PUBLISHER: The Insight Partners | PRODUCT CODE: 1874010
PUBLISHER: The Insight Partners | PRODUCT CODE: 1874010
The Compound Management Market is anticipated to grow from US$ 421.51 million in 2024 to US$ 950.14 million by 2031, reflecting a compound annual growth rate (CAGR) of 14.20% during the period from 2031 to 2031. This growth is driven by an increase in outsourcing activities related to compound management and the expanding biobanking and biopharmaceutical sectors. There is a significant demand for the management of chemical libraries, which includes maintaining databases, updating chemical information, and restoring outdated chemicals. Effective compound management also encompasses the upkeep of chemical libraries and biological samples, enhancing safety, purity, shelf life, and other critical sample attributes, thereby contributing to market growth.
Analysis of the Compound Management Market
One of the primary factors propelling market growth is the rise in research and development (R&D) activities associated with compound management. The increasing number of R&D projects is another significant driver. For example, the R&D pipeline included 22,000 drugs in 2023, up from approximately 20,109 in 2022, according to the Pharma Annual Review 2022. Furthermore, the demand for compound libraries-collections of various chemical compounds-has surged in the pharmaceutical and biotechnology sectors due to heightened R&D activities. These libraries serve as essential tools for screening and identifying potential drug candidates. Consequently, the growth in R&D and the adoption of compound libraries are expected to further enhance the compound management market in the near future.
Overview of the Compound Management Market
North America leads the Compound Management Market, with the United States holding the largest market share, followed by Canada. The growth of the compound management market in North America is fueled by the robust pharmaceutical and biopharma industries. Companies in this region are heavily involved in drug discovery, necessitating the maintenance of extensive chemical libraries. To sustain the productivity of advanced drugs and biologics, major pharmaceutical and biopharmaceutical firms are establishing compound management facilities, which is expected to drive overall market growth.
Strategic Insights
Drivers and Opportunities in the Compound Management Market
Growing Demand for Biologics and Accelerating Drug Discovery Support Market Growth
Effective pharmacovigilance systems are essential for managing the complexities of safety data and for identifying Adverse Drug Reactions (ADRs) in both innovator biologics and biosimilars. Additionally, the drug discovery process is often lengthy, costly, and complex, requiring advanced methodologies. High throughput screening, for instance, allows for the evaluation of numerous compounds against biological targets. Therefore, the increase in drug discovery activities is likely to further stimulate the growth of the compound management market.
Opportunities in the Compound Management Market from Expanding Biopharma and Pharma Companies in Developing Nations
Developing countries are becoming key hubs for pharmaceutical and biotechnology firms due to lower labor and raw material costs. There is a growing demand for compound management services in Asian nations driven by these factors. Additionally, there is an increase in funding and budgets allocated by these companies towards compound management. The availability of cost-effective outsourcing for compound management services in developing countries, combined with the rising incidence of chronic and infectious diseases, presents further opportunities for market growth during the forecast period.
Segmentation Analysis of the Compound Management Market
The analysis of the Compound Management market is segmented by product and services, sample type, application, and end user.
Geographical Analysis of the Compound Management Market
The geographic analysis of the Compound Management Market report is divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. North America is the dominant region in the Compound Management Market, driven by increased R&D efforts from pharmaceutical companies and the presence of biopharma and pharmaceutical firms. Additionally, advancements in drug discovery technologies are expected to significantly contribute to the growth of the compound management market in North America.
Scope of the Compound Management Market Report
Recent Developments in the Compound Management Market
The Compound Management Market is assessed through qualitative and quantitative data collected from primary and secondary research, including key corporate publications, association data, and databases. Notable developments in the Compound Management market include:
Deliverables and Coverage of the Compound Management Market Report
The report titled "Compound Management Market Size and Forecast (2021-2031)" provides a comprehensive analysis of the market, covering the following areas: