Increasing sample collection and transportation & storage activities and rising demand for compound management outsourcing services are some key factors supporting the global Compound Management market revenue growth.
Increasing sample collection and transportation & storage activities and rising demand for compound management outsourcing services are some key factors supporting the global Compound Management market revenue growth.
According to Emergen Research, the global compound management market size was USD 353.8 million in 2020 and is expected to reach USD 1,212.9 million in 2028 and register a revenue CAGR of 17% during the forecast period, 2021-2028.
Market Dynamics:
Key factors providing impetus to the global compound management market revenue growth are surge in geriatric population, increasing prevalence of chronic and acute diseases globally, growing medical needs of the population, and rapid growth of the pharmaceutical and biotechnology sectors. Compound management, also known as compound control, refers to the advanced management of biological samples and chemical libraries, which are extensively used in drug discovery and development processes. Compound management systems help with the renewal of outdated chemicals, management of the robots used to pharmaceutical manufacturing sites, and maintaining large databases.
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Moroever, compound management systems ensure the safety, quality, purity, integrity, and shelf life of drug compounds. Major aspects of compound management are storage, collection, quality preservation, and monitoring of compounds.
Increasing pharmaceutical sample collection, storage, and transportation activities, rise in pharmaceutical R&D and new drug development projects, growing demand for compound management outsourcing services, growing use of compound management systems in biobanking, and increasing research collaborations between leading pharmaceutical companies and academic research institutes across the globe are other key factors expected to drive the global compound management market revenue growth over the forecast period. Growing demand for fully automated compound management systems is another major factor expected to further drive the global market revenue growth. Fully automated compound management systems help with compound weighing & dissolution, assay plate preparation, library maintenance, and many other processes. The systems help streamline the drug discovery workflow, automate several error-prone and time-consuming tasks, and improve operational efficiency.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
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Products Segment Accounted for Largest Revenue Share in 2020:
The products segment dominated other segments in terms of revenue share in the global market in 2020. Some of the major factors driving revenue growth of this segment are growing medical needs of people, rapid growth of the pharmaceutical and biotechnology sectors, and increasing adoption of automated compound management and sample storage systems, owing to their high reliability and optimal efficiency.
Drug Discovery Segment to Account for Fastest Revenue CAGR:
The drug discovery segment is expected to register the fastest revenue growth rate in the global market over the forecast period. Major factors supporting revenue growth of this segment are growing prevalence of chronic and acute diseases across the globe, surge in demand for advanced drugs and therapeutics, rise in new drug discovery & development projects, and increasing government funding for pharmaceutical research & development projects.
North America Market Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America compound management market held the largest revenue share in the global market in 2020. Key factors contributing to the North America market revenue growth are increasing geriatric population, rising burden of chronic and acute diseases, rise in drug discovery & development programs, increasing imports & exports of pharmaceutical products, rising demand for automated compound management systems, and presence of state-of-the-art healthcare infrastructure and leading market players in the region, including Hamilton Company, Beckman Coulter Inc., Biosero Inc., and Frontier Scientific Inc.
Major Companies in the Global Compound Management Market Include:
- Evotec
- BioAscent
- Beckman Coulter Inc.
- Hamilton Company
- Brooks Life Sciences
- Titian Service Limited
- LiCONiC systems
- TTP Labtech
- AXXAM S.p.A.
- Tecan
- Frontier Scientific Inc.
- TTP Group
- Labcyte
- Biosero Inc.
- Wuxi AppTec
- Icagen
- TCG Lifescience
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For the purpose of this report, Emergen Research has segmented the global compound management market based on type, sample type, application, end-use, and region:
Type Outlook (Revenue, USD Million; 2018-2028)
- Products
- Automated Compound/Sample Storage Systems
- Automated Liquid Handling Systems
- Others
- Services
- Outsourcing Services
- Others
Sample Type Outlook (Revenue, USD Million; 2018-2028)
- Chemical Compounds
- Biological Samples
- Others
Application Outlook (Revenue, USD Million; 2018-2028)
- Drug Discovery
- BioBanking
- Gene Synthesis
- Others
End-use Outlook (Revenue, USD Million; 2018-2028)
- Pharmaceutical Companies
- Biopharmaceutical Companies
- Research and Academic Institutes
- Contract Research Organizations (CROs)
- Others
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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