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
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.
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.
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.
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.
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.
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.
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.
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.
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.