According to the new market research report “Compound Management Market by Product & Outsourcing Services (Instruments (Automated Storage, Decapper), Software), Sample (Chemical Compounds, Biological Samples), End User (Biopharma Companies, Biobank, Pharma Companies, CRO) - Global Forecast to 2023", published by MarketsandMarkets™, The global compound management market is projected to reach USD 424.5 million in 2023 from USD 215.3 million in 2018, at CAGR of 14.5%. Increasing drug discovery activities, the growing biopharmaceutical industry, and the rising trend in outsourcing compound/sample management are the major factors driving the growth of the market.

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The global compound management market is projected to reach USD 424.5 million in 2023 from USD 215.3 million in 2018, at CAGR of 14.5%. Increasing drug discovery activities, growing biopharmaceutical industry, and rising trend in outsourcing compound/sample management are the factors supporting the growth of this market. On the other hand, the large capital investments needed to establish compound management facilities is the major factor limiting market growth.

In this report, the market has been classified based on product & service, sample type, and end user. Based on product and service, the compound management market is segmented into product (instruments and software) & outsourcing services. In 2018, the products segment is expected to account for the largest share of the market. The outsourcing service segment is projected to grow at the highest rate during the forecast period. This high growth is attributed to the shift in trend towards outsourcing compound management to third-party service providers.

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One of the major factors restraining market growth is the high capital investments required to build a compound/sample management facility, including investment in both hardware and software, such as the installation of new automated liquid compound storage systems linked to a powerful inventory database. Due to this requirements, setting up such facilities may put them out of reach for small or medium-size pharmaceutical companies. Research institutes with limited budgets also find it difficult to afford such instruments. However, growth in the services market may alleviate problems of high capital investment.

Key players that provide compound management systems are Brooks Life Sciences (US), Hamilton Company (US), TTP Group (US), Labcyte (US), Biosero (US), and Tecan (Switzerland). Companies that provide compound management services include Evotec (Germany), Wuxi AppTec (China), Icagen (US), TCG Lifescience (India), and Frontier Scientific (US). These players focus on both organic and inorganic growth strategies such as product launches, partnerships, and agreements to maintain and enhance their market share in the compound management market.

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