The “Global Electronic Lab Notebook Market, by Type (Specific and Non-specific), by End-user (Pharmaceuticals, Chemicals, Biology, Academic, Food & Beverages And Others), and by Geography (North America, Europe, Asia Pacific, and Latin America, Middle East & Africa) - Global Forecast to 2027”, is expected to be valued at US$ 615.2 million by 2027, witnessing a CAGR of 10.1 % during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
An electronic lab notebook (ELN) is a software solution designed as an alternative option to conventional paper lab notebooks. ELN encourages organizations to digitize their laboratory data and offers benefits such as easy data search, collaboration, efficient data management, and protection and centralization data. An electronic lab notebook allows direct incorporation of data from instruments simplifies backups and data copying.
Specific Electronic Lab Notebook (Specific ELN)
Specific ELN software is developed for a particular application or domain. The software is designed with specific applications, tools, formats, and calculations according to demand from end users. The domain-specific functionality of the software improves the productivity and efficiency in organizations.
Non-specific Electronic Lab Notebook (non-specific ELN)
Non-specific ELN is also known as multi-discipline specific ELN. The non-specific ELN is designed for multiple areas of application and provides a common platform for data collaboration and sharing across various domains.
The global electronic lab notebook market was estimated to account for US$ 269.9 Mn in 2018 and is expected to grow at a CAGR of 10.1% during the forecasted period (2019-2027).
Advantages of ELN over conventional lab notebook is expected to drive growth of the global electronic lab notebook market over the forecast period
Lab notebooks have been used in various labs around the world for so many years. However, researchers are increasingly adopting ELN, in order to leverage advantages offered by digital data. Moreover, electronic lab notebook offers significant benefits over conventional lab notebook such as efficient data recording, portability, data management, permanent data storage, lower possibility of loss of sensitive data. This, in turn, is expected to accelerate the adoption of ELN in laboratories and thereby drive the market growth over the forecast period.
Growing adoption of cloud-based ELN systems by contact research organization is expected to pose lucrative growth opportunities for market players in the near future
A contract research organization (CRO) is a company that provides support to medical device, pharmaceutical, and biotechnology industries to create research services outsourced on a contract basis. Such organizations require regular recording and efficient maintenance of large volume of data. Cloud-based electronic lab notebook offers reduction in labor cost, saves time, offers secure access to clinical information, space allocated for system implementation data, and easy ecosystem, which can improve overall productivity of CROs. This, in turn, is expected to increase the demand for ELN from CROs and thereby provide significant opportunities for market players.
High initial cost for installation of ELN is expected to restrain the global electronic lab notebook market growth over the forecast period
Although ELN enhances productivity and efficiency of organizations, it requires significant initial investment. Small- and mid-sized organizations often find challenging to incorporate due to high cost. Moreover, regular maintenance of IT infrastructure and updating of software, which is required for smooth functioning of ELN is expected to restrain the market growth in the near future.
Laboratories in various industries and sectors in North America are increasingly shifting towards digitalization of data. Governments in various countries are funding for research and development activities, which is expected to increase adoption of ELN in the region. Moreover, growing trend of bio-banks in major countries in this region has increased the use of electronic lab notebooks over traditional paper lab notebooks. For instance, key players in the market such as Waters Corporation, LabArchives LLC, Kinematik US & Inc., and LABTrack, LLC offer advanced lab notebook solutions.
Emerging economies in Latin America such as Brazil, Argentina, Mexico, and Chile are investing in research and development for novel solutions in ELN. Brazil hosts one of the largest pharmaceutical industry in the region. In the recent past, industrial policies have favored life science and healthcare sectors with ELN adoption being accelerated General Coordination for Accreditation of Inmetro (Cgcre), which is also the Brazilian Compliance Monitoring Authority for the Principles of Good Laboratory Practices (GLP). For instance, the Brazilian Life Sciences Database, a portal of Venture Valuation AG, offers the latest company and business information related to pharmaceuticals, biotech, and Medtech sectors to professionals around the world.
Key players involved in the global electronic lab notebook market are DASSAULT SYSTEMES SA, Arxspan LLC., LabArchives, LLC, Abbott Informatics Corp., PerkinElmer, Inc., LabWare, Inc., Bruker Corporation, ID Business Solutions Ltd., and Kinematik US & Inc.
Joining thousands of companies around the world committed to making the Excellent Business Solutions.