Asia Pacific Compound Management Market to Witness a Pronounce Growth During Forecast Period (2020-2027)

"The Asia Pacific compound management market is expected to reach US$ 167.94 Mn in 2027 from US$ 50.78 Mn in 2018. The market is estimated to grow with a CAGR of 14.9 % from 2020-2027."

The growth of the market is driven by factors such as, rising drug discovery activity in the Asian countries and initiatives undertaken by the government bodies. However, market growth is likely to slow down due to shortage of skilled professionals in the region.

Asian countries, such as Korea, Japan, China, and Malaysia, among others, have been actively functioning in the biobanking sector. Biobanks in Korea operate in collaboration and are coordinated collectively by six government ministries. Human biobanks in Korea are administered by the Ministry of Food and Drug Safety; the Ministry of Science, ICT and Future Planning, and The Ministry of Health and Welfare. As per stats by Thermo Fisher, during 2016 Korea had more than 60 biobanks.

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Company Profiles

o Biosero Inc.
o Meridian Bioscience
o Evotec
o Icagen, Inc.
o TCG Lifesciences Pvt. Ltd.
o TTP Labtech
o Frontier Scientific Services
o Hamilton Company
o Tecan Trading AG
o Brooks Life Sciences

In Japan, biobanks are managed by small laboratories that are present in academic or governmental institutes. However, recently, the Japanese government reorganized funding and management of biobanks to ensure quality management of biological resources. Moreover, the government is also strengthening its life science research by establishing a dedicated funding agency which provides strategic support for biobanks handling useful resources for industrialization.

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Among the countries in the region, China is expected to lead the market during the forecast period. The growth of the market is primarily attributed to the established pharmaceutical market, increasing R&D expenditures by the pharmaceutical and biopharmaceutical companies, an increasing number of clinical trials due to lower cost, and favorable regulatory policies. China has the world's second-largest pharmaceutical market. The excessive population in China, coupled with the rise of various communicable and non-communicable diseases, are majorly driving the growth of the pharmaceutical companies in China and making it a prime market in the Asia Pacific region.

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This release was published on openPR.