Compound Management Market

The Global Compound Management Market was valued at USD 381.9 Billion in 2021 and is projected to reach a value of USD 887.9 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 14.80% over the forecast period.

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Compound Management refers to keeping track of chemical libraries, which involves robots for chemical retrieval and database updates concerning chemical information, repurposing obsolete compounds, and storage environment quality control. Its sometimes called compound control or Compound Management. Typically, a system for Compound Management is highly expensive. Compound Management provides the logistics and infrastructure needed to manage research compounds. Compound Management aids drug research by storing, transporting, tracking, preparing, and evaluating compounds for testing and dispensing during the drug discovery process.

Some important reasons driving the market are increased drug discovery efforts, expansion in the pharmaceutical and biotechnology industries, and increased demand for outsourcing these services. In recent years, the medication pipeline has seen a noticeable increase. According to Pharma R&D annual review 2022, the R&D pipeline contained 17,737 pharmaceuticals in 2020, but the number of drugs in the pipeline increased to 20,109 in 2022. The market is likely to benefit from the expanding medicinal pipeline.

Other key factors expected to drive the global Compound Management market are an increase in pharmaceutical sample collection, storage, and transportation activities, an increase in pharmaceutical R&D and new drug development projects, an increase in demand for Compound Management outsourcing services, an increase in the use of Compound Management systems in biobanking, and an increase in research collaborations between leading pharmaceutical companies and academic research institutes around the world. Another important element projected to fuel global market revenue growth is the rising demand for completely automated Compound Management systems. Compound weighing and dissolution, assay plate preparation, library maintenance, and various other procedures are aided by fully automated Compound Management systems.

The important factors for expanding Compound Management markets include low labor and raw material prices, rising government assistance, life science research, and technological integration and development. Through collaboration between the Department of Biotechnology (DBT) and government-funded institutions such as the National Biotechnology Board, India has become a hotspot for biotechnology research (NBTB). Inadequate Compound Management can result in compound destruction, increased downtime, and a delay in the start of research. Improper Compound Management can substantially influence research and development. Compound Management can significantly impact drug development workflows, resulting in unnecessary delays due to segmented and transitory operations.

Top Market Trends

1.

Rapid growth in the pharmaceuticals industry

2. Increasing R&D activities:

3.

Rising penetration of automation:

4.

Rising collaborations among the organization:

Market Segmentation

The Compound Management Market is segmented based on the segmentation categories-

Product & Services,

Sample Type, End User

Region

Based on Product & Services

Products are the Major Revenue Contributor in the Market Due to the Increasing Demand for Medical Products

The products segment dominated the market in 2021 and is estimated to sustain its dominance over the next few years. Rising medical demands, rapid expansion in the pharmaceutical and biotechnology industries, and increased use of automated Compound Management and sample storage systems due to their high dependability and optimal efficiency are some of the primary reasons driving revenue growth in this market. On the other side, the outsourcing services segment is expected to grow the fastest during the forecast period. This rapid expansion results from a shift toward outsourcing compound administration to third-party service providers. These firms are Compound Management professionals who offer various compound storage services to pharmaceuticals, biopharmaceuticals, and CROs at a reasonable price.

Based on the Sample Types

The Chemical Compounds Hold Largest Share in the Market Due to Growing Utilization in Biopharmaceuticals

Chemical compounds dominated the market in 2021 because they play a vital role in medication development, including biopharmaceuticals. Regardless of the subject of study, the chemicals are used as reagents or in reactions for development workflow. The presence of chemical samples contributes to the high percentage of chemical compounds used in the Compound Management industry. Many chemicals are employed in drug discovery and must be kept and handled throughout the drug discovery process, driving segmental expansion. Additionally, most businesses choose to use their equipment for research. Even though storage and laboratory automation are the main influencing elements, the workflow of research and development processes necessitates using several Compound Management tools.

Based on the End Users

Pharmaceuticals Accounted for the Highest Revenue Share Due to increasing Drug Activities.

The pharmaceutical companies held the largest revenue share of the market in 2021, owing to increased drug discovery activities, which led to higher demand for the compounds, positively impacting the market growth. On the other hand, the biopharmaceutical company’s category is expected to grow at a higher CAGR during the forecast period. Increased biologic manufacturing and the introduction of biosimilars are expected to drive category growth throughout the projected period. Furthermore, increased R&D spending in biopharmaceutical businesses and the increasing frequency of chronic illnesses will propel the industry growth in the coming years. The biobanking category is anticipated to rise at a significant CAGR over the forecast period due to the growing number of businesses collecting and storing biomaterials.

Additionally, the increased emphasis on individualized treatment fuels the need for biobanking. The market is evolving due to the growing need for individualized therapies. Medical research requires access to the required biological material. Due to the rise in cell-based research activities, there is a significant requirement for various biospecimens kept in biobanks.

Based on Region

North America is Largest Revenue Contributor Due to Increasing Drug Development Across the Region

North America led the global Compound Management market in 2021. This growth is majorly attributed to the increased geriatric population, the burden of chronic and acute diseases, increase in drug discovery & development programs across the region. Moreover, the increase in pharmaceutical product imports & exports rises in demand for automated Compound Management systems are some other factors that are anticipated to fuel the market growth in North America. Furthermore, the presence of cutting-edge healthcare infrastructure and major market players in the region, such as Hamilton Company, Beckman Coulter Inc., and Biosero Inc., will drive market growth in the coming years. On the other side, Asia-pacific is expected to grow at a higher CAGR during the forecast period due to rising demand from emerging countries such as China and India. The Asia-Pacific market is likely to be dominated by China. China is one of the worlds top countries in terms of fast-rising product utilization and technological advancements in automation and Compound Management.

Competitive Landscape

The global Compound Management market is dominated by companies such as Azenta US, Inc., Tecan Trading AG, and Hamilton Company because of their unique products, financial stability, strategic advances, and global reach. The participants are focusing their efforts on promoting R&D. Additionally; they support strategic expansion activities, including product launches, joint ventures, and partnerships to expand their client base and boost their market position. Some of the key players in the Global Compound Management Market include- Azenta US Inc. (U.S.), to name a few.

Recent Market Developments

● In June 2022, Ionomr Innovations Inc., a creator and manufacturer of next-generation ion-exchange membranes and polymers for clean energy, and TTP Europe, a leader in technology and product development, announced their collaboration to showcase a new green hydrogen electrolyzer intended for mass production.

● In February 2021, SPT Labtech announced the purchase of BioMicroLab, a provider of robotics automation, to expand its capabilities in autonomous sample handling. This acquisition has expanded the product portfolio as well as the customer base of the company, which further helps to grow the company’s overall revenue.

Segmentation of the Global Compound Management Market