by The global Electronic Lab Notebook Market is estimated to be valued at US$ 442.68 Mn or Million in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
An electronic lab notebook (ELN) is an online laboratory notebook used in modern laboratories as opposed to the traditional paper lab notebook. It provides secure storage and access to experiment records including protocols, results, and images. ELNs help track experiments from planning to publication enabling effective collaboration.
Market key trends:
One of the major trends in the ELN market is the integration with lab instruments and existing laboratory information management systems (LIMS). This helps scientists access experimental records directly from analytical instruments for a seamless workflow. Integration of ELNs with LIMS allows automatic transfer of data between the two systems without manual transcription, minimizing errors and saving time. This is driving increased demand for highly integrated ELN solutions.
Market Key Trends:
The electronic lab notebook market has been witnessing significant growth attributed to the increasing adoption of cloud-based electronic lab notebooks. Cloud-based ELNs provide benefits such as accessibility of data from anywhere, collaboration in real-time, and reduced IT expenses. They enable researchers to access experiment data and share results remotely through mobile and web interfaces. This has streamlined research processes. Additionally, the integration of ELNs with laboratory equipment is emerging as another key trend. Equipment vendors are developing application programming interfaces (APIs) to enable bidirectional data transfer between instruments and notebooks. This facilitates automated capturing of instrument data into ELNs for record-keeping and regulatory compliance.
SWOT Analysis:
Strength: ELNs offer benefits like data security, regulated storage, audit trails, and improved collaboration. They help ensure compliance with FDA guidelines.
Weakness: High upfront costs and expenses associated with software licensing and maintenance. Additional costs for integration with existing laboratory systems.
Opportunity: Growth in R&D spending and increasing focus on drug discovery. Rising adoption of cloud-based notebooks provides opportunities for virtual collaboration.
Threats: Data migration challenges and loss of data during platform shifts. Reluctance among small labs to adopt new technologies.
Key Takeaways
The Global Electronic Lab Notebook Market Size was valued at US$ 442.68 Mn In 2023. It is expected to reach over US$ 800 Mn by 2030, expanding at a CAGR of 8.5% during the forecast period.
Regional analysis: North America dominated the market with over 35% share in 2023 due to stringent regulatory requirements and increasing biopharma R&D investments in the US. Asia Pacific is anticipated to witness the fastest growth during the forecast period attributed to growing biotech industry and rising academic research in countries like China and India.
Key players: Key players operating in the electronic lab notebook market are DASSAULT SYSTEMES SA, Arxspan LLC., LabArchives, LLC, Abbott Informatics Corp., PerkinElmer, Inc., LabWare, Inc., Bruker Corporation, ID Business Solutions Ltd., and Kinematik US & Inc. These players are focusing on new product launches and enhancing existing product portfolios to solidify their market positions. For instance, in 2022, LabWare launched LabWare Vault, a flexible ELN platform to facilitate collaboration and data management.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
