According to Emergen Research, the global compound management market size was USD 285.6 Million in 2020 and is expected to reach USD 826.2 Million in 2028 and register a revenue CAGR of 14.1% during the forecast period, 2021-2028.
Emergen Research has published its latest report titled “Compound Management Market By Solution (Products and Outsourcing Services), By Sample Type (Chemical Compounds, Biosamples), By Application (Drug Discovery, Gene Synthesis, Biobanking, Others), By End-Use (Biopharma Companies, Pharma Companies, Biobank, CRO) and By Region Forecast to 2028”
According to Emergen Research, the global compound management market size was USD 285.6 Million in 2020 and is expected to reach USD 826.2 Million in 2028 and register a revenue CAGR of 14.1% during the forecast period, 2021-2028.
Market Dynamics:
Compound Management, also known as compound control, is described as the management of chemical libraries, which includes the renewal of obsolete chemicals, robotics that are frequently used to collect chemicals, databases carrying the information, and storage environment quality control. It ensures the integrity of a compound by establishing and maintaining the best storage conditions for various temporal requirements, which drive global compound management market revenue growth over the forecast period.
The use of automated technologies in compound management speeds up processing, improves sample consistency in terms of compound concentration accuracy, and ensures that physical attributes remain consistent across several experimental runs. The rapid growth in the biopharmaceutical field due to consistent demand for biologics and technological advancements in laboratories for drug development process are other factors surge demand for compound management in the market.
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However, lack of knowledge regarding the maintenance of compound management, high investments, unfavorable government regulations on use of new drugs are some factors which can restrain market growth to a certain extent. Compound management errors can have a significant influence on research efforts. Lack of knowledge can led to poor compound management which can result in the loss or destruction of samples, as well as delays in the start of studies and high costs. As a result, chemicals must be stored with extreme caution in safe settings at a proper temperature, and humidity. Therefore, this necessitates a high level of knowledge.
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
Chemical Compounds Segment Revenue to Expand at a Rapid CAGR:
Chemical compounds segment is expected to register a rapid revenue CAGR over the forecast period due to increasing drug discovery activities and development of new medicines. The development of new medications involves synthesis of new compounds and chemical analysis. Drug discovery and development depends heavily on the screening process for pharmacological effects of chemical compounds.
Drug Discovery Segment to Register Significant Revenue Growth:
Drug discovery segment is expected to register significant revenue growth over the forecast period due to increasing pharmaceutical companies, rising prevalence of chronic diseases, advancements in drug discovery technologies and methods, increasing demand for clinical trial services and rising government initiatives on production of new drugs to develop therapeutics and vaccines.
North America to Account for Largest Revenue Share:
North America is expected to account for largest revenue share in the global market over the forecast period due to increasing focus on drug discovery, technological advancements in healthcare sector, and robust presence of biotechnology companies. Further, increasing investments in biological R&D activities and growing demand for outsourcing compound management services are other factors expected to contribute to market growth in the region.
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Major Companies in the Market Include:
- Brooks Automation
- Hamilton Company
- TTP Group
- Labcyte
- Biosero
- Tecan
- Evotec
- Wuxi AppTec
- Icagen
- TCG Lifescience.
For the purpose of this report, Emergen Research has segmented the global compound management market based on solution, sample type, application, end-use, and region:
Solution Outlook (Revenue, USD Million; 2018–2028)
- Products
- Software
- Instruments
- Outsourcing Services
Sample Type Outlook (Revenue, USD Million; 2018–2028)
- Chemical Compounds
- Biosamples
Application Outlook (Revenue, USD Million; 2018-2028)
- Drug Discovery
- Gene Synthesis
- Biobanking
- Others
End-Use Outlook (Revenue, USD Million; 2018–2028)
- Biopharma Companies
- Pharma Companies
- Biobank
- CRO
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Regional Outlook (Revenue, USD Million; 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 APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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