Compound management refers to a system used by pharmaceutical and biotech companies for tracking, storing, preparing and managing chemical compounds and biological molecules used for drug discovery and development. An effective compound management system helps facilities streamline operations, reduce costs and improve research processes with high-quality and well-organized compounds. Rising drug research & development activities and growing adoption of automated systems in laboratories are some key factors expected to drive the demand for compound management solutions in the coming years.
Market Dynamics:
The global compound management market is witnessing lucrative growth opportunities due to several driving factors such as increasing R&D expenditure by pharmaceutical companies, rising adoption of automated compound management systems, and growing outsourcing of drug discovery services. However, high costs associated with installation and maintenance of advanced compound management systems is a major challenge for market players. On the positive side, growing demand for high-throughput screening techniques and rise of open innovation models in drug discovery are expected to create new revenue channels for market participants over the forecast period. Pharmaceutical firms are also increasingly leveraging cloud-based compound management solutions to enhance collaboration and data accessibility, representing a significant opportunity area.
Key Features of the Study:
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