According to our new research study on “Compound Management Market Forecast to 2027 – Global Analysis – by Product & Services, Sample Type, Application, End User, and Geography,” the global compound management market size is estimated to reach US$ 691.41 million by 2027 from US$ 220.19 million in 2018; it is estimated to grow at a CAGR of 14.2% during 2019–2027. The report highlights trends prevailing in the market and factors driving its growth. The compound management market growth is attributed owing to rising number of bio banking sectors and upsurge in the demand for software management tools. However, the lack of knowledge regarding the maintenance of compound management and unfavorable government regulations on use of new drugs may hinder the growth of market.
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Growth of the Biobanking Sector Fueling Compound Management Market Growth
Biobanks are probably to have a critical impact across several industrial sectors, and their future success will depend on satisfying the differing needs of each group. The compound management market can play an essential role in the revolution process of biobanking. They can be vital in collecting, processing methods, and discovering the disease nature and sample types received. Biobanks have experienced enormous growth in the volume of samples, especially demanded biomarker and companion diagnostic work. The growth is identified by the rising interest in biomarkers for understanding and identifying the molecular basis of disease. At present, there is a wide range of providers extending from niche collections who study one disease area to commercial suppliers, and numerous have service-focused organizations. Academic researchers can often obtain samples with less or no cost from academic biobanks and hence have less need to access samples from commercial biobanks. Thus, the rising number of biobanks helps in the growth of the compound management market. It improves the quality and efficacy of compound management tests and is expected to favor the growth of the market during the forecast period. Biobanking solutions need to offer researchers high-quality samples through optimal processing, preservation, and storage while providing the infrastructure and flexibility to scale.
North America accounted for the largest share in 2018 and is expected to continue with a similar trend over the forecast period. The North America compound management market is segmented into the US, Canada, and Mexico. The compound management market in the US is expected to grow rapidly owing to increasing expenditure on R&D activities by pharmaceutical companies. Moreover, various pharmaceutical companies are focusing on the development of new leads and to store a huge amount of samples. Additionally, the rise in demand for services and medicines in areas of orphan and rare diseases is expected to stimulate the drug manufacturers to consult specialist therapeutics and global site relationships through contract research organizations to help them design personalized medicines and recruit patients for clinical trials. Moreover, increasing investments by the government into the healthcare sector to develop medicines for chronic diseases is expected to propel the demand for compound management products.
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Compound Management Market: Segmental Overview
Product & Services-Based Insights
The global compound management market, based on product & services, is bifurcated into compound/sample management products and services. The compound/sample management products segment accounted for a larger share of the compound management market in 2018. However, the services segment is expected to witness the highest growth from 2019 to 2027.
Sample Type-Based Insights
The global market, based on sample type, is divided into chemical compounds and biosamples. The chemical compounds accounted for a larger share in 2018. However, the biosamples segment is expected to witness the fastest growth over the forecast period.
Application-Based Insights
The global compound management market, based on application, is segmented into drug discovery, gene synthesis, and biobanking. In 2018, the drug discovery systems segment held the largest share.
End User-Based Insights
The global compound management market, based on end user, is segmented into pharmaceutical companies, biopharmaceutical companies, contract research organizations (CROs), and others. In 2018, the pharmaceutical companies segment held the largest share. On the other hand, the biopharmaceutical companies segment is expected to witness the fastest growth over the forecast period.
Compound Management Market: Competitive Landscape and Key Developments
Biosero Inc.; WuXi AppTec; Evotec; Icagen, Inc.; TCG Lifesciences Pvt. Ltd.; TTP Labtech; Frontier Scientific Inc.; Hamilton Company; Tecan Trading AG; and Brooks Life Sciences are among the leading companies in the global compound management market.
- In February 2019, Tecan launched a new NGS DreamPrep, a fully automated platform for next generation sequencing (NGS) library preparation.
- In November 2018, Brooks Automation acquired GENEWIZ Group, one of the leading genomics service providers that enabled research scientists to advance their discoveries within the pharmaceutical, academic, biotechnology, agriculture and other markets.
- In September 2021, OpenEye Scientific and Enamine, one of the leading global providers of billions of new screening compounds to the drug discovery market, partnered to provide faster and more accurate virtual screening of ultra-large compound libraries through access to innovative software.
- In June 2021, Enamine Ltd. announced strategic alliance with Chemspace, one of the online marketplace leaders for small molecules, and will use the company as its exclusive aggregator platform to supply worldwide all its catalogue products starting from January 2022.
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