Compound Management Market Set for Explosive Growth : Brooks Life Sciences, Tecan, Hamilton
Updated · Jun 04, 2023
Published Via 11Press : According to HTF MI, “Global Compound Management Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2029″. The Global Compound Management Market is anticipated to grow at a compound annual growth rate (CAGR) of 15.8% from 2023 to 2028, reaching USD 4.8 Billion in 2023 and USD 7.6 Billion by 2028.
The management of chemical libraries is referred to as compound management. It entails the replacement of out-of-date chemical substances, databases with the data, robotic technology frequently used to retrieve the chemicals, and the manager of the best related to the storage environment. In a chemical library or libraries, which are commonly built from both backyard carriers and inside chemical synthesis operations, the chemical compounds are preserved as physical components. Compound administration is expected to face pressure in the market over the upcoming years due to rising demand for outsourced chemicals and biologics and the expansion of the biobanking industry.
Additionally, the market is expected to rise in the upcoming years due to the expanding medication discovery and transport duties. For the duration of the anticipated era, it is also anticipated that increasing collaboration and acquisition with the assistance of market knowledge and growing funding in the search & innovation of compound administration will fuel the market.
There are undoubtedly obstacles and limitations that can stop the market from expanding. Market limitations may be caused by variables including high funding costs and a lack of qualified professionals. Pharmaceutical R&D and new drug improvement initiatives are progressing, pharmaceutical pattern collection, storage, and transportation activities are expanding, demand for compound administration outsourcing services is growing, the use of compound administration structures in biobanking is expanding, and global educational research institutions and major pharmaceutical corporations are increasingly collaborating on research projects.
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Key and developing players who have been highlighted as part of the coverage
- Brooks Life Sciences (United States),
- Tecan (Switzerland),
- Hamilton Company (United States),
- TTP Group (UK),
- Labcyte (United States),
- Biosero (United States),
- Evotec (Germany).
Increased demand for new medications, the expansion of biopharmaceuticals, and technological improvements have all been identified as major drivers of compound management market growth. The discovery of novel drugs has been facilitated by the increasing importance of biopharmaceuticals, such as antibodies and recombinant proteins, in the pharmaceutical business. The creation of novel medications is a time-consuming, costly process that necessitates access to huge libraries of chemicals.
The market for compound management is anticipated to expand as the need for new medications rises, however, this rise in demand has been fueled by rising R&D spending. Automated compound management systems have been developed as a result of technological advancements. This can quickly and accurately process a huge number of samples, which frequently lowers costs and also boosts efficiency; hence, these reasons are the main factors driving the growth of the compound management market. There is a clear market trend at the global level. The important factors driving the growth of the compound management market are the rising use of automation and robots, the integration of artificial intelligence and cloud-based solutions, as well as the growing emphasis on sustainability.
Major Developments Activities in the Market:
- The acquisition of Aim Lab Automation Technologies Pty by Brooks Automation US, which was announced in March 2023, further extends Brooks’ involvement in the clinical diagnostics sector beyond drug discovery.
- Together with PreciseFlexTM, Aim Lab will provide its clients with a wider range of capabilities. Following the completion of the acquisition of Rigenerand in July 2022, the Medolla, Italy-based cell technology company with a competitive edge in the cGMP manufacturing of cell treatments will now conduct business as Evotec (Modena) Srl.
- Compound management market growth has been primarily fueled by rising demand for novel medications, the expansion of biopharmaceuticals, and technological advancements. The discovery of novel drugs has been facilitated by the increasing importance of biopharmaceuticals, such as antibodies and recombinant proteins, in the pharmaceutical business.
- The creation of novel medications is a time-consuming, costly process that necessitates access to huge libraries of chemicals.
- The Compound Management market is anticipated to grow as the need for new medications rises, but this growth in demand has been fueled by rising research and development expenditures.
- Technological advancements have resulted in the creation of automated compound management systems that can handle large numbers of samples quickly and accurately, which frequently lowers costs and also increases efficiency, making these factors the primary drivers for the growth of the compound market.
- The important factors driving the growth of the compound management market are the rising use of automation and robots, the integration of artificial intelligence and cloud-based solutions, as well as the growing emphasis on sustainability.
- Additionally, artificial intelligence is being incorporated into compound management to raise the accuracy of data analysis and the speed of decision-making.
- Automation and robots are being utilized more and more in compound management to decrease errors and increase efficiency.
- Additionally, compound management is increasingly using cloud-based solutions as they offer real-time data access and more flexibility.
- The compound management market is becoming more environmentally sensitive, with a focus on minimizing waste and energy consumption, and these factors have been the important trends for growth along with the rising focus on sustainability.
- The main obstacles to the compound management market’s expansion include the complexity of compound libraries and data administration, expensive costs, and security issues.
- Particularly when they expand in size, compound libraries can become extremely complicated and challenging to manage. In addition, as the amount of data generated increases, there has been a greater need for effective data management systems.
- Handling and storing chemical compounds can be hazardous, and there is always a risk of theft or accidental release.
- This can make it difficult to find specific compounds, track inventory, and ensure that compounds are stored and handled properly.
- Compound management is also a costly process because it requires purchasing, storing, and tracking compounds, which makes it one of the major obstacles to the compound management market’s expansion.
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Market Breakdown by Applications:
- Compound/Sample Management Products,
- Outsourcing Services
Market Breakdown by Types:
- Biopharma Companies,
- Pharma Companies,
|The Market size value in 2023||USD 4.8 Billion|
|Revenue Forecast by 2033||USD 7.6 Billion|
|Growth Rate||CAGR Of 15.8%|
|Regions Covered||North America, Europe, the Middle East and Africa, Latin America, and the rest of the world|
|Short-Term Projection Year||2028|
Customization in the Report
HTF Market Intelligence provides not only detailed market projections but also substantial value-added analysis on the following topics:
Indicators of Compound Management Market Maturity – Compound Management Market Growth Drivers and Restrictions
Analysis of Entry/Exit Barriers and New Entrants in the Compound Management Market
To Seize Lucrative Market Chances
Compound Management Industry: Key Business Segments, Market Proposition, and Gap Analysis: An Objective View of Market Performance Indicators
Against this Challenging Backdrop, Compound Management Study Sheds Light on
Current conditions and significant features of the compound management market. HTF Market Intelligence analysts organized and conducted surveys of the Compound Management industry participants to put an end to this.
The resulting snapshot provides a platform for comprehending why and how the sector is likely to change. —
Future directions and patterns of growth for the compound management sector. Financial analysis, polls, and industry consultants are used to reach conclusions.
How can each business in this diverse group of competitors negotiate the compound management market’s evolving competitive landscape and adopt a business strategy to maintain and advance its position so it can seize the opportunity when it arises?
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Craig Francis (PR & Marketing Manager)
HTF Market Intelligence Consulting Private Limited
Phone: +1 434 322 0091
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