Compound Management Market Size to Reach $1371.17 Million at a CAGR of 16.20% by 2030
Compound Management Market is projected to attain a value of USD 1371.17 Million by 2030 at a CAGR of 16.20% during the forecast period, 2023–2030.
Global Compound Management Market is valued at USD 412.51 Million in 2022 and is projected to attain a value of USD 1371.17 Million by 2030 at a CAGR of 16.20% during the forecast period, 2023–2030.
The compound management market refers to the industry that provides services related to the storage, tracking, and distribution of chemical compounds for use in drug discovery and other life science research.
The growth of the compound management market is driven by the increasing demand for new drug discovery, which requires the screening of large chemical libraries. The increasing complexity and diversity of chemical libraries, as well as the need for efficient management and tracking of these libraries, have contributed to the growth of the market.
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The market is also supported by technological advancements in compound storage and retrieval systems, as well as the growing adoption of automated compound management systems. These systems offer increased efficiency, accuracy, and cost-effectiveness in compound management processes.
Top Companies in Compound Management Market
- Brooks Life Sciences (US)
- Titian Software Limited (UK)
- Beckman Coulter Inc (US)
- Hamilton Company (US)
- Evotec (Germany).
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Compound Management Market Dynamics:
Global Compound Management Market is valued at USD 355.5 Million in 2021 and is projected to attain a value of USD 897.1 Million by 2028 at a CAGR of 16.5% during the forecast period, 2022–2028. Bio-pharmaceuticals are the pharmaceutical industry's fastest-growing category. The sample management market will benefit from this sector's expansion, as increasing biologic output will raise need for sample management. The increasing demand for biologics, the emergence of biosimilars, and increased R&D expenditure in bio-pharmaceutical businesses, as well as the rising frequency of chronic diseases, are all contributing to the expansion of the bio-pharmaceuticals market. Furthermore, by focusing on outsourcing functions to CROs and CMOs, most biotech and bio-pharma businesses have been able to focus on their core competencies.
The recent outbreak of COVID-19 has prompted Compound Management Market solution vendors to respond fast in order to meet the growing need for high-quality virus protection services. COVID-19 has engulfed the whole healthcare ecosystem, from pharmaceutical corporations to medicine producers to COVID-19 vaccine developers to health insurance and hospitals, thanks to its rapid expansion. During this time, applications like telemedicine, remote patient monitoring, and interactive medicine, as well as inpatient monitoring, are projected to gain popularity.
Emerging markets like India and China are likely to become important manufacturing hubs for pharma and biotech. Low labor and raw material costs, expanding life science research, government assistance, and technological integration and breakthroughs are all factors. Various Asian governments have set aside considerable sums of money to stimulate research in the bio sciences business.
For example, the Indian government declared in 2014 that it will invest up to USD 5 billion per year for the following five years to enhance the country's biotechnology sector. The Department of Biotechnology (DBT) is collaborating with government-funded organisations such as the National Biotechnology Board (NBTB) to make India a global powerhouse for biotechnology research.
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What is Compound Management?
Compound management refers to the process of acquiring, storing, tracking, and distributing chemical compounds for use in drug discovery and other life science research. It involves the management of large collections of chemical compounds, which may include small molecules, peptides, nucleotides, and other organic molecules.
The process of compound management begins with the acquisition of chemical compounds from various sources, such as chemical suppliers, academic institutions, or other research organizations. The compounds are then subjected to quality control procedures, which may include chemical analysis, purity testing, and other characterization methods.
Once the compounds have been qualified, they are stored under controlled conditions in specialized storage facilities, such as automated compound storage systems or manual storage cabinets. The compounds are tracked using a variety of software and hardware systems, which allow researchers to quickly and efficiently locate and retrieve specific compounds.
Compound management services also include the distribution of compounds to researchers for use in drug discovery and other research activities. These services may involve the preparation of custom compound libraries, as well as the provision of on-demand compound screening and analysis services.
Overall, compound management is an essential component of the drug discovery process, enabling researchers to efficiently screen large chemical libraries and identify potential drug candidates.
Compound Management Market Challenges
High capital investment: The establishment of a compound management system requires significant capital investment, including the acquisition of specialized equipment, facilities, and personnel. This may make it difficult for new players to enter the market or for small companies to expand their operations.
Quality control: Maintaining the quality of the chemical compounds is crucial for the success of drug discovery and research. However, this requires rigorous quality control measures, including chemical analysis, purity testing, and characterization. Ensuring the quality of the compounds is a challenging task that requires a high level of expertise and resources.
Data management: Compound management generates large volumes of data, including information on compound identity, quality, and storage conditions. Managing and analyzing this data can be a daunting task, and requires sophisticated data management systems and personnel with specialized skills.
Regulatory compliance: The compound management industry is subject to regulatory requirements, such as safety and security regulations, data privacy laws, and intellectual property protection. Compliance with these regulations can be complex and time-consuming, requiring significant resources and expertise.
Competition: The compound management market is highly competitive, with numerous players offering similar services. This may lead to price pressure and margin erosion, as well as the need for companies to differentiate themselves through innovation and service quality.
- In 2018, Brooks Automation partnered with the Cleveland Clinic to open a new biobanking facility for Cleveland Clinic by utilizing Brooks' sample storage solutions.
- In 2018, Brooks Automation acquired BioSpeciMan Corporation to expand its consumer base, sample management services offering, and geographic footprint.
- In 2018, Tecan collaborated with DiaSorin to deploy its Tecan's Fluent Laboratory Automation Solution into its nucleic acid extraction platform.
The North America is expected to dominate the market over the forecast period. This is attributable to the large number of pharmaceutical and biotechnology businesses engaged in drug development. As a result, there is a growing need for services in this area. Furthermore, as disease-related morbidity and mortality have increased, more medication candidates have been discovered, fueling this region's rise.
The Middle East and Africa regions are expected to experience substantial growth in the Compound Management Market due to the increasing adoption of biobanking and software upgrades. The Asia Pacific market is also expected to expand rapidly over the forecast period, driven by continuous research in the region, government initiatives, and private-public collaborations. Additionally, several programs have been implemented across Africa to enhance the efficiency of National Medicines Regulatory Authorities (NMRAs), contributing to the growth of the Compound Management Market in the region.
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