The compound management global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Compound Management Market, 2024report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The compound management market size has grown rapidly in recent years. It will grow from $0.45 billion in 2023 to $0.52 billion in 2024 at a compound annual growth rate (CAGR) of 16.0%. The growth in the historic period can be attributed to advances in high-throughput screening (HTS), increased demand for outsourcing of chemicals, increased investment in research and development by pharmaceuticals, automation, and robotics, growing demand for compound management outsourcing services, and regulatory compliance.
The compound management market size is expected to see rapid growth in the next few years. It will grow to $0.95 billion in 2028 at a compound annual growth rate (CAGR) of 16.2%. The growth in the forecast period can be attributed to increasing drug discovery and development activities, a rise in disease-related morbidity and mortality, the rising prevalence of chronic diseases, rising drug delivery projects, and the expansion of biobank. Major trends in the forecast period include increased automation, growth of AI and machine learning, the proliferation of biobanks and biorepositories, innovative solutions, and cloud-based solutions.
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Scope Of Compound Management Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Compound Management Market Overview
Market Drivers –
The increase in the manufacturing of pharmaceutical drugs is expected to propel the growth of the compound management market going forward. Pharmaceutical drugs refer to medications or substances used to prevent, treat, or diagnose medical conditions in humans or animals. The surge in pharmaceutical drug manufacturing can be attributed to increasing demand for innovative and effective medications, the rising prevalence of chronic diseases, supportive government policies and funding, and the growing importance of personalized medicine. Compound management is used in pharmaceutical drug manufacturing to ensure the efficient handling, storage, and tracking of chemical compounds crucial for research, development, and production. For instance, in June 2023, according to the European Federation of Pharmaceutical Industries and Associations (EFPIA), a Belgium-based trade association representing the pharmaceutical industry, the total pharmaceutical production in Europe accounted for $368,832 million (€340,000 million) in 2022, an increase of approximately 4.95% from $351,420 million (€323,950 million) in 2021. Therefore, the rise in the manufacturing of pharmaceutical drugs is driving the growth of the compound management market.
Market Trends –
Major companies operating in the compound management market are focusing on developing innovative solutions, such as web-based compound management, to streamline and enhance the efficiency of compound tracking, storage, and data management. Web-based compound management refers to a system that uses web technologies to manage chemical compounds’ storage, tracking, and utilization through a web interface. These systems are accessible through standard web browsers, making them convenient and flexible solutions for laboratories and research facilities. For instance, in December 2022, BioAscent, a Scotland-based pharmaceutical company, launched Compound Connect, a web-based interface that gives customers secure access to a customized online inventory and ordering system for their compound libraries. This platform ensures that compound inventories are up-to-date, trackable, and easily accessible for ordering and delivery. Compound Connect enables customers to fully manage their samples, including storage, processing, and remote ordering. It serves customers, from small biotech startups to large drug discovery companies, by offering real-time access and streamlined management.
The compound management market covered in this report is segmented –
1) By Type: Product, Service
2) By Sample: Chemical Compound, Bio Samples
3) By Application: Drug Discovery, Gene Synthesis, Bio Banking, Other Applications
4) By End-Use: Pharmaceutical, Biopharmaceutical, Contract Research Organizations, Other End-Uses
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Regional Insights –
North America was the largest region in the compound management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the compound management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the compound management market are Thermo Fisher Scientific Inc., WuXi AppTec Co. Ltd., PerkinElmer, Tecan Group Ltd., Beckman Coulter Life Sciences, Evotec AG, Azenta Inc., Hamilton Company, Frontage Laboratories Inc., LabWare Inc., SPT Labtech, BioStorage Technologies Inc., Genedata, ChemAxon, Highres Biosolutions Ltd, Sapio Sciences, Axxam S.p.A, Labcyte Inc., LiCONiC AG, Titian Software Ltd, Biosero Inc, Zinsser Analytic GmbH, TCG Lifesciences Pvt., BioAscent Discovery Ltd, Frontier Scientific Inc.
Table of Contents
1. Executive Summary2. Compound Management Market Report Structure3. Compound Management Market Trends And Strategies4. Compound Management Market – Macro Economic Scenario5. Compound Management Market Size And Growth…..27. Compound Management Market Competitor Landscape And Company Profiles28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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