What Has Been the Progress and Growth of the Lab Inventory Management Software Market in Recent Years?
The lab inventory management software market has seen considerable growth due to a variety of factors.
• In recent years, there has been a fast-paced expansion in the lab inventory management software market size. Its growth trajectory is projected to continue from $2.49 billion in 2024 to $2.79 billion in 2025, with a compound annual growth rate (CAGR) of 12.4%.
Factors like the evolution in genomics and precision medicine, rising number of clinical trials, growth of biobanking, enhanced awareness of digital inventory systems, and an expanding academia and research sector are attributable for the growth experienced in the historical period.
How Does the Forecast Look for the Lab Inventory Management Software Market?
The lab inventory management software market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the lab inventory management software market is projected to experience a swift expansion. The market is anticipated to reach a valuation of $4.4 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 12.0%.
The market augmentation during the projected period can be attributed to factors like the escalating research and development in the life sciences sector, increased acceptance of digital solutions, expansion of the biopharma industry, growth in the adoption of cloud technology, and a high requirement for software adhering to GMP and other norms. Essential trends during this period include the integration of AI and automation, the rising demand for precise sample tracking, swift advancement in features and tools of lab management software, IoT incorporation, and a need for highly customizable software solutions.
What Are The Leading Drivers Of Growth In The Lab Inventory Management Software Market?
The growth of the lab inventory management software market is expected to be accelerated by the increasing research and production operations within pharmaceutical companies. These research and production activities are largely focused on acquiring and utilizing new knowledge or innovations to make products or provide services based on the findings. The need for new medication and treatments, biotechnological advancements, increasing investment in R&D and addressing unmet medical necessities are significant drivers of the pharma industry's R&D activities. Lab inventory management software is indispensable in the pharmaceutical sector for these research and production undertakings. This software manages efficient tracking of key supplies, reagents and apparatus, ensures regulatory compliance with comprehensive audit records, monitors expiration dates, and aids in the management of intricate inventories to sustain productivity. For instance, a report published by the Office for National Statistics in February 2024 stated that the pharmaceuticals product group in the UK had the highest contribution to business R&D in 2022, at $11.9 billion (£9.0 billion), which constitutes 17.9% of the total R&D carried out by UK businesses. Hence, the surge in research and production operations within pharmaceutical companies is fuelling the lab inventory management software market's expansion.
How Are The Segments Defined Within The Global Lab Inventory Management Software Market?
The lab inventory management softwaremarket covered in this report is segmented –
1) By Type: Cloud-Based, Web-Based, On-Premise
2) By Pricing Model: Subscription, One-Time
3) By Application: Biotech, Drug, Testing, Research
4) By Industry: Pharmaceutical, Biotechnology, Chemicals, Manufacturing, Academia And Research, Other Industries
Subsegments:
1) By Cloud-Based: SaaS (Software as a Service) Solutions, Cloud-Based Data Storage, Remote Access Features
2) By Web-Based: Browser-Based Access, Real-Time Inventory Tracking, Online Data Integration
3) By On-Premise: Locally Installed Software, Customizable On-Premise Solutions, Offline Access Features
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What Trends Are Shaping The Lab Inventory Management Software Market?
Key players in the lab inventory management software sector are pioneering new technologies such as digital lab systems to improve operational effectiveness and simplify workflows. Digital lab platforms represent an all-encompassing software solution that amalgamates various lab functions like data management, workflow automation, and analysis within a single online environment, ensuring greater proficiency and precision. For example, eLabNext, a company based in the Netherlands specializing in lab digitization, introduced the eLabNext Developer in April 2024. This groundbreaking platform aims to make digital lab tool development more accessible, revolutionizing the field of life sciences research and development. It provides outstanding versatility and is future-oriented, integrating artificial intelligence (AI) and machine learning (ML) to augment the eLabNext user experience. As the Life Science R&D sector's first comprehensive, open developer environment, it empowers users to tailor and expand eLabNext's functionality to suit individual requirements. Furthermore, it provides the opportunity for life science firms to assimilate their products and services with digital labs by developing and marketing add-ons accessible in the eLabNext Marketplace.
Who Are the Key Players In The Lab Inventory Management Software Market?
Major companies operating in the lab inventory management software market are:
• Thermo Fisher Scientific Inc.
• Agilent Technologies Inc.
• Dassault Systèmes SE
• Odoo SA
• Benchling Inc.
• LabWare Inc.
• LabVantage Solutions Inc.
• Eppendorf SE
• Dotmatics Ltd.
• Lablynx Inc.
• Titian Software Ltd.
• Quartzy Inc.
• Clustermarket Ltd.
• Labguru Healthcare Private Limited
• LabCollector
• CloudLIMS Lab Solutions Pvt. Ltd.
• SciNote Electronic Lab Notebook
• Arxspan
• LIMSABC
• LabSuit Project Ltd.
• CrelioHealth Pvt. Ltd.
• eLabNext
• Genemod
What Is The Most Dominant Region In The Lab Inventory Management Software Market?
North America was the largest region in the lab inventory management software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the lab inventory management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
