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Lab Inventory Management Software Market Share, Analysis And Global Industry 2033
Lab Inventory Management Software Market Share
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According to The Business Research Company's, The lab inventory management software market size has grown rapidly in recent years. It will grow from $2.22 billion in 2023 to $2.49 billion in 2024 at a compound annual growth rate (CAGR) of 12%. 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 $3.93 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Lab Inventory Management Software Market 2024 Key Insights:
• The lab inventory management software market size is expected to see rapid growth in the next few years. It will grow to $3.93 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%.
• Impact Of Rising Pharmaceutical Research And Production On The Lab Inventory Management Software Market
• Innovative Advances In Lab Inventory Management
• North America was the largest region in the lab inventory management software market in 2023
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