Acquisitions was the Key Growth Strategy Adopted by Market Players in the Compound Management Market
The major players operating in the global compound management market are Brooks Automation (US), Tecan (Switzerland), Hamilton Company (US), Evotec (Germany), TTP Group (UK), and Labcyte (US). The global compound management market is projected to reach USD 424.5 million in 2023 from USD 215.3 million in 2018, at a CAGR of 14.5%. Increasing drug discovery activities, growing biopharmaceutical industry, and the rising trend in outsourcing compound/sample management can be attributed to the growth of this market.
Due to the competition-driven nature of the compound management market, players primarily pursue acquisitions to remain competitive in the market. This strategy accounted for the largest share of the total number of developments adopted by the key players in this market.
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In 2017, Brooks Life Sciences (US) was the leading player in the compound management market. The company has a strong geographic presence across the US, Europe, Greater China, and Asia Pacific. The company offers a wide range of products in the compound management market including automated storage systems, software, and other compound/sample management small instruments (including automated decappers, recappers, and barcode scanners). The company largely focuses on strategies such as acquisitions, partnerships, and collaborations to maintain its leading position in the market. For instance, in 2018, the company acquired BioSpeciMan Corporation to expand its existing life science sampling services portfolio and geographic presence. Similarly, in 2017, the company acquired three other companies-4titude, RURO, and Pacific Bio-Material Management to fortify its existing compound management products and services capabilities.
Tecan (Switzerland) held the second position in the compound management market in 2017. The company offers an extensive product portfolio in the compound management market through its Life Sciences business segment. The company focuses on collaborations to strengthen its position in this market. The company serves quality and innovative products to its end users including liquid handling and automation, and software products. The company has a strong geographic presence including North America, Europe, Asia, and other regions. With the strong business focus and continuous collaborations, the company is expected to witness strong growth in this market.
Some other leading players in the global compound management market are Hamilton Company (US), TPP Group (UK), Labcyte (US), Wuxi AppTec (China), Evotec (Germany), and Biosero (US). These companies focus on product launches, agreements, collaborations, and partnerships to maintain their strong position in the market.
Related Reports:
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
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