COVID-19 Pandemic Prompting the Need for Efficient Laboratory Inventory Management Software

Introduction

Laboratory inventory software is designed for pharmaceutical, biotechnical companies, research laboratories, and others, to manage their inventory. This software enables them to manage the stock, minimize unwanted inventory costs, and achieve maximum sales and profit and thereby increasing the productivity of the organization. The rising need to control the wastage and the hazards caused by the inventory and the prevailing trend of laboratory automation has bolstered the market growth. 

Additionally, North America dominates the market, and Europe has shown a rapid growth trend due to the presence of key players and the rising number of pharmaceutical and biotechnical companies, research laboratories. However, the alarming number of cyber-crimes across the world and increasing malpractices has restricted the growth to a certain extent.

Key Highlights

• Lack of available staff and the increasing demand for inventory management amid the pandemic is anticipated to drive the market growth
• Shifting preferences toward automation in the laboratories have thus facilitated increased efficiency and reduced wastage of stock, driving the market growth.
• The pharmaceutical industry segment maintains a massive share in the market.
• The cloud-based segment is expected to rise with the highest CAGR due to its ease of operability and less initial and maintenance cost. Similarly, the biotech segment is also expected to hold a larger market share, owing to the intensive R&D activities.
• North America dominates the laboratory inventory software market on account of the rapid adoption of technology and the presence of leading market players
• Europe is projected to witness significant growth in the laboratory inventory software market due to rising pharmaceutical sales, increasing research laboratories, and favorable government regulations.

Competitive Players

According to Straits research, the prominent key players in the global laboratory inventory management software market are Quartzy, Dataworks Development, CloudLIMS.com, Third Wave, Chemical Inventory Ltd., CyroTrack,   Item Tracker Software, BioData, Online LIMS, Progeny Genetics, Arxspan, ATGC Labs, BioInfoRx, Accelrys and MilliporeSigma, among others.

Recent Developments

Segmentation

Laboratory Inventory Management Software Segmentation

By Component

• Solution
• Services
  • Professional Services
  • Managed Services

By Deployment

• Cloud
• Web-based

By Organization Size

• SMEs
• Large Enterprise

By Application

• Biotech
• Drug
• Testing
• Other

By Industries

• Pharmaceutical
• Biotechnology
• Chemicals
• Manufacturing
• Academia & Research
• Others

By Region

North America

• U.S.
• Canada
• Mexico

Europe

• U.K
• Italy
• France
• Spain
• Germany
• Rest of Europe

The Middle East and Africa (MEA)

• Saudi Arabia
• Egypt
• South Africa
• Rest of MEA

Asia-Pacific

• India
• China
• Japan
• Australia
• South Korea
• Rest of Asia-Pacific

South America

• Columbia
• Brazil
• Chile
• Peru
• Argentina
• Rest of South America