The Global Compound Management Market to Attain $923.57 Million in Revenue by 2028

According to Triton's report, the global compound management market, which acquired $273.04 million in 2019, is expected to witness growth at 14.50% of CAGR by 2028.

A recent study by Triton Market Research titled ‘Global Compound Management Market’ consists of the Global Analysis and Forecasts by Sample Type (Biosamples, Chemical Compounds), End-user (Biopharmaceutical Companies, Contract Research Organization, Pharmaceutical Companies, Others), Offering (Product [Instrument (Manual Compound/Sample Storage System, Automated Compound/Sample Storage Systems, Automated Liquid Handling Systems), Software], Services), Application (Biobanking, Gene Synthesis, Drug Discovery), and by Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).

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Triton’s research report estimates that the global compound management market is probable to develop at a CAGR of 14.50% during the projected period of 2019-2028. It is expected to attain revenue worth $923.57 million by 2028.

Compound management represents the management of chemical libraries, which are important in the process of drug discovery. These libraries are kept in environmentally controlled conditions. Moreover, the compound management activities comprise the maintenance of the chemical database, quality control of the storage environment, and the renewal of outdated chemicals.

The increase in R&D activities in the pharmaceutical and biotech sectors, increase in clinical trials, and the growth in the biobanking industry are the elements driving the growth of the market globally. The clinal trials are an essential step in discovering the effectiveness of any medical treatment and device safety. These trials are carried out to collect data relating to the safety and efficiency of new drugs and medical devices. Moreover, due to the prevalence of several communicable and non-communicable diseases, the need to develop new drugs has also increased. This further enhances the need for compound management. Hence, the rise in clinical trials simultaneously boosts the compound management market.

However, there is a high risk involved as it is impossible to access compounds globally due to the incompatibilities between local systems and lack of inventory data. Therefore, this incompatibility within the global systems obstructs the compound management market’s evolution.
The market for compound management is divided into sample type, end-user, offering, and application. As per sample type, it is divided into biosamples and chemical compounds. In terms of end-user, it is sectioned into biopharmaceutical companies, contract research organizations, pharmaceutical companies, and others. Whereas, offering is segregated into product and services, with product further branched into instrument and software. Instrument is also subdivided into manual compound/sample storage systems, automated compound/sample storage systems, and automated liquid handling systems. Lastly, application is categorized as biobanking, gene synthesis, and drug discovery.

North America region is dominating the compound management market globally. The rapid R&D activities undertaken by pharma companies and investments by government organizations are the leading factors driving the market’s growth in the region. In the United States, the pharma companies are developing new leads to store massive amounts of samples with companies with expertise in compound management. Additionally, the research activities in cancer treatment by the Canadian government is another factor that is expected to fuel the compound management market in the region.

Beckman Coulter Inc, Liconic Systems, WuXi AppTec, TCG Lifesciences Pvt Ltd, Biosero Inc, Highres Biosolutions, Hamilton Company, Tecan Trading AG, Brooks Life Sciences, Bioascent, Axxam SpA, SPT Labtech, Evotec, Icagen Inc, and Titian Software are well-known companies in this market.

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Question & Answer: Compound Management Market

Question 1: What elements are driving the growth of the compound management market?
Answer: The increase in R&D activities in the pharmaceutical and biotech sectors, increase in clinical trials, and the growth in the biobanking industry are the elements driving the growth of the market globally. The clinal trials are an essential step in discovering the effectiveness of any medical treatment and device safety. These trials are carried out to collect data relating to the safety and efficiency of new drugs and medical devices. Moreover, due to the prevalence of several communicable and non-communicable diseases, the need to develop new drugs has also increased. This further enhances the need for compound management. Hence, the rise in clinical trials simultaneously boosts the compound management market.

Question 2: What factor obstructs the evolution of the compound management market?
Answer: There is a high risk involved as it is impossible to access compounds globally due to the incompatibilities between local systems and lack of inventory data. Therefore, this incompatibility within the global systems obstructs the compound management market’s evolution.

Question 3: Which region is dominating the compound management market?
Answer: North America region is dominating the compound management market globally. The rapid R&D activities undertaken by pharma companies and investments by government organizations are the leading factors driving the market’s growth in the region. In the United States, the pharma companies are developing new leads to store massive amounts of samples with companies with expertise in compound management. Additionally, the research activities in cancer treatment by the Canadian government is another factor that is expected to fuel the compound management market in the region.

Question 4: Which are the key enterprises present in the compound management market?
Answer: Beckman Coulter Inc, Liconic Systems, WuXi AppTec, TCG Lifesciences Pvt Ltd, Biosero Inc, Highres Biosolutions, Hamilton Company, Tecan Trading AG, Brooks Life Sciences, Bioascent, Axxam SpA, SPT Labtech, Evotec, Icagen Inc, and Titian Software are well-known companies in this market.

Related Report:
Global Drug Discovery Market
The global drug discovery market is likely to showcase growth in its revenue during 2019-2028 at a CAGR of 6.50%. It is expected to acquire revenue worth $75893 million by 2028.
Drug discovery is a process that focuses on identifying a compound that is therapeutically used to treat and cure diseases. The rise in the applications of small molecule drugs in the treatment of chronic diseases is also boosting the demand for these drugs in the market. Hence, this rise in demand for small molecules and an increase in complications of chronic diseases have influenced companies to enhance their R&D funding. This further creates potential opportunities for small molecule drug discovery, thereby boosting the drug discovery market.
The technological advancements, growing healthcare expenditure, increasing geriatric population, and a surge in lifestyle diseases are major factors driving the drug discovery market on a growth path. Likewise, the rise in demand for specialty medicine and significant investment by healthcare sectors in improving big data analytics capabilities are generating opportunities for the global market’s expansion.
Although, the restricted growth rate of drugs owing to the availability of generic drugs and delays in product launches are obstructing the drug discovery market’s progress worldwide.

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