Press release
Global Compound Management Market Projected to Surpass $1.11 Billion by 2029 with 16.1% Annual Growth
Compound Management
The increase in pharmaceutical drug production is expected to drive the compound management market. As the demand for innovative drugs rises, driven by factors such as the prevalence of chronic diseases and personalized medicine, the pharmaceutical industry requires efficient compound management to handle and track chemical compounds for research and development. For instance, in June 2023, the European Federation of Pharmaceutical Industries and Associations reported that the pharmaceutical production in Europe reached $368.8 billion in 2022, marking a 4.95% increase from 2021. This growth in pharmaceutical manufacturing is supporting the compound management market.
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What is the projected compound annual growth rate (CAGR) of the compound management market from 2025 to 2034, and what factors influence it?
The compound management market has grown rapidly in recent years. It will increase from $0.52 billion in 2024 to $0.61 billion in 2025, at a compound annual growth rate (CAGR) of 16.5%. This growth is due to advancements in high-throughput screening (HTS), increased demand for chemical outsourcing, rising research and development investments in pharmaceuticals, automation, robotics, and regulatory compliance.
The compound management market is expected to grow rapidly, reaching $1.11 billion by 2029 with a CAGR of 16.1%. The growth is driven by increased drug discovery, disease-related morbidity, chronic disease prevalence, drug delivery projects, and biobank expansion. Major trends include increased automation, AI and machine learning growth, the expansion of biobanks, innovative solutions, and cloud-based solutions.
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How are the latest trends influencing the growth of the compound management market?
Companies in the compound management market are focusing on creating web-based solutions to streamline the tracking, storage, and management of chemical compounds. Web-based compound management systems allow easy access and management of compound inventories through standard web browsers. In December 2022, BioAscent, a Scotland-based pharmaceutical company, launched Compound Connect, an online inventory and ordering system for compound libraries. The platform ensures real-time access, streamlined management, and up-to-date inventory tracking for clients, from biotech startups to large pharmaceutical companies.
What are the major segments of the compound management market and their role in driving growth?
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
Subsegments:
1) By Product: Compound Management Systems, Compound Libraries, High-Throughput Screening Products
2) By Service: Compound Sourcing and Procurement, Compound Storage And Handling, Compound Screening Services, Compound Distribution And Logistics
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Which regions are key players in the growth of the compound management market?
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.
Who are the key firms paving the way for growth in the compound management market?
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.
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What Is Covered In The Compound Management Global Market Report?
•Market Size Forecast: Examine the compound management market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the compound management market for a structured understanding.
•Key Players Overview: Analyze major players in the compound management market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the compound management market.
•Segment Contributions: Evaluate how different segments drive overall growth in the compound management market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the compound management market.
•Industry Challenges: Identify potential risks and obstacles affecting the compound management market.
•Competitive Landscape: Review strategic developments in the compound management market, including expansions, agreements, and new product launches.
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