The global compound management 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.
The global compound management 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 management 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 management are some of the key factors expected to restrain global market revenue growth to some extent going ahead.
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Compound management, 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 management include collection, storage, monitoring, and quality preservation of compounds. Moreover, it renews outdated chemicals, manages robotics used to fetch chemicals, and maintains databases. Compound management 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 management and storage systems and increased government funding for healthcare research & development activities are the other key factors driving market growth.
Some Key Highlights From the Report:
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- Among the type segments, the products segment is expected to account for dominant revenue share contribution to the global compound management market over the forecast period. Rising demand for automated compound management and storage systems worldwide and optimal efficiency and reliability offered by these systems are some key factors fueling revenue growth of this segment.
- Among the application segments, the drug discovery segment accounted for dominant revenue share in the global compound management market in 2020. Robust revenue growth of this segment can be attributed to technological advancements in drug discovery and development techniques and considerable investments by governments worldwide in the pharmaceutical industry for drug discovery.
- The compound management market in Asia Pacific is projected to register the fastest revenue growth rate over the forecast period. Rise in drug development activities, rising prevalence of life-threatening and chronic diseases, increasing imports and exports of pharmaceutical drugs, and rising number of pharmaceutical and biotechnology companies in countries in the region are factors expected to drive Asia Pacific market growth.
Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
BioAscent, Beckman Coulter Inc., Evotec, Hamilton Company, Brooks Life Sciences, Titian Service Limited, LiCONiC Systems, TTP Labtech, AXXAM S.p.A., and Tecan
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Compound Management 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
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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