Increasing sample collection and storage, and drug discovery and development activities, and surging need for compound management outsourcing are expected to boost market growth
Market Size – USD 353.8 million in 2020, Market Growth – at a CAGR of 17%, Market Trends – Expanding biobanking sector along with growing pharmaceutical and biotechnology sectors.
The global Compound Management Market size is expected to reach USD 1,212.9 million by 2028 and register a CAGR of 17% over the forecast period, according to a latest report by Reports and Data. Steady global market revenue growth is primarily attributed to increasing drug discovery and development programs worldwide, rise in sample storage and transportation activities, growing need for compound management outsourcing services, and expanding pharmaceutical and biotechnology sectors. Some other significant market growth-influencing factors are growing emphasis on outsourcing chemical and biological samples, increasing pharmaceutical R&D activities, rising focus on biobanking, and surge in research collaborations among universities and research institutes and pharmaceutical companies. However, inaccurate management and lack of expertise in compound management are some of the key factors expected to restrain global market revenue growth to some extent going ahead.
Compound management, also known as compound control, refers to the advanced management of chemical libraries and various biological samples used in drug discovery and development. The key functions of compound management include collection, storage, monitoring, and quality preservation of compounds. Moreover, it renews outdated chemicals, manages robotics used to fetch chemicals, and maintains databases. Compound management ensures the safety, purity, shelf life, and integrity of compounds, and also helps obtain precise results in assays, experiments, and high-throughput screening. Surging adoption of automated compound management and storage systems and increased government funding for healthcare research & development activities are the other key factors driving market growth.
Furthermore, the report is furnished with the latest impact of the COVID-19 pandemic on the market. The pandemic has affected every segment of the market, along with bringing disruption in the supply chain, demands & trends, and financial difficulties. The report covers the initial and future assessment of the COVID-19 impact on the market.
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Geographical Segmentation:
The report essentially evaluates the significant presence of the global Compound Management market across the world’s major regions. The global Compound Management market has been categorized into several key geographical regions. North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa are the leading Compound Management market regions. In this section of the report, the authors have examined the market share, market size, revenue contribution, sales network, distribution channels, and numerous other aspects of each geographical segment.
Reports and Data’s latest report sums up the significant changes in the global business sector that followed the COVID-19 outbreak. The pandemic has also had an enormous impact on the global Compound Management market, disrupting the market dynamics and trends. The global health crisis has gravely affected the Compound Management industry, disrupting the global supply chains and bringing about volatility in prices and product demand. However, industry experts believe that the global Compound Management market will regain traction in the post-COVID scenario. The report further offers a preliminary and a future assessment of the pandemic’s impact on this lucrative business space.
Key findings of the report:
Among the type segments, the products segment is expected to account for dominant revenue share contribution to the global compound management market over the forecast period. Rising demand for automated compound management and storage systems worldwide and optimal efficiency and reliability offered by these systems are some key factors fueling revenue growth of this segment.
Among the application segments, the drug discovery segment accounted for dominant revenue share in the global compound management market in 2020. Robust revenue growth of this segment can be attributed to technological advancements in drug discovery and development techniques and considerable investments by governments worldwide in the pharmaceutical industry for drug discovery.
The compound management market in Asia Pacific is projected to register the fastest revenue growth rate over the forecast period. Rise in drug development activities, rising prevalence of life-threatening and chronic diseases, increasing imports and exports of pharmaceutical drugs, and rising number of pharmaceutical and biotechnology companies in countries in the region are factors expected to drive Asia Pacific market growth.
BioAscent, Beckman Coulter Inc., Evotec, Hamilton Company, Brooks Life Sciences, Titian Service Limited, LiCONiC Systems, TTP Labtech, AXXAM S.p.A., and Tecan are major companies operating in the global compound management.
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For the purpose of this study, the global Compound Management market has been segmented on the basis of disease type, application, distribution channel, and region:
By Type (Revenue, USD Million; 2018-2028)
Products
Services
Outsourcing Services
Others
By Sample Type (Revenue, USD Million; 2018-2028)
Chemical Compounds
Biological Samples
Others
By Application (Revenue, USD Million; 2018-2028)
Drug Discovery
BioBanking
Gene Synthesis
Others
By End-user (Revenue, USD Million; 2018-2028)
Pharmaceutical Companies
Biopharmaceutical Companies
Research and Academic Institutes
Contract Research Organizations (CROs)
Others
Table Of Contents:
Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Market Definition
1.3. Information Procurement
1.3.1. Purchased Database
1.3.2. Internal Database
1.3.3. Secondary Sources & Third-Party Perspectives
1.3.4. Primary Research
1.4. Information Analysis
1.4.1. Data Analysis Models
1.5. Market Formulation & Data Visualization
1.6. Data Validation & Publishing
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Material Type Outlook
2.3. Application Outlook
2.4. Regional Insights
Chapter 3: Compound Management Market Variables, Trends & Scope
3.1. Market Introduction
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.3.1. Sales/Retail Channel Analysis
3.3.2. Profit Margin Analysis
3.4. Market Dynamics
3.4.1. Market Driver Analysis
3.4.2. Market Restraint Analysis
3.4.3. Industry Challenges
3.4.4. Industry Opportunities
3.5. Business Environment Analysis
3.5.1. Industry Analysis – Porter’s Five Forces
3.5.1.1. Supplier Power
3.5.1.2. Buyer Power
3.5.1.3. Substitution Threat
3.5.1.4. Threat from New Entrant
3.5.1.5. Competitive Rivalry
3.6. Roadmap of Compound Management Market
3.7. Market Entry Strategies
Chapter 4. Consumer Behavior Analysis
4.1. Consumer Trends and Preferences
4.2. Consumer Calorie Perception
4.3. Factors Affecting Buying Decision
4.4. Consumer Product Adoption
4.5. Observations & Recommendations
Continued…
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