According to a new report, published by KBV research, The Global Compound Management Market size is expected to reach $1.1 billion by 2028, rising at a market growth of 15.5% CAGR during the forecast period.
The Products segment acquired maximum revenue share in the Global Compound Management Market by Type in 2021, thereby, achieving a market value of $675.3 million by 2028. It is due to the rising demand for automation to manage compounds and libraries. An automated liquid handler and automated compound store equipment can be used for plate stamping, compound tracking, and reformatting.
The Bio Banking segment is showcasing a CAGR of 15.8% during (2022 - 2028). Due to the rise in the number of organizations collecting and storing biomaterials. Additionally, the necessity for biobanking is being driven by the growing focus on personalized therapy. Additionally, there will likely be a greater demand for high-quality biospecimens used to support research. Therefore, it is projected that the aforementioned elements will aid in the segment's expansion.
The Chemical Compounds segment is generating maximum revenue share in the Global Compound Management Market by Sample Type in 2021 thereby, achieving a market value of $583.9 million by 2028. It is due to the numerous small-molecule compounds that were screened and tested during the drug discovery process. In addition, there are many chemicals utilized in drug discovery that must be stored and handled during the drug discovery process, which is another factor contributing to the segment's growth.
The Biopharmaceutical Companies segment has shown growth rate of 15.7% during (2022 - 2028). It is due to the growing biologics manufacturing industry and the development of biosimilars that the segment will expand. It is also driven by biopharmaceutical firms’ increasing R&D expenditures and the rising prevalence of the chronic disease. Both biotechnology businesses create medicines, although those created by the former are derived from biological things.
The North America market dominated the Global Compound Management Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $396.5 million by 2028. The Europe market is exhibiting a CAGR of 14.8% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 16.6% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/compound-management-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Danaher Corporation (Beckman Coulter), Azenta US, Inc., Hamilton Company, BioAscent, Evotec SE, SPT Labtech Ltd., Tecan Group Ltd., Titian Software, LiCONiC AG, and AXXAM S.p.A.
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