Press release
Adoption of Electronic Lab Notebook in Life Sciences Industry and Academics is Significantly Boosting the Market
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.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.
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.
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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.
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.
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.
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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.
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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Future Market Insights is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India.
FMI’s research and consulting services help businesses around the globe navigate the challenges in a rapidly evolving marketplace with confidence and clarity. Our customised and syndicated market research reports deliver actionable insights that drive sustainable growth. We continuously track emerging trends and events in a broad range of end industries to ensure our clients prepare for the evolving needs of their consumers.
FMI’s team of over 200 research analysts provides market intelligence at global, regional, and country level. Our analysts are committed to provide independent insights, relying on our cognitive defusion training module, which conditions them to look at data objectively and unbiasedly
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