Compound Management Market

Market Snapshot

Compound Management Market: By Type, Sample Type, Application, End-User and Region

Market Synopsis:

Global Compound Management market is valued at USD 355.5 Million in 2021 and is projected to attain a value of USD 897.1 Million by 2028 at a CAGR of 16.5% during the forecast period, 2022–2028. Bio-pharmaceuticals are the pharmaceutical industry's fastest-growing category. The sample management market will benefit from this sector's expansion, as increasing biologic output will raise need for sample management. The increasing demand for biologics, the emergence of biosimilars, and increased R&D expenditure in bio-pharmaceutical businesses, as well as the rising frequency of chronic diseases, are all contributing to the expansion of the bio-pharmaceuticals market. Furthermore, by focusing on outsourcing functions to CROs and CMOs, most biotech and bio-pharma businesses have been able to focus on their core competencies.

The recent outbreak of COVID-19 has prompted Compound Management solution vendors to respond fast in order to meet the growing need for high-quality virus protection services. COVID-19 has engulfed the whole healthcare ecosystem, from pharmaceutical corporations to medicine producers to COVID-19 vaccine developers to health insurance and hospitals, thanks to its rapid expansion. During this time, applications like telemedicine, remote patient monitoring, and interactive medicine, as well as inpatient monitoring, are projected to gain popularity.

Expansion of Pharma & Bio-pharma Manufacturing in Emerging Markets

Emerging markets like India and China are likely to become important manufacturing hubs for pharma and biotech. Low labor and raw material costs, expanding life science research, government assistance, and technological integration and breakthroughs are all factors. Various Asian governments have set aside considerable sums of money to stimulate research in the bio sciences business.

For example, the Indian government declared in 2014 that it will invest up to USD 5 billion per year for the following five years to enhance the country's biotechnology sector. The Department of Biotechnology (DBT) is collaborating with government-funded organisations such as the National Biotechnology Board (NBTB) to make India a global powerhouse for biotechnology research.

Large Capital Investments Required

Building a compound/sample management facility necessitates significant capital expenditures in both hardware and software, such as the installation of new automated liquid compound storage systems linked to a comprehensive inventory database. A large automated storage system, for example, can cost anywhere between $1 million and $10 million. Small and medium-sized pharmaceutical enterprises may be unable to afford such facilities due to the significant capital needs. Such devices are also difficult to get by for research centers with restricted funds. As a result, manual storage systems continue to be chosen by these end-users.

Market Segmentation:

Global Compound Management market is segmented on the basis of Type into Product and Service. By Sample type into Chemical Compounds and Bio Samples. By Application into Drug Discovery, Gene Synthesis, Bio-banking and Others. By End Use into Pharmaceutical Companies, Bio-pharmaceutical Companies, Contract Research Organizations and Others. Based on region, the Compound Management market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

North America to Continue Dominating the Compound Management Market

The North America is expected to dominate the market over the forecast period. This is attributable to the large number of pharmaceutical and biotechnology businesses engaged in drug development. As a result, there is a growing need for services in this area. Furthermore, as disease-related morbidity and mortality have increased, more medication candidates have been discovered, fueling this region's rise.