With the world grappling with the COVID-19 pandemic, researchers from around the world are investing efforts towards the development of cures and vaccines for the disease. Consequently, the high demand for efficient means of documentation of complex laboratory operations is a key driver behind cloud-based automation services, including electronic lab notebook (ELN), which offers superior cost efficiency, and workflow.
Further, the sharing of data among researchers around the globe is of high priority to reach a solution to a pandemic at a faster rate. Scientists are able to take advantage of ELN services for easy accessibility to documentation, and to remotely collaborate with their peers. These trends are likely to continue for the foreseeable future, aiding market growth.
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According to the latest report by Future Market Insights (FMI), the revenue from cloud ELN services is expected to rise at an exponential CAGR of 13% through the end of 2029, with key growth opportunities rising in 2020. The global cloud ELN services market is expected to witness a slump during the first half of 2020, as social distancing and work from home practices becomes a challenge for end use sectors. However, towards the latter half, the demand for cloud ELN services will gain major traction in clinical trials and lab research applications to support diagnostic research of coronavirus to stop the spread.
Adoption Surges in Healthcare and Life Sciences
The covid-19 crisis has made very significant changes in industry. IT developers have identified opportunities for automation in technology operations. With cutting edge cloud features, cloud ELN reduces the pressure of skill shortages with efficiency in time saving and accuracy across thousands of tasks, particularly in the life sciences and healthcare sectors. Now, with the pressing need for diagnostics in the coronavirus pandemic, the academic and scientific research collaboration applications of cloud ELN is expected to expand faster, with the growing popularity of SaaS service models.
“Cloud ELN is a versatile and powerful tool which can be used in a multitude of laboratory functions. The widespread requirement to record standardized or undefined metadata for covid-19 research will be a key factor driving adoption. Rising applications of experiment automation and accuracy in procedure control, boosts the use of cloud ELN as a solution for quality control and research,” says the FMI analyst.
Robotic Automation Gains Traction in Pharma
North America is currently one of the most lucrative markets for cloud ELN services, as the United States, which is witnessing a strong rise in robotic automation processes, particularly in the pharmaceutical companies, as research on the covid-19 virus ramps up. Favorable government investments in these endeavors has resulted in substantial increase in the adoption of cloud ELN.
The Asia Pacific excluding Japan region will also provide remunerative opportunities with growing awareness about the latest lab solutions, and various clinical trials emerging for covid-19 diagnostics, particularly in China, India, and Singapore, who have initiated digital health and data sharing initiatives.
The FMI study offers near and long-term growth outlook of the cloud ELN services market. Gain access to FMI’s exclusive COVID-19 tracker here.
Source: Future Market Insights