Compound Management Market Size Is Projected To Reach USD 1.49 Billion By 2030

 San Francisco, 29 Aug 2022: The Report Compound Management Market Size, Share & Trends Analysis Report By Type (Products, Service), By Sample Type (Chemical Compounds, Bio Samples), By Application, By End Use, By Region, And Segment Forecasts, 2022 - 2030

The global compound management market size is expected to reach USD 1.49 billion by the end of 2030, expanding at a CAGR of 15.6%, according to a new report by Grand View Research, Inc. Growing biopharmaceutical industry and biobanking sector is fueling the market growth. The growth of translational research and personalized medicine is driving the market.

Efficient compound management is tremendously important for the success of drug discovery, where traceability, reliability, speed, and throughput are fundamental. Maintaining samples at the precise temperature, under nitrogen or dry air to prevent fluctuations of stock concentrations, and in a dark environment to avoid photodegradation, can help ensure consistency and longevity of samples.

Compounds of high integrity lead to reliable results while locating drug candidates. Moreover, the collection, storage, and distribution of human biological samples support the development of the R&D industry. In addition, it aids to understand the mechanisms of diseases as well as supports the trend to provide personalized medicines.

Automated storage systems eliminate or reduce the risks and provide reliable and correct environmental conditions to protect samples from precipitation or degradation. A management system like Verso tracks sample data, including location and type, which enables the quick and easy finding of the sample. The fully automated systems improve the process of drug discovery by eliminating error-prone and time-consuming tasks.

North America dominated the market in 2018 owing to a strong base of biotechnology and pharmaceutical companies in the region. These companies are involved in drug discovery activities, which, in turn, led to the growth of the market in the region. The Asia Pacific market is anticipated to grow fast over the forecast period. This is attributed to ongoing studies in private-public collaborations, drug discovery, and government initiatives in the region.

Access Research Report of Compound Management Market @ https://www.grandviewresearch.com/industry-analysis/compound-management-market

Compound Management Market Report Highlights

• The automated compound/sample storage systems segment was the largest in 2018 accounting for 45.2% of the market share. This is attributed to the fact that it eliminates or reduces error and saves time
• Based on sample type, chemical compounds dominated the market in 2018 with the largest share of 53.0% due to the increasing drug discovery activities, resulting in an increased demand for compounds and positively affecting the compound management market growth
• The biobanking segment is anticipated to exhibit the fastest CAGR of 17.1% over the forecast period. There has been increasing in the number of organizations involved in the collection and storage of human biomaterials in line with the increasing use of human biomaterials in research as a replacement for animal models. It is anticipated to support the market growth
• North America led the market owing to the presence of large biopharmaceutical companies engaged in drug discovery and require huge maintenance of chemical libraries. Thus, to maintain the productivity of such biologics and drugs, most of the leading biopharma and pharma companies have started building storage facilities
• Some of the players operating in the market are Tecan, Roche, Brooks Life Sciences, Evotec, Hamiltons, BioAscent, Titian Software Limited, AXXAM S.p.A., and TTP Labtech, TCG Lifesciences Private Limited, WuXi AppTec, and HDC GmbH.

List Of Key Players in the Compound Management Market

• Azenta US, Inc.
• Tecan Trading AG
• Hamilton Company
• BioAscent
• Titian Service Limited
• Evotec
• Beckman Coulter Inc.
• LiCONiC AG
• AXXAM S.p.A.
• SPT Labtech LTD.

Access Press Release of Compound Management Market @ https://www.grandviewresearch.com/press-release/global-compound-management-market