by Compound management plays a vital role in drug discovery and biomedical research by providing ready access of chemical compounds and screening applications. It involves activities like compound registration, chemical storage and active maintenance, and dereplication of chemical structures. Compound management aims at maintaining quality, integrity and accessibility of compound libraries through various dispensing, storage and tracking solutions.
The global compound management market is estimated to be valued at US$ 436.2 Mn in 2024 and is expected to exhibit a CAGR of 14.7% over the forecast period of 2024 to 2031.
Key Takeaways
Key players operating in the compound management are TCG Lifesciences, Wuxi Apptec, Icagen, Evotec, Biosero, Labcyte, TTP Group, Hamilton Company, Tecan, Brooks Automation, Frontier Scientific, Brooks Life Sciences, Titian Software Limited, Beckman Coulter, Inc., BioAscent, LiCONiC AG, SPT Labtech, and Tecan Trading AG.
The market provides ample opportunities for players as increased investments in drug discovery translate to higher demand for efficient compound management solutions. Technological advancements have enabled the development of integrated, highly automated systems for storing and retrieving compounds, ensuring sample integrity and security.
Market Drivers
The increasing Research & Development expenditure especially in pharmaceutical and biotechnology industries is a key Drive for Compound Management Market Size. As per estimates, the global R&D spending is expected to witness a CAGR of over 6% during 2019-2024. Growing R&D spending enables organizations to invest in advanced systems and infrastructure to improve productivity in drug discovery workflows. Furthermore, rising prevalence of diseases is also stimulating pharmaceutical companies to invest more in finding novel therapies, thereby augmenting demand for compound management services and solutions.
Current challenges in Compound Management Market
Compound libraries have grown significantly over the years in size and complexity, presenting inherent challenges in efficient storage, retrieval, and transfer of compounds for screening and other research activities. Manual methods are time-consuming and error-prone. Sophisticated informatics is needed to track the status and properties of an enormous and growing collection of compounds. Limited automation and integration leads to bottlenecks in daily operations. Ensuring sample purity and identity during various handling steps from inventory to assays also requires robust quality control measures and validated technologies.
SWOT Analysis
Strength: Automated systems provide high-throughput operation, minimize human errors, and enhance reproducibility. Web-based interfaces facilitate remote access and real-time monitoring.
Weakness: High initial capital investments. Limited interoperability between automated instruments from different vendors.
Opportunity: Growing need for customized solutions for specific end-user need. Integration of informatics and robotics for fully automated workflows.
Threats: Vulnerability of IT systems to hacking and data breaches. Stringent regulatory oversight on library curation and compound supply processes.
Geographically, North America dominates the Compound Management Market Size And Trends, accounting for the largest revenue share currently. This is attributed to extensive R&D spending and a large number of drug discovery organizations in the region. Asia Pacific is poised to witness the fastest growth during the forecast period supported by increasing investments in life science research, expanding biopharma industry, and progressive regulatory framework. China, India, South Korea, and Japan are likely to be at the forefront of the regional market.
The United States represents the major geographic market for Compound Management presently on account of a well-established pharmaceutical sector and booming contract research activities. However, growth prospects are strong across other developed countries in Europe. Germany holds significant promise backed by leading research-based pharmaceutical companies and chemical firms located within its borders.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
