Electronic Lab Notebook (ELN) Market to grow at 10.1% CAGR during the forecast period 2016-2026, and is forecasted to hold a market value of US$ 615.2 Mn by 2026

Posted on 2017-11-30 by Mark Hub in Technology // 0 Comments

Albany, USA, 2017-Nov-30 — /EPR Network/ —Electronic Lab Notebook (ELN) is a software solution developed as a substitute to conventional paper lab notebooks. Electronic lab notebook software encourages digitalization of laboratory data, offering benefits such as making data search easier, enabling efficient organization of data, collaboration, protection and centralization of data, among others. It also enables scientists and researchers to search, access, as well as share results of their experiments. In addition, it is essential for an ELN software to adhere to regulations such as FDA 21 CFR 11, and others according to each region, to assure effective security of data. Electronic laboratory notebooks are rapidly gaining popularity and replacing paper notebooks in laboratory practices in sectors such as pharmaceuticals, chemicals, academics, food & beverages, consumer goods and others.

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Revenue generated by global electronic lab notebook market is estimated to reach US$ 235.4 Mn by 2016, witnessing an increase of 6.3% over 2015. FMI forecasts the global electronic lab notebook (ELN) market to grow at 10.1% CAGR during the forecast period 2016-2026, and is forecasted to hold a market value of US$ 615.2 Mn by 2026.

Adoption of Electronic Lab Notebook in life sciences industry and academics is significantly boosting the market

Growing need for efficient laboratory data management, benefits over conventional lab notebooks, and adoption of ELN in life sciences industry are some of the factors that will drive the demand for global electronic lab notebook (ELN) market. Furthermore, academics is an emerging sector for application of ELN, and is anticipated to account significantly for growth of the global electronic lab notebook (ELN) market over the forecast period.

Besides the cost incurred to purchase electronic lab notebook software, various other factors such as configuration fee, training fee and yearly maintenance fee among others add to the overall cost of adoption of electronic lab note book solution. Working on an ELN requires specific skills and techniques, thus making training an essential requirement. On the other hand, regular maintenance of IT infrastructure, as well as updating of software is essential for efficient and smooth functioning of ELN solution. As a result, users are left with no option but to incur the additional costs.

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Non-specific ELN type segment is estimated to hold the largest share among the two types of ELN, accounting for US$ 615.2 Mn by 2026, up from US$ 221.5 Mn in 2015

Among the two types, non-specific ELN segment most commonly employed ELN type across regions and is estimated to account for maximum market revenue share by 2026, owing to its low cost of ownership and user-friendly features. Moreover, demand for specific ELN is estimated to witness highest growth rate over the forecast period. Non-specific ELN segment is estimated to hold the largest share among the two types of ELN, accounting for US$ 615.2 Mn by 2026, up from US$ 221.5 Mn in 2015.

Academic end user segment is estimated to increase at highest growth rate in the forecast period

In the end user segment, academic segment is estimated to increase at highest growth rate in the forecast period, followed by food & beverages segment. Increasing need for efficient data recording and management methods, and safe and efficient sharing of data in the academic sector is driving demand for deployment of ELN systems globally.

Market in North America region is expected to be the largest revenue generator for global electronic lab notebook (ELN) market by 2026

Market in North America region is expected to be the largest revenue generator for global electronic lab notebook (ELN) market by 2026, and is expected to account for a revenue share of 25.7% by 2026, owing to the factors such as increasing government funding for research activities, as well as growing trends of bio-banks in major countries based in this region. These factors have increased the use of electronics lab note books over conventional paper lab notebook practices. Region-wise, market in Western Europe is estimated to be the second largest player in global electronic lab notebook (ELN) market with a market revenue expected to be worth US$ 138.4 Mn by 2026.

Key market players are focussing on introducing advanced features to their existing products in order to consolidate their position in the market

Some popular vendors such as LabArchives, PerkinElmer Inc., ID Business Solutions (IDBS) Ltd, Dassault Systemes SA and others are focused on introducing advanced features to their existing products in order to enhance their product offerings, and to consolidate their position in the market.

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