Compound Management Market : Indicates Impressive Growth Rate In Healthcare And Pharmaceuticals

The growth of the market can be attributed to increasing drug discovery activities, the growing biopharmaceutical industry, and the rising trend in outsourcing compound/sample management.

[118 Pages Report] The Compound management market is projected to reach USD 424.5 million in 2023 from USD 215.3 million in 2018, at a CAGR of 14.5% during the forecast period.

Compound management is the storage and management of chemical libraries and biosamples used for drug discovery research and clinical purposes. This process comprises multiple steps, including sample acquisition, storage, reformatting, assay plate preparation, and retrieval of a compound/sample.

Market Dynamics

• Increasing Drug Discovery Activity
• Growth of the Biopharmaceutical Industry
• Rising Outsourcing of Compound/Sample Management
• Growth of the Biobanking Sector

"By sample type, the chemical compounds segment to account for the largest share during the forecast period."

The rising drug discovery activity is leading to an increased demand for compounds, which is positively affecting market growth.

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The outsourcing services segment is projected to register the highest CAGR during the forecast period. This high growth is due to the shift in trend towards outsourcing compound management to third-party service providers. These companies are experts in compound management and provide various services to pharmaceuticals, biopharmaceuticals, and CROs with regard to their compound storage needs, and are reasonably priced.

The geographical regions mapped in the report are:

1. North America
2. Europe
3. Asia-Pacific
4. Latin America
5. Middle East and Africa

The large share of North America is attributed to the presence of the large pharmaceutical and biopharma industry. As a result, several companies in North America are engaged in drug discovery activities, which require the maintenance of substantial chemical libraries. Moreover, to maintain the productivity of such innovative drugs and biologics, most of the leading pharma and biopharma companies have started building compound management facilities or contracting external service providers.

Some key players mentioned in the research report are:

Brooks Automation (US), Hamilton Company (US), TTP Group (US), Labcyte (US), Biosero (US)

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Restraint: Large capital investments required to establish compound management facilities

High capital investments are required to build a compound/sample management facility, including investment in both hardware and software, such as the installation of new automated liquid compound storage systems linked to a robust inventory database. The average cost of a large automated storage system, for example, ranges between USD 1 million and USD 10 million. The high capital requirements for setting up such facilities may put them out of reach for small or medium-size pharmaceutical companies. Research institutes with limited budgets also find it difficult to afford such instruments. As a result, the use of manual storage systems is still preferred among these end-users.

Opportunity :Expansion of pharma & biopharma manufacturing in emerging markets

Emerging markets such as India and China are expected to emerge as key hubs for pharma and biotech manufacturing. This can mainly be attributed to their low labor and raw material costs, rising life science research, government support, and technological integration and advancements. Governments of various Asian countries have been allocating large budgets to encourage research in the life sciences industry.

For instance, in 2014, the Indian government announced investments of up to USD 5 billion each year over the next five years to boost the biotechnology sector in the country. The Department of Biotechnology (DBT) and government-funded institutions like the National Biotechnology Board (NBTB) are working together to transform India into a global hub for biotechnology research.

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