A recent study by Triton Market Research titled ‘Global Compound Management Market’ entails the Global Analysis and Forecasts by Application (Drug Discovery, Gene Synthesis, Biobanking), End-user (Pharmaceutical Companies, Contract Research Organization, Biopharmaceutical Companies, Others), Sample Type (Chemical Compounds, Biosamples), Offering (Services, Product [Software, Instrument (Automated Liquid Handling Systems, Manual Compound/Sample Storage System, Automated Compound/Sample Storage Systems]), and by Geography (Asia-Pacific, Latin America, North America, Europe, Middle East and Africa).
The management of chemical libraries refers to compound management. As these chemical libraries are vital in the process of drug discovery, they are kept in environmentally controlled conditions. The managing of these libraries involves various activities, including the renewal of outdated chemicals, maintenance of the chemical database, and quality control of the storage environment.
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Triton’s report predicts that the global compound management market is likely to attain a CAGR of 14.50% during the anticipated years of 2019-2028, while generating a revenue of $923.57 million by 2028.
Research and development expenditure refers to several processes, including discovering, testing, and developing new products. Drug development for pharma companies is a time-consuming and expensive process. Here, compound management helps increase the R&D process by establishing chemical libraries at a given location with the quantity of contents available. Hence, the increase in R&D activities in the pharmaceutical and biotech sectors is one of the major factors driving the market’s growth. However, incompatibility with global systems is mainly restricting the development of the compound management market.
The compound management market is divided into application, end-user, sample type, and offering. Based on application, it is divided into drug discovery, gene synthesis, and biobanking. As per end-user, it is subdivided into pharmaceutical companies, contract research organizations, biopharmaceutical companies, and others. Sample type is bifurcated into chemical compounds and biosamples. Based on offering, it is categorized into services and products. Product is further divided into software and instrument; where the latter is trifurcated into automated liquid handling systems, manual compound/sample storage systems, and automated compound/sample storage systems.
Geographically, North America holds the largest market for compound management in the world. The region’s stronghold is owing to the rapid research and development activities by pharmaceutical companies in the United States. Moreover, the pharma companies are developing new leads to store a large amount of samples with the companies having expertise in compound management. These efforts by pharma and biotech companies to lower the cost of drug development are expected to boost the country’s compound management market.
Furthermore, numerous government organizations have undertaken research activities in the field of cancer treatment in Canada. The Canadian government’s investments in cancer research and drug discovery are among the major factors anticipated to fuel the compound management market in the country and the overall region.
Hamilton Company, Biosero Inc, SPT Labtech, TCG Lifesciences Pvt Ltd, Tecan Trading AG, Beckman Coulter Inc, Bioascent, Titian Software, Evotec, Highres Biosolutions, Axxam SpA, Brooks Life Sciences, Icagen Inc, Liconic Systems, and WuXi AppTec are the renowned players in this market.
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Question & Answer: Compound Management Market
Question 1: What major factor is driving the growth of the compound management market?
Answer: Research and development expenditure refers to several processes, including discovering, testing, and developing new products. Drug development for pharma companies is a time-consuming and expensive process. Here, compound management helps increase the R&D process by establishing chemical libraries at a given location with the quantity of contents available. Hence, the increase in R&D activities in the pharmaceutical and biotech sectors is one of the major factors driving the market’s growth.
Question 2: What factor is restricting the compound management market development?
Answer: The incompatibility with global systems is mainly restricting the development of the compound management market.
Question 3: Which region is the largest market for compound management globally?
Answer: Geographically, North America holds the largest market for compound management in the world. The region’s stronghold is owing to the rapid research and development activities by pharmaceutical companies in the United States. Moreover, the pharma companies are developing new leads to store a large amount of samples with the companies having expertise in compound management. These efforts by pharma and biotech companies to lower the cost of drug development are expected to boost the country’s compound management market.
Furthermore, numerous government organizations have undertaken research activities in the field of cancer treatment in Canada. The Canadian government’s investments in cancer research and drug discovery are among the major factors anticipated to fuel the compound management market in the country and the overall region.
Question 4: Which are the renowned players in the compound management market?
Answer: Hamilton Company, Biosero Inc, SPT Labtech, TCG Lifesciences Pvt Ltd, Tecan Trading AG, Beckman Coulter Inc, Bioascent, Titian Software, Evotec, Highres Biosolutions, Axxam SpA, Brooks Life Sciences, Icagen Inc, Liconic Systems, and WuXi AppTec are the renowned players in this market.
Related Report:
The global drug discovery market is expected to surge during the forecast period of 2019-2028 at a CAGR of 6.50%, while generating $75893 million in revenue by 2028.
Drug discovery is a process that aims to identify a compound that is therapeutically utilized to treat and cure diseases. Moreover, the rise in applications of small molecule drugs for the treatment of chronic diseases is augmenting the demand for these drugs in the market. This growth in demand for small molecules and a rise in chronic disease complications have compelled major companies to enhance their R&D expenditure, thereby propelling potential opportunities for the small molecule drug discovery market.
Factors such as the growing old age population, technological advancements, rise in healthcare expenditure, and surge in lifestyle-oriented diseases drive the drug discovery market’s progress worldwide. Additionally, the growing demand for specialty medicine, along with significant investment by the healthcare industry in enhancing big data analytical capabilities, is offering several growth opportunities to the studied market.
However, delays in product launches and restricted drug growth rates due to generic drugs are major restraints that impact the drug discovery market’s expansion.
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