VALLEY COTTAGE, N.Y. – A recent Future Market Insights (FMI) study revealed that the global electronic lab notebook (ELN) Software market value reached US$ 300 Mn in 2018, and is expected to grow at a notable CAGR of 12% during the forecast period 2019-2029.
Laboratories are expected to produce faster and better outcomes with reduced errors to enhance the research work. An increase in the need for efficient documentation to avoid complex laboratory procedures and emerging trend of digitalization in number of industries have resulted into laboratory automation.
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Growing laboratory automation, need to abide by strict rules and guidelines, and spending in R&D are expected to fuel growth of the ELN market. In addition, greater availability of cloud-based informatics, increasing dependency on cloud platforms, growing importance of safeguarding important data recordings, and need to improve workflow speed and efficiency are paving way for rapid adoption of ELN.
Factors such as improving lab infrastructure in developed and developing countries, rising pressure to comply with strict regulations, growing need to improve efficiencies are influencing the trend of automation in labs. This, in turn, has compelled laboratory operators to shift from regular paper lab notebooks to their electronic counterparts.
Preview Of 2019 Analysis and Review of Electronic Lab Notebook (ELN) Software Market by Solution – Software and Services for 2019 – 2029: https://www.futuremarketinsights.com/reports/electronic-lab-notebook-eln-market
Proprietary ELN to Maintain its Strong Foothold in the Market
FMI projects, sales of proprietary ELNs to grow at a CAGR of 14% during the forecast period. Compared with open source, proprietary ELN is more secure and reliable. The proprietary ELN is observing significant growth in demand, owing to quick and efficient support, ownership of the software, ability to customize as per end user requirements, and a plethora of features. On the contrary, demand for open-source ELNs is expected to grow at a moderate rate due to its limited selection of features.
Growth Opportunities Remain Concentrated in Academics Industry
ELN adoption in pharmaceutical industry is projected to mark a remarkable growth, accounting for over 27% of revenue share. Growing regulatory pressure to maintain data integrity, security, and validity within the industry has led to surge in demand for electronic lab notebook. The market is gaining further boost from increasing investments in R&D activities and the need to improve lab productivity.
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The FMI study opines that growing application in academics industry will result in increased market share over the next decade. Quick data recording, enhanced data collaboration and data sharing is spurring the demand for cloud-based ELN in academics industry.
North America Takes the Center Stage with 29% Revenue Share
North America accounted for the largest share of the ELN market in 2018, followed by Western Europe and APEJ. Gains remain driven by technological advancements along with greater awareness and availability of newer products in the region. Moreover, government policies supporting the deployment of ELN in laboratories is one of the key factor contributing to the market growth in the region. The ELN market in APEJ is expected to be propelled by rising number of CROs along with governments’ efforts to deploy new technologies in the healthcare industry.
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“Growing trend of digitalization worldwide and rising need to maintain digital records in end-use applications are catapulting the ELN market growth. Furthermore, with novel innovations in drug development, ELN is garnering significant traction as a viable option to maintain critical records related to research, experiments, and procedures performed in a laboratory,” says FMI analyst.
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