Home Technology Laboratory Inventory Management Software Market Size, Share, Analysis 2030

Laboratory Inventory Management Software Market

Laboratory Inventory Management Software Market Size, Share & Trends Analysis Report By Component (Solution, 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) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Report Code: SRTE788DR
Study Period 2020-2032 CAGR 14.7%
Historical Period 2020-2022 Forecast Period 2024-2032
Base Year 2023 Base Year Market Size USD XX Billion
Forecast Year 2032 Forecast Year Market Size USD XX Billion
Largest Market North America Fastest Growing Market Europe
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Market Overview

Laboratory Inventory Management Software Market Size is Expected to grow at higher CAGR 14.7% Over the Forecast Period.

Laboratory Inventory Management of software is a part of the inventory management software used by various pharmaceutical and chemical companies, laboratories, and research institutes. The software is widely used to manage the stock, unique flow of the laboratory, reduce administration errors, and facilitate easy workflow integration. It also allows the end-users to integrate their entire business, minimize unwanted inventory costs to achieve maximum sales and profit, and increase the efficiency and productivity of the applications. The software eases the auditing process; it is highly beneficial for all organizations as it helps to explore the leftover inventory closely, thus preventing wastage

Market Dynamics

Market Drivers

Rising Need for Efficient Laboratory Inventory Solution

The inventory used in the laboratories is critical as it is used for essential services such as making medicine, vaccines, and research purpose. The chemicals and the substances used are not available easily as they are costly, highly hazardous, or produced in limited quantity. The products should be maintained carefully as they have a limited shelf life, are susceptibility to changing environmental conditions, can be easily contaminated, thus leading to false results and inappropriate products that can be harmful to the laborers. As per the survey conducted by the Laboratory Safety Institute, 27% of researchers state that they have not carried out any risk assessment before conducting research. BIOVIA from Accelrys monitors the radio labeled substances, prevents the opening of new consumables when there is an availability of previous supply, and prevents the use of expired consumables.


High Maintenance and Service Costs

The high maintenance and the service costs of the software have restrained the growth of the laboratory inventory management software market. The frequent updates and changes made to the software are quite expensive but extremely necessary as the software may become less useful when it gets older. Thus the SMEs prefer the traditional ways of maintaining the laboratory inventory. Additionally, the Sciencemag.org stated that the United States government funding for basic research started falling below 50% from 2013. The lack of government funding to the laboratories used by academia and research have restricted the market growth.


Regional Analysis

North America Dominates the Laboratory Inventory Management Software Market

North America dominates the laboratory inventory management software market due to its higher adaptability rate of technology, and the presence of a large number of key players such as Quartzy, Dataworks Development, CloudLIMS.com, and Third Wave among others coupled with high technological advancement.

According to a report published by Comptia.org, the United States is the largest tech market and accounted for 32% of the total revenue of the global information technology industry. The rising technological adoption rate in large as well as small industries across all the market verticals has driven the laboratory inventory management software market. The use of a software application has helped in reducing inventory costs further. Moreover, the significant presence of the laboratory inventory management software companies such as Quartzy, Dataworks Development, CloudLIMS.com, and Third Wave among others has unscathed the dominance of the region. Furthermore, the North America pharmaceutical market represents the largest continental pharma market in the world. It is also holding the largest number of research institutes thus fostering market growth. 

Europe — The Home for Increasing Number of Researchers

According to the European Federation of Pharmaceutical Industries and Associations (EFPIA), Europe accounted for 23.2% of world pharmaceutical sales in 2018, followed by North America, which accounted for 48.9% of the sales. Additionally, increasing health risks among the people has raised the need for more medicines, thus scaling-up production capacities. Furthermore, as per the European Union, there is a significant rise in the number of researchers from 2007 to 2017.  There were 1.97 million researchers in 2017, which grew by 35.4% as compared to the number in 2007. The rising research and production activities in the pharmaceutical companies have fostered the laboratory inventory software market growth.

