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.
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.
By End User
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.
In its latest report titled, “Electronic Lab Notebook Market: Global Industry Analysis and Opportunity Assessment, 2016–2026”, Future Market Insights (FMI) offers a ten year forecast for global electronic lab notebook market between 2016 and 2026. The primary objective of the report is to offer insights on the advancements in the global electronic lab notebook market. The study demonstrates market dynamics that are expected to influence the current environment and future status of the global electronic lab notebook market over the forecast period. The primary objective of this report is to offer updates on trends, drivers, restraints, value forecasts, and opportunities for manufacturers operating in the global electronic lab notebook market.
The report, global electronic lab notebook (ELN) market, lists two types of ELN type; specific ELN and non-specific ELN, and studies their demand and forecast across various products for the period of 2016-2026 in the global market.
To understand and assess the demand and opportunities in this market, the report is categorically split into three major sections, namely market analysis – by type, by end user, and by region. The report analyzes the global electronic lab notebook (ELN) market in terms of market value (US$ Mn).
The report starts with market overview and provides market definition and analysis about the drivers, restraints, opportunities, and key trends in the market. The following sections include analysis of the global market – by type, by end user, and by region. All the three sections evaluate the market on the basis of various factors affecting the market, covering the present scenario and future prospects. For market data analysis, the report considers 2015 as the base year, with the forecast provided for 2016–2026.
In the final section of the report, the global electronic lab notebook market competitive landscape is included to provide report audiences with a dashboard view, based on various categories of providers present in the market value chain, and key differentiators in the market. This section is primarily designed to provide clients with an objective and detailed comparative assessment of key providers specific to a segment in the electronic lab notebook market value chain. Report audiences can gain segment-specific vendor insights to identify and evaluate key competitors based on the in-depth assessment of their capabilities and success in the electronic lab notebook market place. Detailed profiles of the providers are also included in the scope of the report to evaluate their long-term and short-term strategies, key offerings and recent developments in the electronic lab notebook market space.
To calculate the global electronic lab notebook market size, we have considered the overall revenue generated from sales of electronic lab notebooks across the various regions. The forecast presented here assesses the total revenue, by value, generated across the global electronic lab notebook market. In order to offer an accurate forecast, we started by sizing the current market, which forms the basis of how the electronic lab notebook market would develop in the future. Given the characteristics of the market, we triangulated the outcome on the basis of three different types of analyses, based on supply side, consumer spending and economic envelope. However, forecasting the market in terms of various electronic lab notebook segments and regions is more a matter of quantifying expectations and identifying opportunities rather than rationalizing them after the forecast has been completed.
It is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyse on the basis of key parameters, such as Year-on-Year (Y-o-Y) growth, to understand the predictability of the market and to identify the right opportunities in the electronic lab notebook market. Another key feature of this report is the analysis of all key electronic lab notebook market segments and sub-segments, regional adoption and revenue forecast in terms of absolute dollar. This is traditionally overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources, from a sales and delivery perspective, present in the electronic lab notebook market. In order to understand the key segments in terms of growth and adoption of electronic lab notebooks across the concerned regions, FMI has developed the electronic lab notebook market attractiveness index, which should help clients identify the real market opportunities.