The global compound management market was anticipated to grow with a CAGR of nearly 16.7% during the forecast period. Growth in the biopharmaceutical industry, increasing drug discovery activities, as well as increasing demand for outsourcing these services, are the major growth propellers for the market. The upsurge in the demand for software management tools is owing to the increasing number, variety as well as the size of the sample collections around the world. Earlier, numerous organizations preferred to set up and maintain their own software systems for sample management. Thus, many have now shifted to outsourced solutions due to lesser cost. For instance, Titan Software Limited supplied its Mosaic sample management system to various consumers ranging from CROs to large pharmaceutical companies as well as biotech start-ups.
Automated storage systems maximize sample integrity, manage collections of compounds more efficiently as well as improve turnaround times while sourcing samples. Moreover, new automated technology for sample management has led to the introduction of innovations that support novel approaches for high-throughput screening. Fully automated systems include weighing and dissolution of the compound, preparation of assay plate and library maintenance that completely improve workflows of drug discovery by eliminating error-prone and time-consuming tasks.
Companies are increasingly undertaking collaborations and leveraging expertise, which is expected to propel the compound management market. Rising partnerships between private or public entities build up the drug discovery processes, which in turn, increase the global demand. However, high cost of compound management may hamper business growth in the future.
Key Market Trends
Automated Storage Systems By Product Segment is Expected to Dominate the Market Over the Forecast Period.
- The product segment is further divided into automated liquid handling systems, automated compound/sample storage systems and other compounds/sample storage systems which includes capper/decapper systems.
- Automated storage systems segment is expected to exhibit lucrative growth over the forecast period owing to increasing demand for automation to manage the compound and libraries. Plates, tubes, and vials can be managed by automated compound store equipment to permit plate stamping compound reformatting and tracking.
- Benefits offered by this product such as enhanced overall reliability as well as efficiency thus allowing users to focus attention on high-value activities. Novel systems are also providing the flexibility required for smaller companies to benefit from the integration of the system. It will eventually increase the market for automated storage systems.
- Technological advancements in automated storage systems over the years are also projected to bolster the market growth. For instance, the Verso automated storage system offers a range of adaptable configurations, comprising an entry-level Verso SE series to suit the changing needs of compound storage.
The North America Dominates the Market and is Expected to Continue the Same during the Forecast Period
North America dominated the global compound management market in terms of revenue share in 2019 owing to the strong base of biotechnology and pharmaceutical companies that are involved in drug discovery activity. Thus, there is an increasing demand for products and services in this region. Moreover, the increase in disease-related mortality and morbidity has led to the discovery of more drug candidates, thereby augmenting the growth in this region.
The Asia Pacific is expected to witness the fastest growth over the forecast period. Ongoing studies in drug discovery, government initiatives, and private-public collaborations are some of the other factors likely to boost the growth of the regional market. Japan contributed to the largest market share owing to favorable government support. The revised Pharmaceutical Affairs Law supports research activities regarding tissue diagnostics and cancer in Japan, which is expected to drive the market for compound management in this country in the near future.
Competitive Landscape
The global compound management market is moderately competitive in nature. Various companies are striving to gain market share by adopting competitive strategies such as joint ventures and research partnerships. Some key players operating in the 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.
The players are constantly involved in strategic initiatives such as new product launch, technological advancements, regional expansion and mergers and acquisitions in order to gain deeper penetration. For instance, In January 2019, Beckman Coulter Life Sciences announced the acquisition of Labcyte, which is a liquid handling company based in California, with an aim to expand laboratory automation business.
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