involves efficiently managing chemical libraries and biological samples and plays a vital role in enhancing the purity, safety, shelf life, and other significant parameters of samples. Compound management in the pharmaceutical industry has significantly transformed drug discovery, development, and high-throughput screening. The process mainly involves the collection, storage, monitoring, processing, and quality control of pharmaceutical compounds and samples. Inventory management is a key component of compound management and helps monitor biologics and molecules widely utilized in assays, experiments, and high-throughput screening. Hence, compound management helps maintain the integrity and quality of these compounds and, therefore, facilitates the entire drug discovery and development workflow. Rising adoption of automated compound storage and management systems and substantial government investments in R&D activities is further propelling market revenue growth. However, unfavorable consequences of improper compound management are a significant factor predicted to impede market growth in the coming years.
Compound Management Market, By Type (Automated Compound/Sample Storage Systems, Automated Liquid Handling Systems, Outsourcing Services, Others), By Sample Type (Chemical Compounds, Biological Samples, Others), By Application (Drug Discovery, BioBanking, Gene Synthesis, Others), By End-use (Pharmaceutical Companies, Biopharmaceutical Companies, Research and Academic Institutes, Contract Research Organizations (CROs), Others), and By Region Forecast to 2028; To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/compound-management-market
Key Highlights From the Report:
- Based on type, the products segment is projected to…