The Asia Pacific compound management market is expected to reach US$ 167.94 Mn in 2027 from US$ 50.78 Mn in 2018. This market is projected to grow at a growth rate of 14.9% from 2019-2027.
The growth of the compound management market is primarily attributed to rising drug discovery activity in the Asian countries and initiatives undertaken by the government bodies. On the other hand, growth opportunities in developing countries is expected to have a positive effect on the growth of the Asia Pacific compound management market in the coming years.
Asian countries, such as South Korea, India, China, Japan, among others, have witnessed growth in the geriatric population, which is more susceptible to chronic illnesses. The increasing prevalence of chronic medical conditions has led to an alarming need for the discovery of efficient drugs for the treatment of these conditions. The process of drug development is lengthy, costly, and has a high degree of improbability that a drug will succeed. Drug discovery aims to relate the operation of a compound to its chemical structure and therefore is used to identify more active compounds. Various Asian countries have adopted modern technologies that can help in the efficient development of new drugs. For instance, Governments of South Korea is focusing on the development of artificial intelligence (AI) based drug discovery. In 2019 the Korean Government announced to fund US$ 21.7 Million for growth and innovation of effective medicines using artificial intelligence (AI).
Asia Pacific compound management market is segmented by product & services, sample type, application, and end user. Based on product & services the market is categorized as, compound/sample management products and services. The market is classified based on sample type such as, chemical compounds and biosamples. On the basis of application, the market is categorized as, drug discovery, gene synthesis, and biobanking. Similarly, as per end user, the compound management market is segmented as, pharmaceutical companies, biopharmaceutical companies, contract research organizations (CROs), and others.
Some of the major primary and secondary sources for compound management included in the report are World Health Organization (WHO), National Centre for Biological Sciences (NCBS), Food and Drug Administration (FDA), and Council of Scientific and Industrial Research (CISR) among others.