Rise in Pharmaceutical R&D and New Drug Development Projects is Escalating the Growth of Compound Management Market
Published: Apr, 2023
There has been a significant increase in the drug discovery activities which is creating a demand for the compound management market all over the world. Furthermore, biopharmaceutical industries have showcased a significant growth in the past decade. Manufacturers are introducing new latest medicines, therapy forms, progressing digitalization, and constant management changes which is expected to create lucrative opportunities in the market. Another important element that is anticipated to significantly contribute to the worldwide market revenue growth is the rising need for completely automated compound management systems. Furthermore, the importance of remote diagnosis, care, and consultation is re-emphasized due to COVID-19 which is expected to have a significant impact on the compound management market during the forecasted timeline.
The market players in the area are continuously working toward better and more efficient solutions and evolving the life of available products through awareness campaigns regarding compound management, product launches, which will complement the market growth.
According to Marketlook Consulting’ research report “Global Compound Management Market Analysis, 2021”, the compound management market is anticipated to grow at a CAGR 16.4% during 2022-29. The market would reach to USD 1,391.4 million by 2029.
Based on type of products, the market is segmented into compound/sample management products and outsourcing services. The compound management products segment acquired the largest share in 2021 and is expected to continue to dominate the market during the forecast period owing to the growing demand for automation to manage the compound and libraries is expected to propel the segment growth. Furthermore, significant number of small and medium-sized organizations lacking infrastructure would increase the demand for compound management outsourcing services during the forecast period.
“Global Compound Management Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the compound management providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
North America Dominated the Market
Based on leading regions, North America dominated the global compound management market in 2021 and is projected to maintain its dominance during the forecasted period 2022-29 since a large number of pharmaceutical and biotechnology firms are involved in drug discovery in the region. Favorable initiatives by public organizations for drug discovery and research are further promoting the market growth. Furthermore, rising outsourcing of compound management, and the current rising trend of biobanking are projected to fuel the demand for compound management market in the forthcoming period as stated in Marketlook Consulting research report “Compound Management Market Analysis, 2021”.
According to Marketlook Consulting’, the key players with a considerable market share in the global compound management market are Brooks Life Sciences, Azenta US, Inc., Tecan Trading AG, Hamilton Company, BioAscent, Titian Service Limited, LiCONiC Systems, AXXAM SpA, Evotec, Beckman Coulter Inc.
Market Segmentation:
- By Product (Compound/ Sample Management Products, Outsourcing Services)
- By Sample Type (Chemical Compounds, Bio Samples)
- By End User (Biopharma companies, Bio bank, Pharma companies, CRO)
- By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa)
- By Company (Brooks Life Sciences, Azenta US, Inc., Tecan Trading AG, Hamilton Company, BioAscent, Titian Service Limited, LiCONiC Systems, AXXAM SpA, Evotec, Beckman Coulter Inc)
Key questions answered in the study:
- What are the current and future trends of the compound management market industry?
- How the industry has been evolving in terms of user types demand and application areas?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the compound management industry?
- What is the customer orientation, purchase behavior, and expectations from the compound management firms across various regions?