Inline description* of enumitem (JPI answer) is ugly because the huge space after labels and the lack of hyphenation of the items have little sense in this mode:

In this case, is better paralist:

\documentclass{article}
\usepackage[alwaysadjust]{paralist}
\begin{document}
\begin{inparadesc}
\item[Lane 1.] NEB 1kb Ladder,
\item[Lane 2.] (Single Digest) pET-41a/EGFP Recombinant plasmid,
\item[Lane 3.] (Double Digest) pET-41a/EGFP Recombinant plasmid and
\item[Lane 4.] (Undigested) pET-41a/EGFP Recombinant plasmid.
\end{inparadesc}
\end{document}
But, in this case ,as the label have a counter, it is better return to enumitem and use enumerate*, and moreover, control what goes between items, and include " and " between the two last items automatically. I left in red all that is included automatically (of course, remove colors for a real work):

Or if you prefer end the item punctuation manually, or not include any, then another option is define your own environment (same output that above using paralist) without using enumitem, o may be intented as with some vertical separastion:
\documentclass{article}
\usepackage{xcolor}
\parskip 1em
\usepackage[inline]{enumitem}
\newcounter{descinline}
\def\ditem{\addtocounter{descinline}{1}\textbf{Lane \arabic{descinline}}.~}
\begin{document}
\begin{description*}[leftmargin=*,labelsep=*]
\item[Lanes 1]NEB 1kb Ladder;
\item[Lane 2](Single Digest) pET-41a/EGFP Recombinant plasmid;
\item[Lane 3](Double Digest) pET-41a/EGFP Recombinant plasmid;
\item[Lane 4] (Undigested) pET-41a/EGFP Recombinant plasmid.
\end{description*}
\begin{enumerate*}[label={\textcolor{red}{\bfseries
Lane\,\arabic*:}}, itemjoin={\textcolor{red}{, }} ,
itemjoin*={\textcolor{red}{ ,\ and\ }}]
\item NEB 1kb Ladder
\item (Single Digest) pET-41a/EGFP Recombinant plasmid
\item (Double Digest) pET-41a/EGFP Recombinant plasmid
\item (Undigested) pET-41a/EGFP Recombinant plasmid.
\end{enumerate*}
\newenvironment{descinline}{\setcounter{descinline}{0}}{}
\begin{descinline}%
\ditem NEB 1kb Ladder.
\ditem (Single Digest) pET-41a/EGFP Recombinant plasmid,
\ditem (Double Digest) pET-41a/EGFP Recombinant plasmid and
\ditem (Undigested) pET-41a/EGFP Recombinant plasmid.
\end{descinline}
\renewenvironment{descinline}{\setcounter{descinline}{0}
\list{}{\setlength{\leftmargin}{4em}}\item[]\relax}{\endlist}
\begin{descinline}%
\ditem NEB 1kb Ladder,
\ditem (Single Digest) pET-41a/EGFP Recombinant plasmid,
\ditem (Double Digest) pET-41a/EGFP Recombinant plasmid and
\ditem (Undigested) pET-41a/EGFP Recombinant plasmid.
\end{descinline}
\end{document}
Or, why reinvent the weel? There are aslo inparaenum (the ouput is the same that inparadesc, but labels are now typed automatically)
\documentclass{article}
\usepackage[alwaysadjust]{paralist}
\begin{document}
\begin{inparaenum}[\bfseries {Lane}~1.]
\item NEB 1kb Ladder,
\item (Single Digest) pET-41a/EGFP Recombinant plasmid,
\item (Double Digest) pET-41a/EGFP Recombinant plasmid and
\item (Undigested) pET-41a/EGFP Recombinant plasmid.
\end{inparaenum}
\end{document}