Compound Management Market Share, Trends, Growth Rate, Industry Report And Forecast To 2033

"The Business Research Company recently released a comprehensive report on the Global Compound Management Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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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Market Drivers and Trends:

The increasing number of smart city projects is expected to propel the growth of the cellular IoT market going forward. A smart city is an urban area that utilizes advanced technology and data-driven solutions to enhance the quality of life for its residents, improve efficiency in resource management, and promote sustainability and economic development. Smart city projects are rising due to governments' recognition of the potential of technology to improve urban infrastructure, enhance citizen services, and address challenges. Cellular IoT enables smart cities to efficiently manage infrastructure and services through real-time data collection and communication. It supports applications such as smart lighting, traffic management, and environmental monitoring, enhancing urban living. For instance, in 2023, according to the IMD Smart City Index Report, a Switzerland-based business school, the number of smart cities worldwide has increased from 118 cities in 2021 to 141 cities in 2023. Therefore, the increasing number of smart city projects is driving the growth of the cellular IoT market.

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.

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Major Key Players of the Market:

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.

Compound Management Market 2024 Key Insights:

• 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%.
• Rising Pharmaceutical Drug Manufacturing Fuels Growth In The Compound Management Market
• Advanced Techniques To Drive Efficiency In Compound Management Market
• North America was the largest region in the compound management market in 2023

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