WASHINGTON, Feb. 28, 2023 (GLOBE NEWSWIRE) -- The Global Compound Management Market is valued at USD 355.5 Billion in 2021 and is projected to reach a value of USD 897.1 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 16.5% over the forecast period 2022-2028.
Market Overview
Some important drivers propelling the market are rising drug discovery efforts, expansion in the pharmaceutical and biotechnology sectors, and rising demand for outsourcing these services.
We forecast that the pharmaceutical companies category in Compound Management market sales will account for more than 30% of total sales by 2028. The market is growing due to the increased demand for chemicals brought on by the discovery of new medications.
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Market Dynamics
Increasing Use of Automated Storage Systems is One of the Major Market Development Drivers
Automated storage systems have been created due to technological developments in Compound Management systems in recent years. These systems have been gaining momentum quickly, which is anticipated to significantly boost the market growth in the next years. These cutting-edge solutions enable tracking sample data, kind, and location effectively while reducing the risk of precipitation or damage brought on by environmental conditions. These systems offer efficient inventory management options and in addition to completely automated procedures for compound weighing, assay plate preparation, and library upkeep.
Growing Production of Pharmaceutical and Biopharmaceutical Products Will Fuel Market Growth
Biopharmaceuticals is the pharmaceutical industry segment with the quickest rate of growth. The development of this industry will support the growth of the sample management market as the need for sample management increases due to an increased biological output. Demand for biologics is rising, biosimilars are becoming more common, biopharmaceutical companies are investing more in R&D, and the prevalence of chronic diseases is increasing. Furthermore, the bulk of biotech and biopharma companies can concentrate on their core strengths by focusing on outsourcing activities to CROs and CMOs.
Top Players in the Global Compound Management Market
- Azenta Inc. (United States)
- Tecan Trading AG (Switzerland)
- Hamilton Company (United States)
- BioAscent (United Kingdom)
- Titian Service Limited (India)
- Evotec (Germany)
- Beckman Coulter Inc. (United States)
- LiCONiC AG (Germany)
- AXXAM S.P.A., (Italy)
- SPT Labtech Ltd. (United Kingdom)
For Additional Information on Compound Management Market Players and Detail List, Download a Report PDF Brochure
Top Trends in Global Compound Management Market
- One trend that Vantage Market Research (VMR) expects to see in the Compound Management industry is a partnership between corporations to find new drugs. Global demand for Compound Management services is anticipated to increase as public and commercial organizations collaborate on drug discovery.
- Another trend that VMR predicts will continue in the Compound Management industry is growing pharmaceutical R&D and new medication development initiatives, as well as activities for collecting, storing, and transporting pharmaceutical samples.
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Top Report Findings
- Based on Products & Services, most of the Compound Management market's revenue is controlled by the outsourcing service category. Some of the major drivers driving the expansion of the service segment include the increase in drug discovery activities, the increasing demand to manage services, and the increasing need to reduce costs related to drug research.
- Based on Sample Types, most of the Compound Management market's revenue is controlled by the chemical component category. This is mostly because numerous small molecule compounds were screened and tested during the drug discovery. In addition, numerous chemicals are utilised in drug discovery that must be maintained and controlled throughout the process, which helps the segment flourish.
- Based on End-Users, most of the Compound Management market's revenue is controlled by the pharmaceutical companies category because more drugs are being discovered, and there is a rising need for the chemicals, boosting the market's expansion.
Recent Developments in the Global Compound Management Market
- 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.
Browse Market Data Tables and Figures spread through 155 Pages and in-depth TOC on Compound Management Market Forecast Report (2022-2028).
Outsourcing Services Category in Compound Management Market to Generate a Substantial Revenue
Vantage Market Research has analyzed the market for Compound Management to understand its current state and potential future growth factors. For a better understanding, based on the Product & Service, the Compound Management market is divided into Products and Outsourcing services.
During the forecast period, the market for Compound Management is anticipated to experience the highest CAGR for the outsourcing services category. Major drivers influencing the service segment's expansion include the rise in drug development activities, the increasing need for Compound Management services, and the growing desire to reduce costs connected with drug research.
On the other hand, the product category is anticipated to grow significantly. This category is further divided into automated systems for handling liquids, systems for storing compounds and samples, and other systems. One of the main factors anticipated to drive this segment's revenue growth is the rising demand for automated compound storage systems due to their superior efficiency and dependability over currently available conventional Compound Management systems.
North America Region in Compound Management Market to Generate a Huge Revenue
North America dominates the market over the projection period. This is due to the region's abundance of pharmaceutical and biotechnology businesses actively involved in the drug discovery. As a result, services in this sector are becoming increasingly necessary.
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Global Compound Management Market Segmentation
By Products & Services
- Products
- Outsourcing Services
By Sample Types
- Chemical Components
- Biosamples
By End Users
- Pharmaceutical Companies
- Biopharmaceutical Companies
- Contract Research Organizations
- Others (Research and Academic Institutes)
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 355.5 Billion |
| Revenue Forecast by 2028 | USD 897.1 Billion |
| CAGR | 16.5% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Brooks Life Sciences, Titian Software Limited, Beckman Coulter Inc, Hamilton Company, Evotec |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
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