The factors propelling the growth of the market are growing R&D activities in the pharmaceutical and biotech sectors, a beneficial biobanking sector, and a growing number of clinical trials.
New York, March 04, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "GLOBAL COMPOUND MANAGEMENT MARKET FORECAST 2020-2028" - https://www.reportlinker.com/p05868622/?utm_source=GNW
Chemical libraries are vital to the drug discovery process.The chemicals are kept in environmentally-regulated conditions, and the management of these libraries entails compound management.
The compound management involves the renewal of outdated chemicals, robots used for the movement of chemicals, maintaining a database of chemicals, and quality control of the storage environment.There is a rise in the number of clinical trials.
They are essential in the better understanding and determination of suitable medical approaches for a particular therapeutic domain. Also, the growing number of several communicable and non-communicable diseases has resulted in increased demands for new drugs or medical devices.
However, the lack of skilled professionals is what impedes the market growth.The biopharmaceutical and pharmaceutical companies are outsourcing the services to the CRO industry for maintaining the revenue and tackle several challenges apart from minimizing cost and time needed for testing.
The lack of highly skilled professionals for testing services in accordance with the national and international regulatory standards hampers the growth of the market. The competitive nature of the environment and the success of the companies are set to be determined by collaborations, innovations, and acquisitions.
The geographical segmentation of the global compound management market includes North America, Europe, Asia Pacific, and the rest of the world.The Asia Pacific region is set to be the fastest-growing market region with regard to the compound management market during the forecast period.
The increasing expenditure on R&D and government initiatives are the factors attributed to such growth prospects.
The global compound management market is set to witness an intensified competitive rivalry among the market players. Some of the well-established players in the market are Beckman Coulter Inc, Bioascent, Brooks Life Sciences, Axxam S.P.A., Biosero Inc, etc.
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1. AXXAM S.P.A.
2. BECKMAN COULTER INC
4. BIOSERO INC
5. BROOKS LIFE SCIENCES
7. HAMILTON COMPANY
8. ICAGEN INC
9. LICONIC SYSTEMS
10. TCG LIFESCIENCES PVT LTD
11. TECAN TRADING AG
12. TITIAN SOFTWARE
13. SPT LABTECH (NAME CHANGED FROM TTP LABTECH)
14. WUXI APPTEC
15. HIGHRES BIOSOLUTIONS
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