In terms of revenue, the Global Compound Management Market is expected to reach USD 897.1 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 16.20% in the forecast period from the year 2022 till the year 2028. Growing biopharmaceutical industry, rising drug discovery activities, and increasing demand for outsourcing services are some of the fueling factors for the Compound Management Market. The boost in the demand for software management tools is a major consequence of the increasing number, variety, and size of the sample collections around the world. As well as increasing need for documentation is the major factor driving the Compound Management Market. The increased awareness among the healthcare industries and government regulations to adopt streamlined workflow is expected to fuel the growth of the market.
- The automated compound/sample storage system sub-segment is anticipated to grow at a substantial Compound Annual Growth Rate (CAGR). This is owing to the deployment of advanced automated technology for sample management which has led to the introduction of innovations that support novel approaches for high-throughput screening.
- The drug Discovery segment is accounted for the largest market share in 2021. The need for the discovery of novel medicines in the healthcare sector is considered to be a significant change which is the major reason for this segment to flourish.
- North America is the largest regional segment. This surge is attributed to the rising demand for compound management systems in developed economies such as U.S. and Canada. This region dominated owing to its stringent government regulatory norms and advanced utilization of technology to streamline pharmaceutical industry workflow.
Some of key players in Compound Management Market include - Brooks Life Sciences (US), Titian Software Limited (UK), Beckman Coulter Inc (US), Hamilton Company (US) , Evotec (Germany)..
The demand for compound management software in the healthcare sector is expected to propel growth in the pharmaceutical industry. Some of the key technological advancements in the medical sector by compound management software are the renewal of outdated chemicals, databases containing the information, robotics involvement in fetching chemicals, and quality control of the storage environment which are widely used by the healthcare industry. These enhanced advancements are expected to generate revenue for the Compound Management Market.
Additionally, the subsequent fear of loss of data and errors caused by humans are expected to surge in the demand for Compound Management Market in coming years. For instance, most research laboratories had primitive tracking, storage, and dispensing strategies up until the 1970s, with handwritten labels and physical logbooks used for tracking. This logistics-free solution using compound management software was used which offered an alternative to this imperfect status of the data.
North America is expected to dominate the global Compound Management Market in 2021 and is likely to continue the same trend during the forecast period. An increase in government initiatives and support in compound management software is likely to generate demand in this region. Increasing R&D facilities in countries such as U.S. & Canada are further adding spotlight on the development of compound management systems. Significant improvements in the healthcare infrastructure, especially in the developing economies, are providing a thrust to the Compound Management Market growth.
For instance, in 2018, Brooks Automation partnered with the Cleveland Clinic to open a new biobanking facility for Cleveland Clinic by utilizing Brooks' sample storage solutions.
In 2018, Brooks Automation acquired BioSpeciMan Corporation to expand its consumer base, sample management services offering, and geographic footprint.
In 2018, Tecan collaborated with DiaSorin to deploy its Tecan's Fluent Laboratory Automation Solution into its nucleic acid extraction platform.