Increasing sample collection and storage, and drug discovery and development activities, and surging need for Compound Control outsourcing are expected to boost market growth
The global Compound Control market size is expected to reach USD 1,212.9 million by 2028 and register a CAGR of 17% over the forecast period, according to a latest report by Reports and Data. Steady global market revenue growth is primarily attributed to increasing drug discovery and development programs worldwide, rise in sample storage and transportation activities, growing need for Compound Control outsourcing services, and expanding pharmaceutical and biotechnology sectors. Some other significant market growth-influencing factors are growing emphasis on outsourcing chemical and biological samples, increasing pharmaceutical R&D activities, rising focus on biobanking, and surge in research collaborations among universities and research institutes and pharmaceutical companies. However, inaccurate management and lack of expertise in Compound Control are some of the key factors expected to restrain global market revenue growth to some extent going ahead.
Compound Control, also known as compound control, refers to the advanced management of chemical libraries and various biological samples used in drug discovery and development. The key functions of Compound Control include collection, storage, monitoring, and quality preservation of compounds. Moreover, it renews outdated chemicals, manages robotics used to fetch chemicals, and maintains databases. Compound Control ensures the safety, purity, shelf life, and integrity of compounds, and also helps obtain precise results in assays, experiments, and high-throughput screening. Surging adoption of automated Compound Control and storage systems and increased government funding for healthcare research & development activities are the other key factors driving market growth.
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Market Dynamics:
Growth in the historic period resulted from the rapid growth in the elderly population, strong economic growth in emerging markets, decline in oil prices, and health insurance reforms globally. Factors that negatively affected growth in the historic period were low healthcare access, shortages of skilled human resources, difficulty in manufacturing biologics, and regulatory changes.
Going forward, faster economic growth, technological developments and the increasing prevalence of diseases due to rising busy and sedentary lifestyles will drive the growth. Factors that could hinder the growth of this market in the future are rising interest rates, increasing awareness of alternative therapies and natural remedies, government provisions in healthcare services, and stringent government regulations.
Regional Outlook:
North America is the largest market for healthcare, followed by Asia-Pacific, Western Europe and then the other regions. Due to favorable regulations and policies in these regions, healthcare industry is rapidly growing. As the market in developed countries is nearly saturated, market players have shifted their focus toward the developing regions, especially the emerging economies of Asia Pacific.
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Competitive Outlook:
The prominent factors favoring market growth include increasing launches and initiatives by the market players to provide rapid treatment for addressing the diseases of the patients in the healthcare industry. Market-trend-based strategies for the healthcare market include increasing the adoption of bundled payments, using digital tools, increasing collaborations across industries and companies, focusing on the development of new medicines, and adopting hybrid imaging technology. Players adopted strategies in the healthcare industry include acquiring companies in similar industries to expand their presence and focusing on offering quality products and services.
The competitive landscape section of the report discusses in detail the company overview, product and services portfolio, business expansion plans, production and manufacturing capacity, financial standing, and global market position. It further sheds light on the recent mergers and acquisitions, collaborations, partnerships, corporate and government deals, agreements, and product launches.
Top companies operating in the market and profiled in the report include:
BioAscent, Beckman Coulter Inc., Evotec, Hamilton Company, Brooks Life Sciences, Titian Service Limited, LiCONiC Systems, TTP Labtech, AXXAM S.p.A., and Tecan
Further, the report segments the Compound Control market on the basis of product types, applications, end-use industries, and technology among others. The report offers insights into key factors influencing the revenue growth of the segment and provides information about lucrative investment opportunities to stakeholders, investors, and clients.
Compound Control Market Segmentation:
By Type (Revenue, USD Million; 2018-2028)
- Products
- Automated Compound/Sample Storage Systems
- Automated Liquid Handling Systems
- Others
- Services
- Outsourcing Services
- Others
By Sample Type (Revenue, USD Million; 2018-2028)
- Chemical Compounds
- Biological Samples
- Others
By Application (Revenue, USD Million; 2018-2028)
- Drug Discovery
- BioBanking
- Gene Synthesis
- Others
By End-user (Revenue, USD Million; 2018-2028)
- Pharmaceutical Companies
- Biopharmaceutical Companies
- Research and Academic Institutes
- Contract Research Organizations (CROs)
- Others
Regional Analysis covers:
· North America
o U.S.
o Canada
o Mexico
· Europe
o Germany
o Italy
o U.K.
o Rest of EU
· Asia Pacific
o India
o China
o Japan
o South Korea
o Rest of APAC
· Latin America
o Brazil
o Argentina
o Rest of Latin America
· Middle East & Africa
o Saudi Arabia
o South Africa
o U.A.E
o Rest of MEA
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