Global Compound Management Market: Overview The size of the global compound management market reached USD 353.8 million in 2020 and is projected to experience a Compound Annual Growth Rate (CAGR) of 17% over the forecast period. The steady growth in market revenue is primarily driven by the rapid expansion of the pharmaceutical and biotechnology industries, increased activity in drug discovery and development, growing demand for outsourcing compound management services, and heightened activities related to sample collection, storage, and transportation.

The increasing need for outsourcing chemical and biological sample management, the burgeoning biobanking sector, a surge in pharmaceutical research and development (R&D) activities, and growing collaborations between academic research institutes and pharmaceutical companies worldwide are crucial factors propelling the revenue growth of the global compound management market. The adoption of automated storage systems, which facilitate efficient management of compound collection and storage while maximizing sample integrity and enhancing the sample sourcing process, is further driving market growth.

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Ensuring the integrity of compound collections and providing high-quality materials for drug discovery efficiently and cost-effectively pose significant challenges in various medical and chemical sectors. Compound management encompasses the management of chemical libraries and biological samples such as nucleic acids or purified proteins, which are essential for drug discovery and high-throughput screening.

A significant driver for the adoption of automated sample management is the bottlenecks in drug discovery. Hardware and software are utilized to determine the efficiency of sample storage and usage in small molecule discovery. Automation offers the advantage of covering a wide range of platform sizes and throughput capabilities, thereby increasing flexibility. Sample collections, which can reach millions, require retrieval and processing for high-throughput screening or secondary screening. These screening processes have historically caused major slowdowns in drug discovery, but technological advancements over the past two decades have helped overcome some of these challenges. Automation in the compound management workflow streamlines various steps of the process, from sample retrieval to high-throughput or high-content screening, driving the popularity of compound management solutions, a trend expected to continue with further technological advancements.

Global Compound Management Market: Dynamics Drivers: The rising adoption of automated storage systems is a key factor driving market growth. In recent years, technological advancements in compound management systems have led to the development of automated storage systems, which have been rapidly gaining traction. These advanced systems help eliminate risks associated with environmental conditions, such as precipitation or degradation, and enable efficient tracking of sample data, type, and location. They provide effective inventory management solutions, along with fully automated processes such as library maintenance, compound weighing, and assay plate preparation.

Restraints: Inefficient management could lead to unfavorable consequences, thereby hindering market growth. Improper compound management poses a significant restraint to the global compound management market's growth, potentially resulting in various unfavorable consequences in the healthcare research sector.

Global Compound Management Market: Application Outlook In terms of application, the global compound management market is broadly segmented into drug discovery, biobanking, gene synthesis, and others. The drug discovery segment holds the largest revenue share in the market, driven by the increasing adoption of advanced drug discovery and development processes, as well as government investments in pharmaceutical and biopharmaceutical industries for drug development.

Global Compound Management Market: Regional Outlook Geographically, the global compound management market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest revenue share in 2020, with the market's growth supported by increasing drug discovery and development activities, a robust presence of leading market players, rising prevalence of chronic and acute diseases, and growing research collaborations between academic institutions and pharmaceutical companies.

Companies Profiled in the Report Key players in the global compound management market include Brooks Life Sciences, Tecan, Hamilton Company, BioAscent, Titian Service Limited, Evotec, Beckman Coulter Inc., LiCONiC Systems, AXXAM S.p.A., and TTP Labtech.

Key Developments In December 2020, Ziath, a leading provider of sample/compound management solutions, introduced a new software called Datapaq 3.18, compatible with Labcyte Echo, offering higher speed and efficiency than many other tube readers currently available.

Global Compound Management Market Segmentation For this study, the global compound management market is segmented based on type, sample type, application, end-use, and region.

Compound Management Market Report Scope

• Market size value in 2020: USD 353.8 million
• CAGR (2020 - 2028): 17%
• Revenue forecast in 2028: USD 1,212.9 million
• Base year for estimation: 2019
• Historical data: 2017-2018
• Forecast period: 2020-2028
• Quantitative units: Revenue in USD Million, CAGR from 2020 to 2028
• Report coverage: Revenue forecast, company ranking, competitive landscape, growth factors, and trends
• Segments covered: By Type Outlook, Sample Type, Application, End-use, Regional Outlook
• Customization scope: 10 hours of free customization and expert consultation.

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