Worldwide spending on cloud-based electronic laboratory notebook (ELN) services totaled US$ 215 Mn in 2019, and the number is projected to increase at a solid 11% by 2020-end. According to the latest forecast by Future Market Insights (FMI), the cloud ELN service `market growth in 2020 is clearly being driven by the current need for remote operations of research laboratories due to the COVID-19 outbreak.
Clinical laboratories and researchers play a crucial role in the detection and diagnosis of broad range of diseases. However, social distancing requirements, stay-at-home orders, and lockdowns triggered by the global pandemic are forcing the entirety of how these laboratories operate to be transformed immediately. The result has led to increased deployment of cloud ELN services that enable scientists to easily document and find their work and collaborate within and across organizations from anywhere with an internet connection.
Adoption in Healthcare and Life Sciences Industries Remains Buoyant
Healthcare and life science industries are estimated to account for over 1/4th of total adoption of cloud ELN service in 2020. According to the FMI study, service providers are likely to experience a significant rise in demand from academic and scientific research industry, with greater focus on heightened connectivity to improve efficiency and productivity. Moreover, cloud ELN service enables researchers to take advantage of more efficient and cost effective storage and performance with automatic updates.
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“Until now, regulatory requirements and over-reliance on physical equipment have made remote laboratory operations difficult. As clinical labs and research institutes realize the advantage of remote operations – from accessing cases on-demand to tapping into a broader network of expertise – especially during the pandemic, demand for cloud ELN service will remain strong going forward,” says the FMI analyst.
North America Leads the First Wave of Growth
From a regional perspective, North America’s cloud ELN service market remains in the vanguard, accounting for 27% of the overall revenue. Strong presence of prominent market stakeholders such as Agilient Technologies, Abbott Informatics, and Perkin Elmer in the region along with increasing deployment of robotic process automation (RPA) in pharmaceutical industry is favoring the market growth.
FMI finds that market players are eyeing opportunities in Asia Pacific excluding Japan (APEJ) to gain distinct competitive edge, as governments increase their investments in digital health technology.
According to the FMI study, the global cloud ELN service market is projected to exhibit an impressive CAGR of 12.6% during the forecast period (2019-2029). Gain access to FMI’s exclusive COVID-19 tracker here.
Source: Future Market Insights