Compound management refers to systematically organizing, storing, and tracking chemical compounds in research and development processes. It involves the implementation of efficient protocols and technologies to ensure the integrity and accessibility of compound libraries. Compound management is an essential discipline that facilitates discovery by producing assay-ready compound plates for screening purposes.
Sizing and Forecast
The compound management market size has grown rapidly in recent years. It will grow from $0.45 billion in 2023 to $0.52 billion in 2024 at a compound annual growth rate (CAGR) of 16.0%. The growth in the historic period can be attributed to advances in high-throughput screening (HTS), increased demand for outsourcing of chemicals, increased investment in research and development by pharmaceuticals, automation, and robotics, growing demand for compound management outsourcing services, and regulatory compliance.
The compound management market size is expected to see rapid growth in the next few years. It will grow to $0.95 billion in 2028 at a compound annual growth rate (CAGR) of 16.2%. The growth in the forecast period can be attributed to increasing drug discovery and development activities, a rise in disease-related morbidity and mortality, the rising prevalence of chronic diseases, rising drug delivery projects, and the expansion of biobank. Major trends in the forecast period include increased automation, growth of AI and machine learning, the proliferation of biobanks and biorepositories, innovative solutions, and cloud-based solutions.
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Segmentation & Regional Insights
The compound management market covered in this report is segmented –
1) By Type: Product, Service
2) By Sample: Chemical Compound, Bio Samples
3) By Application: Drug Discovery, Gene Synthesis, Bio Banking, Other Applications
4) By End-Use: Pharmaceutical, Biopharmaceutical, Contract Research Organizations, Other End-Uses
North America was the largest region in the compound management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the compound management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increase in the manufacturing of pharmaceutical drugs is expected to propel the growth of the compound management market going forward. Pharmaceutical drugs refer to medications or substances used to prevent, treat, or diagnose medical conditions in humans or animals. The surge in pharmaceutical drug manufacturing can be attributed to increasing demand for innovative and effective medications, the rising prevalence of chronic diseases, supportive government policies and funding, and the growing importance of personalized medicine. Compound management is used in pharmaceutical drug manufacturing to ensure the efficient handling, storage, and tracking of chemical compounds crucial for research, development, and production. For instance, in June 2023, according to the European Federation of Pharmaceutical Industries and Associations (EFPIA), a Belgium-based trade association representing the pharmaceutical industry, the total pharmaceutical production in Europe accounted for $368,832 million (€340,000 million) in 2022, an increase of approximately 4.95% from $351,420 million (€323,950 million) in 2021. Therefore, the rise in the manufacturing of pharmaceutical drugs is driving the growth of the compound management market.
Key Industry Players
Major companies operating in the compound management market are Thermo Fisher Scientific Inc., WuXi AppTec Co. Ltd., PerkinElmer, Tecan Group Ltd., Beckman Coulter Life Sciences, Evotec AG, Azenta Inc., Hamilton Company, Frontage Laboratories Inc., LabWare Inc., SPT Labtech, BioStorage Technologies Inc., Genedata, ChemAxon, Highres Biosolutions Ltd, Sapio Sciences, Axxam S.p.A, Labcyte Inc., LiCONiC AG, Titian Software Ltd, Biosero Inc, Zinsser Analytic GmbH, TCG Lifesciences Pvt., BioAscent Discovery Ltd, Frontier Scientific Inc.
The compound management market report table of contents includes:
1. Executive Summary
- Compound Management Market Characteristics
- Compound Management Market Trends And Strategies
- Compound Management Market – Macro Economic Scenario
- Global Compound Management Market Size and Growth
.
- Global Compound Management Market Competitive Benchmarking
- Global Compound Management Market Competitive Dashboard
- Key Mergers And Acquisitions In The Compound Management Market
- Compound Management Market Future Outlook and Potential Analysis
- Appendix
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