December 10, 2019
According to the latest study titled ‘Compound Management Market to 2027 - Global Analysis and Forecasts by Product & Services (Compound/Sample Management Products and Services); Sample Type (Chemical Compounds and Bio samples); Application (Drug Discovery, Gene Synthesis, Bio banking); End User (Pharmaceutical Companies, Biopharmaceutical Companies, Contract Research Organizations (CROs), and Others) and Geography’ available with Market Study Report LLC, the global compound management market is expected to accumulate US $691.41 million by the year 2027.
Compound management refers to management of chemicals stored in controlled environmental conditions in small or large containers, are labeled with codes in a database and monitored for shelf life, quantity, and other parameters. It involves management of chemical libraries, along with renewal of outdated chemicals, and control of the storage environment. Factors such as increasing drug discovery activities and incorporation of artificial intelligence (AI) for improving drug development process are aiding the growth of compound management market.
Moreover, these services are used for sample acquisition and storage with high-throughput compound screening. According to the study, compound management market was valued at US $220.19 million in 2018 and is anticipated to register a growth rate of 14.2% during the period of 2019-2027.
Based on product & services type, the compound management market is segmented into compound/sample management products and services including automated storage systems, instruments, software, automated liquid handling systems, and manual storage systems.
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As per sample type, the industry is divided into chemical compounds and bio samples. Speaking of application spectrum, compound management market is split into gene synthesis, drug discovery, and bio banking. In terms of end-user scope, the industry is bifurcated into pharmaceutical companies, contract research organizations (CROs), biopharmaceutical companies, and others.
Some of the vendors that operate in compound management market are TCG Lifesciences Pvt.Ltd., WuXi AppTec, Icagen, Inc., Evotec, Biosero, Inc., Frontier Scientific Services, TTP LabTech, Hamilton Company, Tecan Trading AG, and Brooks Life Sciences.
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