The Latin America, Middle East and Africa Compound Management Market would witness market growth of 22.2% CAGR during the forecast period (2022-2028).
Compound management, specifically in high-throughput screening, necessitates inventory control of the small compounds and biologics required for tests and investigations. It makes use of skills in database management, robotics, chemistry, and biology. Additionally, the manager must have a thorough understanding of the safety requirements for handling and storing radioactive, volatile, flammable, and unstable substances. Compound management and compound control are crucial for research and drug discovery since large pharmaceutical organizations frequently have compound libraries with millions of chemical and biological molecules.
Many businesses opt to outsource this role to a business that specializes in this industry due to the high costs and infrastructure needed for accurate compound management (space needs, robotics, IT assistance, analytical support, etc.). Due to the difficulty of managing not just inventory data but also compound location, storage temperature, and compound integrity, it is crucial to engage with a business that has substantial experience in compound management. The ability to handle the diverse range of materials handled, including solids, flammable materials, liquids, oils, sticky solids, and gums along with dangerous, hygroscopic, combustible, and poisonous substances require vast experience.
The public's health to be protected against the use of medical products that do not adhere to standards of quality, safety, and efficacy, sound regulatory systems are essential. Various initiatives that have been put in place to enhance the effectiveness of National Medicines Regulatory Authorities (NMRAs) throughout Africa are summarized in this overview. All of the African nations (apart from the Sahrawi Republic) have NMRAs, but their administrative structure and operational capabilities vary. Others are somewhat autonomous, while some are housed inside Ministries of Health.
The Brazil market dominated the LAMEA Compound Management Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $23.8 million by 2028. The Argentina market is experiencing a CAGR of 22.9% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 21.9% during (2022 - 2028).
Based on Type, the market is segmented into Products (Automated Compound/Sample Storage Systems, Automated Liquid Handling Systems, and Others) and Services. Based on Application, the market is segmented into Drug Discovery, Gene Synthesis, Bio Banking, and Others. Based on Sample Type, the market is segmented into Chemical Compounds and Bio Samples. Based on End User, the market is segmented into Pharmaceutical Companies, Biopharmaceutical Companies, Contract Research Organizations, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Compound Management Market is Predict to reach $1.1 Billion by 2028, at a CAGR of 15.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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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