According to the Market Statsville Group (MSG), the Global Compound Management Market size is expected to grow from USD 498.8 million in 2022 to USD 2,388.0 million by 2033, at a CAGR of 15.3% from 2023 to 2033.

Compound Management is defined as the management of chemical libraries. It includes restoring obsolete chemicals, databases containing data, robotic technology frequently engaged in retrieving chemicals, and quality control related to the storage environment. The chemicals are physically stored in a chemical library or libraries, frequently assembled from outside vendors and internal chemical synthesis efforts. Each chemical in the storage bank and its banked location must be monitored for shelf life, quantity, purity, and other parameters. Compounds used in research begin their journey in the collection, then are stored, processed, and finally reach the research labs for drug development.

Global Compound Management Market Definition

Compound management is expected to drive the market in the coming years due to rising demand for chemical and biologic outsourcing and growth in the biobanking sector. In addition, rising drug delivery projects and drug discovery activities are expected to boost the market in the coming years. Furthermore, rising market expertise collaboration and acquisition and rising investment in compound management research and development are expected to fuel the market during the forecasted period. Certain constraints and challenges can impede the market growth. High investment costs and a scarcity of skilled professionals are likely to act as market restraints.

COVID-19 Impact on the Global Compound Management Market

The healthcare market is struggling due to COVID-19 spreading over the globe and the required work stoppage. Apart from affecting localities, COVID-19 severely affected developed nations' economies, particularly in the healthcare industry. Major players continue to modify their tactics in reaction to the fast-shifting environment. The healthcare sector is projected to have long-term effects from COVID-19. Until the issue was resolved, significant players and nations would be compelled to implement important healthcare changes.

Technological advancement, cost containment, and increased access will all be part of healthcare reforms in the near future. In the midst of the ongoing outbreak, digital health and telehealth have taken center stage. The importance of remote diagnosis, care, and consultation was emphasized again at COVID-19. Regulatory and behavioral barriers have slowed Telehealth growth in recent years. However, because many healthcare providers are currently working on video conferencing and phone calls, the growth of this segment will be multiplied several times over the next two years. Patients with moderate symptoms are required to consult online under the social distancing measures. Furthermore, it significantly reduces the hospital burden that COVID-19 patient counts are already overloaded.

Global Compound Management Market Dynamics

Drivers: Growth of The Biopharmaceutical Industry

The growth of this industry will also help the sample management market since the demand for sample management will rise as biological output rises. The market for biopharmaceuticals is expanding due to an increase in the demand for biologics, the development of biosimilars, rising R&D spending by biopharmaceutical companies, and an increase in the prevalence of chronic diseases. Furthermore, most biotech and biopharma companies have concentrated on core activities by outsourcing tasks to CROs and CMOs.

Restraints: Compound Management Facilities Involve Large Capital Investments

Large capital expenditures are required for a compound/sample management facility, including installing new automated liquid compound storage systems connected to a powerful inventory database. For instance, a largely automated storage system costs between USD 1 million and USD 10 million. The high capital requirements for establishing such facilities may be out of reach for small or medium-sized pharmaceutical companies. Such instruments are also difficult to obtain for research institutes with limited budgets. As a result, manual storage systems are still preferred by these end-users.

Opportunities: Manufacturing of Pharmaceuticals and Biopharmaceuticals is Expanding in Emerging Economies

Emerging markets - India and China are expected to emerge as key manufacturing hubs for pharma and biotech. This is primarily due to their low labor and raw material costs, increased life science research, government support, technological integration and advancements. Various Asian governments have allocated large budgets to encourage research in the life sciences industry. For instance, the Indian government announced in 2014 that it would invest up to USD 5 billion per year for the next 5 years to boost the country's biotechnology sector. The Department of Biotechnology (DBT) and government-funded institutions such as the National Biotechnology Board (NBTB) collaborate to make India a global biotechnology research hub.

Scope of the Global Compound Management Market

The study categorizes the compound management market based on product & service, sample type and end-user at regional and global levels.

By Product & Service Outlook (Sales, USD Million, 2019-2033)

• Products
  • Instruments
  • Software
• Outsourcing Services

By Sample Type Outlook (Sales, USD Million, 2019-2033)

• Chemical Compounds
• Biosamples

By End-User Outlook (Sales, USD Million, 2019-2033)

• Pharmaceutical Companies
• Biopharmaceutical Companies
• Contract Research Organizations
• Others

By Region Outlook (Sales, USD Million, 2019-2033)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

North America accounts for the largest market share by Region

Based on the regions, the global compound management market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. North America will have the largest market share due to the presence of a large pharmaceutical and biopharma industry. Leading pharmaceutical and biopharma companies have started to construct compound management facilities to maintain the productivity of novel drugs and biologics. As a result, such market trends are likely to assist North America is dominating the overall market.

Competitive Landscape - Global Compound Management Market

The global compound management market is highly competitive, with key industry players adopting strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most market companies focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations.

Major players in the global compound management market are:

• Beckman Coulter Inc
• Brooks Life Sciences
• Evotec
• Icagen Inc
• TCG Lifesciences Pvt Limited
• SPT Labtech
• Company 7
• Company 8
• Company 9
• Company 10

Key Issues Addressed

• What is the market size by various segmentation of the compound management by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter's 5 forces of the compound management market?
• What are the key opportunities and trends for manufacturers involved in the compound management supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how regulations, schemes, patents, and policies are impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of compound management in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.