The global electronic lab notebook market size is expected to reach USD 768.2 million by 2026, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 4.8% during the forecast period. Increasing requirement for life science and pharma industries to comply with regulatory requirements has promoted the incorporation of Electronic Lab Notebook (ELN) as it helps simplify the lab process and reduce time.
Rising demand for automated laboratory process such as cloud based electronic lab notebook, ELN embedded with SDMS solutions and supportive government initiatives, are expected to propel the market over the forecast period. Asia Pacific is expected to exhibit lucrative growth over the forecast period owing to increasing demand of Contact Research Organizations (CROs). Moreover, reduced operational cost, remote access, real time data tracking are contributing to the rising demand.
Further key findings from the study suggest:
- Increasing demand for automation in lab activities are anticipated to create growth opportunities in near future
- Cross disciplinary accounted for the largest revenue share of the product segment in 2018, owing to its usage in multiple disciplines and other added advantages such as customized features and coordination across the domain
- Web hosted/cloud based delivery mode held the largest share of electronic lab notebook market in 2018 owing to its real time data analysis, remote access, and reduced IT manpower
- Proprietary held the largest revenue share of the license segment due to the increasing adoption in life science and pharmaceutical industries as compared to open source ELN
- North America held the dominant market share in 2018, due to supportive government initiatives and presence of large number of industry players
- Asia Pacific is anticipated to witness lucrative growth due to increase in number of CROs and untapped opportunities
- Some of the key companies are Thermo Fisher Scientific, Inc.; Core Informatics;Arxspan, LLC; LabVantage Solutions, Inc.; Benchling, Inc.; LabLynx, Inc.; Agilent Technologies; Dassault Systemes SE; KineMatik Inc.; and Abbott Informatics