Report Scope

Report Metric Details
By Component
  1. Solution
  2. Services
    1. Professional Services
    2. Managed Services
By Deployment
  1. Cloud
  2. Web-based
By Organization Size
  1. SMEs
  2. Large Enterprise
By Application
  1. Biotech
  2. Drug
  3. Testing
  4. Other
By Industries
  1. Pharmaceutical
  2. Biotechnology
  3. Chemicals
  4. Manufacturing
  5. Academia & Research
  6. Others
Company Profiles 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.
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

An Array of Offerings by the Solutions Segment

The solution segment holds the larger market share due to its various offerings such as management of the regulatory stock, high configurability, integrated auditing, user-friendly experience, among others. The numerous types of chemicals are needed to be appropriately managed due to their lifespan and their need. Safety of the laboratories and the laboratory personnel is the major criteria; thus, the software is embedded with the safety standards. For instance, the software is integrated with the Environment Health and Safety (EHS) program that is an amalgamation of Laboratory Standards and the Hazard Communications Standard. Some of the companies also provide enhanced features such as the ability to share the live feed of the laboratory work, encouraging the research by providing an opportunity to share knowledge.

Pharmaceutical Industry Snowballing

The pharmaceutical industry, since the last decade, has been snowballing. It will continue to boom in light of the increasing demand for medicines, improving healthcare facilities, and the rising spread of diseases in the world. As per the Indian Brand and Equity Foundation – an initiative by the Ministry of Commerce and Industry, the Government of India — the Indian pharmaceutical industry is soaring at a CAGR of 22.4%. The laboratory inventory software fulfills the need for the pharmaceutical industry’s efficient management by managing the input and output stock of the chemicals needed for manufacturing.

Exclusive Software Solutions for Biotechnology Industry

The biotechnology industry possesses an enormous demand for laboratory inventory software management. Some companies have been developing the tools of the software exclusively for this industry. For instance, Lab Collector- Agile Bio has made LabCollector LIMS for Pharma & Biotech. It comprises tools to manage Life science activities such as biological resources, Microarrays storage, GenBank search engine, and BLAST system integrated, among others. Similarly, the software has seen a demand in the chemicals, manufacturing, academia, and research segments due to its ability to manage the diverse chemicals and the instruments needed in the above industries. Chemical Inventory Ltd. has incorporated unique features that enable the searching for containers using chemical structures.

Market Size By Component

Market Size By Component
  • Solution
  • Services
  • Impact of covid-19

    The cloud-based services for integrating the software is expected to increase during the pandemic. The adoption of video collaboration has increased drastically; therefore, all technically related queries are easily resolved through remote location solutions. The tremendous need for management, along with the lack of staff, has necessitated the utilization of software applications. Applications such as laboratory inventory management software, laboratory information management, and medical laboratory software, among others, have been beneficial due to its reliability, proactivity, and accuracy.

    Recent Developments

    • On July 31, 2018, Quartzy enhanced its extensive product offerings with free shipping. This initiative will enable the company to attract more customers, thus aiding in increasing its revenue.
    • On March 21, 2020, CloudLIMS announced that it will offer free LIMS globally to SARS-CoV-2 & COVID-19 research, testing laboratories, and biobanks.

    Key Players

    Laboratory Inventory Management Software Market Share of Key Players

    Laboratory Inventory Management Software Market Share of Key Players
    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. Others

    Frequently Asked Questions (FAQs)

    What is the growth rate for the Laboratory Inventory Management Software Market?
    Laboratory Inventory Management Software Market size will grow at approx. CAGR of 14.7% during the forecast period.
    Some of the top industry players in 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., etc.
    North America has been dominating the Laboratory Inventory Management Software Market, accounting for the largest share of the market.
    The Laboratory Inventory Management Software Market has seen the most substantial growth rate in Europe.
    The global Laboratory Inventory Management Software Market report is segmented as follows: By Component, By Deployment, By Organization Size, By Application, By Industries

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