Compound Management Market | Size and Share [2021-2031]
The Compound Management Market size is projected to reach US$ 950.14 million by 2031 from US$ 369.1 million in 2023. The market is expected to register a CAGR of 14.20% in 2023–2031. Increasing outsourcing activities related to compound management and the growing biobanking or biopharmaceutical industry are fueling the compound management market. The management of chemical libraries, includes databases and restoring outdated chemicals, updating chemical information etc is in high demand. Compound management also involves effectively maintaining chemical libraries and biological samples to improve the overall safety, purity, shelf life, and other critical aspects of samples which is a boosting factor for market growth.
Compound Management Market Analysis
Increasing R&D activities related to compound management is one of the major factors driving market growth. Rising research and development (R&D) efforts and increasing number of R&D pipeline is another key propelling factor. For instance, the R&D pipeline includes 22,000 drugs in 2023, while in 2022, the number of drugs in the pipeline was approximately 20,109 as per the data retrieved from Pharma Annual Review 2022. Additionally, compound libraries (collections of various chemical compounds) are in higher demand in the pharmaceutical and biotechnology industries due to rising R&D activities. These libraries offer tools for screening and identifying prospective drug candidates. Hence, with rising R&D and adoption of compound libraries market growth of compound management is further expected to augment in the near future.
Compound Management Market Overview
North America is the largest market for Compound Management market growth with the US holding the largest market share followed by Canada. The North American compound management market is driven by the large pharmaceutical and biopharma industry. North American pharmaceutical companies are engaged in drug discovery activities, and it need maintenance of huge chemical libraries. Therefore, to maintain the productivity of advanced drugs and biologics, major pharma and biopharma companies have started building compound management facilities. Thus, this factor is anticipated to fuel the overall market growth.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Compound Management Market: Strategic Insights
Market Size Value in US$ 220.19 million in 2018 Market Size Value by US$ 691.41 million by 2027 Growth rate CAGR of 14.2% from 2019 to 2027. Forecast Period 2019-2027 Base Year 2019
Mrinal
Have a question?
Mrinal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Compound Management Market: Strategic Insights
| Market Size Value in | US$ 220.19 million in 2018 |
| Market Size Value by | US$ 691.41 million by 2027 |
| Growth rate | CAGR of 14.2% from 2019 to 2027. |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
Mrinal
Have a question?
Mrinal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Compound Management Market Drivers and Opportunities
Rising Demand for Biologics and Accelerating Drug Discovery Favors the Market
Robust pharmacovigilance systems are critical to address the complexity of safety data and challenges in detecting Adverse Drug Reaction (ADRs), for both innovator biologics and biosimilars. Additionally, drug discovery process and development of a compound is a costly, lengthy, and complicated process and requires various advanced techniques. Screening process such as High throughput screening is screens a large number of compounds with a biological target. Hence, rising drug discovery activities is further expected to boost the market growth of compound management.
Expanding Biopharma and Pharma Companies in Developing Countries– An Opportunity in the Compound Management Market
Developing countries serves as a key hub for Pharmaceutical and biotechnology companies as these countries offers low labor cost and raw material cost. There has been increasing demand for compound management in Asian countries due to the above mentioned factors. Moreover, rising funding and budgests from these companies focused on compound management. Low cost outsourcing compound management services in the developing countries coupled with rising prevalence of chronic and infectious diseases iis further creating an opportunity for market to grow over the forecast period.
Compound Management Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Compound Management market analysis are product and services, sample type, application, and end user.
- Product & Services (Compound/Sample Management Products and Services), Sample Type (Chemical Compounds and Biosamples), Application (Drug Discovery, Gene Synthesis, and Biobanking), and End User (Pharmaceutical Companies, Biopharmaceutical Companies, Contract Research Organizations (CROs), and Others)
- Based on the product and services, the Compound Management market is segmented into Services and Compound/Sample Management Products. The Compound/Sample Management Products held a larger market share in 2023.
- By application, the market is segmented into Drug Discovery, Gene Synthesis, and Biobanking. The drug discovery held the major market share in the year 2023.
- Based on end users, the market is segmented into Pharmaceutical Companies, Biopharmaceutical Companies, Contract Research Organizations (CROs), and Others. The pharmaceutical companies held the major market share in the year 2023.
Compound Management Market Share Analysis by Geography
The geographic scope of the Compound Management Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. North America dominated the Compound Management Market. The market growth of compound management can be attributed to increasing efforts in R&D activities by pharmaceutical companies as well as the presence of biopharma and pharmaceutical companies operating in the market. In addition, technological advancements in the drug discovery process are likely to be a major growth stimulator for the compound management market in North America.
Compound Management Market Report Scope
Compound Management Market News and Recent Developments
The Compound Management Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Compound Management:
- SPT Labtech announced the acquisition of BioMicroLab, a robotics automation provider, to strengthen its capabilities in automatic sample management. (Source: SPT Labtech, Press Release/Company Website/Newsletter, February 2021)
- Ziath, a leading sample/compound management solutions provider, introduced a new software called Datapaq 3.18 that runs the Acoustix module on a Cube, Mirage, or Express tube, reader. The product is compatible with Labcyte Echo, the latest generation of acoustic dispensers. It offers higher speed and efficiency than many other tube readers available. (Source: Ziath, Press Release/Company Website/Newsletter, December 2020)
- A leading software company for automated processes and laboratory connection Biosero was acquired by BICO. BICO spends up to $20 million over three years to accelerate Biosero’s commercial agenda to expand into new geographical markets and fully maximize on current order pipeline. (Source: Bico, Press Release/Company Website/Newsletter, December 2020)
Compound Management Market Report Coverage and Deliverables
The “Compound Management Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product & Services, Sample Type, Application, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Get Free Sample For