Demand for Cloud ELN Service Poised at 11% Y-o-Y Growth in 2020; Thriving Remote Work Culture amid COVID-19 Pandemic Creates Opportunities, Says FMI

Worldwide spending on cloud-based electronic
laboratory notebook (ELN) services totaled US$ 215 Mn in 2019, and the number
is projected to increase at a solid 11% by 2020-end. According to the latest
forecast by Future Market Insights (FMI), the cloud
ELN service `market
growth in 2020 is clearly being
driven by the current need for remote operations of research laboratories due
to the COVID-19 outbreak.

Clinical laboratories and researchers play a
crucial role in the detection and diagnosis of broad range of diseases.
However, social distancing requirements, stay-at-home orders, and lockdowns
triggered by the global pandemic are forcing the entirety of how these laboratories
operate to be transformed immediately. The result has led to increased
deployment of cloud ELN services that enable scientists to easily document and
find their work and collaborate within and across organizations from anywhere
with an internet connection.

Adoption
in Healthcare and Life Sciences Industries Remains Buoyant

Healthcare and life science industries are estimated to account for over 1/4th of total adoption of cloud ELN service in 2020. According to the FMI study, service providers are likely to experience a significant rise in demand from academic and scientific research industry, with greater focus on heightened connectivity to improve efficiency and productivity. Moreover, cloud ELN service enables researchers to take advantage of more efficient and cost effective storage and performance with automatic updates.

Download Sample copy with Table of Contents:
https://www.futuremarketinsights.com/reports/sample/rep-gb-1984

“Until now, regulatory requirements and over-reliance on physical equipment have made remote laboratory operations difficult. As clinical labs and research institutes realize the advantage of remote operations – from accessing cases on-demand to tapping into a broader network of expertise – especially during the pandemic, demand for cloud ELN service will remain strong going forward,” says the FMI analyst.

North
America Leads the First Wave of Growth

From a regional perspective, North America’s
cloud ELN service market remains in the vanguard, accounting for 27% of the
overall revenue. Strong presence of prominent market stakeholders such as
Agilient Technologies, Abbott Informatics, and Perkin Elmer in the region along
with increasing deployment of robotic process automation (RPA) in
pharmaceutical industry is favoring the market growth.

FMI finds that market players are eyeing
opportunities in Asia Pacific excluding Japan (APEJ) to gain distinct
competitive edge, as governments increase their investments in digital health
technology.

According to the FMI study, the global cloud ELN service market is projected to exhibit an impressive CAGR of 12.6% during the forecast period (2019-2029). Gain access to FMI’s exclusive COVID-19 tracker here.

Source: Future Market Insights

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