How large is the lab inventory management software market, and what is its growth trajectory?
The lab inventory management software market size has grown rapidly in recent years. It will grow from $2.49 $ billion in 2024 to $2.79 $ billion in 2025 at a compound annual growth rate (CAGR) of 12.4%. The growth in the historic period can be attributed to growth in genomics and precision medicine, growth in the number of clinical trials, rise of biobanking, increasing awareness of digital inventory solutions, growing academia and research sector.
The lab inventory management software market size is expected to see rapid growth in the next few years. It will grow to $4.4 $ billion in 2029 at a compound annual growth rate (CAGR) of 12.0%. The growth in the forecast period can be attributed to increasing research and development in life sciences, rising adoption of digital solutions, growing biopharma sector, growth in cloud adoption, high demand for software that meets GMP and other standards. Major trends in the forecast period include automation and AI integration, demand for accurate sample tracking, rapid evolution of features and tools in lab management software, IoT integration, demand for highly customizable software solutions.
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What are the key forces behind the lab inventory management software market’s growth in recent years?
The rising research and production activities in the pharmaceutical companies is expected to propel the growth of the lab inventory management software market going forward. Research and production involve investigating and developing knowledge or products to produce goods or services based on the research. Innovation in drugs and therapies, advancements in biotechnology, growing investment in research and development, and the need to address unmet medical needs drive the research and development in the pharma industry. Lab inventory management software is essential for research and production activities in the pharmaceutical industry. It ensures accurate tracking of critical supplies, reagents, and equipment, supports regulatory compliance with detailed audit trails, tracks expiration dates, and helps manage complex inventories to maintain productivity. For instance, in February 2024, according to a report published by the Office for National Statistics, a UK-based government department, the pharmaceuticals product group made the largest contribution to business R&D in the UK in 2022, accounting for $11.9 billion (£9.0 billion), which represented 17.9% of the total R&D performed by UK businesses. Therefore, the rising research and production activities in the pharmaceutical companies are driving the growth of the lab inventory management software market.
What are the major segments of the 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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Which companies dominate 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 major trends will shape the lab inventory management software market during the forecast period?
Major companies operating in the lab inventory management software market are developing innovative technology, such as digital lab platforms, to enhance operational efficiency and streamline processes. A digital lab platform is a comprehensive software system that integrates various laboratory functions, such as data management, workflow automation, and analysis, into a unified digital environment for enhanced efficiency and accuracy. For instance, in April 2024, eLabNext, a Netherlands-based lab digitization company, launched the eLabNext Developer. The eLabNext Developer is a pioneering platform designed to democratize digital lab tool development, transforming the life sciences research and development landscape. It offers exceptional adaptability and future-proof capabilities, including integrating artificial intelligence (AI) and machine learning (ML) to enhance the eLabNext experience. As the first comprehensive and open developer environment in the Life Science R&D sector, it enables users to customize and extend eLabNext functionality to meet their specific needs. Additionally, it allows life sciences companies to integrate their products and services with digital labs through the development and commercialization of add-ons available in the eLabNext Marketplace.
What are the key regional dynamics of the lab inventory management software market, and which region leads in market share?
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.
What Does The Lab Inventory Management Software Market Report 2025 Offer?
The lab inventory management software market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Lab inventory management software is a specialized system designed to track, manage, and control inventory within a laboratory setting. It helps ensure that laboratory supplies, reagents, equipment, and other materials are available when needed, while minimizing waste and maintaining compliance with regulatory standards. Lab inventory management software enhances efficiency, reduces errors, and supports better decision-making in managing laboratory resources.
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