Market Size of Compound Management Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 14.70 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Compound Management Market Analysis
The compound management market is expected to register a CAGR of nearly 14.7% during the forecast period.
During the COVID-19 pandemic, most vaccines and drugs were in the pipeline. COVID-19 vaccines gained considerable importance even after the decline in cases. The fear of the emergence of a new variant of COVID-19 increased the demand for vaccines. Thus, a significant number of drug manufacturers began developing COVID-19 vaccines. According to Clinicaltrials.gov, as of May 31, 2022, over 1,112 vaccines were under development for COVID-19. This is likely to improve the demand for compound management for COVID-19 vaccines.
Increasing drug discovery activities, growth in the pharmaceutical and biotechnology industries, and increasing demand for outsourcing these services are key factors driving the market. The drug pipeline has seen a visible surge in the last few years. According to Pharma R&D annual review 2022, the R&D pipeline consisted of 17,737 drugs in 2020, while in 2022, the number of drugs in the pipeline rose to 20,109. The growing drug pipeline is expected to create opportunities for the market. During the COVID-19 pandemic, most vaccines and drugs were in the pipeline. However, according to the Pharma R & D annual review 2022, biotechnology and anticancer drugs were the major ones in the pipeline. The pipeline for these drugs is expected to improve during the forecast period due to the high demand for biotechnology and anticancer drugs globally. This is expected to increase the demand for compound management of biotechnology and anticancer drugs during the forecast period.
Companies are collaborating and leveraging expertise more frequently, which is expected to drive the market. Organizations are forming and expanding strategic alliances with numerous academic institutions, venture capitalists, and other private or public companies to support drug discovery. Growing drug discovery collaborations between public and private entities are expected to boost the global demand for compound management services. For instance, in January 2022, the pharmaceutical company AstraZeneca expanded its AI-powered drug discovery partnership with BenevolentAI to discover drugs for diseases such as systemic lupus erythematosus and heart failure. Such partnerships are likely to be profitable for the market. However, the high cost of compound management may hamper business growth in the forecast period.
Compound Management Industry Segmentation
Compound management, also referred to as compound control, is defined as the management of chemical libraries, including renewal of outdated chemicals, databases containing the information, robotics often involved in fetching chemicals, and quality control of the storage environment.
The Compound Management Market is Segmented by Type (Product (Automated Compounds/Sample Storage Systems, Automated Liquid Handling Systems, Other Compounds/Sample Storage Systems), Service), Sample Type (Chemical Compounds, Bio Samples), Application (Drug Discovery, Gene Synthesis, Bio Banking, and Other Applications), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The study also covers the estimated market sizes and trends for 17 countries across major global regions. The report offers the value in USD million for the above segments.
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Compound Management Market Size Summary
The compound management market is poised for significant growth, driven by the increasing activities in drug discovery and the expanding pharmaceutical and biotechnology sectors. The demand for outsourcing these services is also on the rise, contributing to the market's expansion. The COVID-19 pandemic has further accelerated this growth, as the development of vaccines and drugs surged, highlighting the critical role of compound management in supporting these efforts. The market is witnessing a surge in the drug pipeline, particularly in biotechnology and anticancer drugs, which is expected to create ample opportunities for compound management services. Collaborations between companies and academic institutions are becoming more frequent, enhancing drug discovery efforts and boosting the global demand for compound management.
North America leads the compound management market, benefiting from a robust presence of biotechnology and pharmaceutical companies engaged in drug discovery activities. The region's growth is further supported by the increasing discovery of drug candidates due to rising disease-related mortality and morbidity. The market is characterized by moderate competition, with key players like Brooks Life Sciences, Tecan, and Evotec adopting strategies such as joint ventures and research partnerships to enhance their market share. Technological advancements, particularly in automated storage systems, are expected to drive market growth by improving efficiency and reliability. These systems offer flexibility and integration benefits, catering to the needs of both large and smaller companies.
Compound Management Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Drug Discovery Activities
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1.2.2 Growth in the Bio-pharmaceutical Industry
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1.2.3 Technological Advancement and Favorable Reimbursement
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1.3 Market Restraints
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1.3.1 High Cost Associated with Compound Management
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Product
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2.1.1.1 Automated Compounds/Sample Storage Systems
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2.1.1.2 Automated Liquid Handling Systems
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2.1.1.3 Other Compounds/Sample Storage Systems
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2.1.2 Service
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2.2 By Sample Type
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2.2.1 Chemical Compounds
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2.2.2 Bio Samples
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2.3 By Application
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2.3.1 Drug Discovery
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2.3.2 Gene Synthesis
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2.3.3 Bio Banking
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2.3.4 Other Applications
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2.4 By Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 South Korea
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 Middle East and Africa
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2.4.4.1 GCC
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2.4.4.2 South Africa
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2.4.4.3 Rest of Middle East and Africa
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2.4.5 South America
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2.4.5.1 Brazil
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2.4.5.2 Argentina
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2.4.5.3 Rest of South America
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Compound Management Market Size FAQs
What is the current Compound Management Market size?
The Compound Management Market is projected to register a CAGR of 14.70% during the forecast period (2024-2029)
Who are the key players in Compound Management Market?
Brooks Life Sciences , Titian Software Limited , Beckman Coulter, Inc , Hamilton Company and Evotec are the major companies operating in the Compound Management Market.
