The global compound management market size is expected to reach USD 885.9 million by the end of 2026, expanding at a CAGR of 16.7%, according to a new report by Grand View Research, Inc. Growing biopharmaceutical industry and bio banking 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 in order to avoid photo degradation, can help ensure consistency and longevity of samples.
Compounds of a high integrity lead to reliable results while locating drug candidates. Moreover, the collection, storage, and distribution of human biological samples supports the development of the R&D industry. In addition, it aids to understand the mechanisms of diseases as well as support 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, enables 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 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.
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Grand View Research has segmented the global compound management market based on type, sample type, application, end use, and region:
Compound Management Type Outlook (Revenue, USD Million, 2015 – 2026)
Compound Management Sample Type Outlook (Revenue, USD Million, 2015 – 2026)
Compound Management Application Outlook (Revenue, USD Million, 2015 – 2026)
Compound Management End Use Outlook (Revenue, USD Million, 2015 – 2026)
Compound Management Regional Outlook (Revenue, USD Million, 2015 – 2026)
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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