With the world
grappling with the COVID-19 pandemic, researchers from around the world are
investing efforts towards the development of cures and vaccines for the
disease. Consequently, the high demand for efficient means of documentation of
complex laboratory operations is a key driver behind cloud-based automation
services, including electronic lab notebook (ELN), which offers superior cost
efficiency, and workflow.
Further, the sharing of
data among researchers around the globe is of high priority to reach a solution
to a pandemic at a faster rate. Scientists are able to take advantage of ELN
services for easy accessibility to documentation, and to remotely collaborate with
their peers. These trends are likely to continue for the foreseeable future,
aiding market growth.
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According to the latest
report by Future Market Insights (FMI), the revenue from cloud ELN services
is expected to rise at an exponential CAGR of 13% through the end of 2029, with
key growth opportunities rising in 2020. The global cloud ELN services market
is expected to witness a slump during the first half of 2020, as social
distancing and work from home practices becomes a challenge for end use
sectors. However, towards the latter half, the demand for cloud ELN services
will gain major traction in clinical trials and lab research applications to
support diagnostic research of coronavirus to stop the spread.
Adoption Surges in Healthcare
and Life Sciences
The covid-19 crisis has
made very significant changes in industry. IT developers have identified
opportunities for automation in technology operations. With cutting edge cloud
features, cloud ELN reduces the pressure of skill shortages with efficiency in
time saving and accuracy across thousands of tasks, particularly in the life
sciences and healthcare sectors. Now, with the pressing need for diagnostics in
the coronavirus pandemic, the academic and scientific research collaboration
applications of cloud ELN is expected to expand faster, with the growing
popularity of SaaS service models.
“Cloud ELN is a versatile and powerful tool which
can be used in a multitude of laboratory functions. The widespread requirement
to record standardized or undefined metadata for covid-19 research will be a
key factor driving adoption. Rising applications of experiment automation and
accuracy in procedure control, boosts the use of cloud ELN as a solution for
quality control and research,” says the FMI analyst.
Gains Traction in Pharma
North America is
currently one of the most lucrative markets for cloud ELN services, as the
United States, which is witnessing a strong rise in robotic automation processes,
particularly in the pharmaceutical companies, as research on the covid-19 virus
ramps up. Favorable government investments in these endeavors has resulted in
substantial increase in the adoption of cloud ELN.
The Asia Pacific
excluding Japan region will also provide remunerative opportunities with
growing awareness about the latest lab solutions, and various clinical trials
emerging for covid-19 diagnostics, particularly in China, India, and Singapore,
who have initiated digital health and data sharing initiatives.
The FMI study offers near and long-term growth outlook of the cloud ELN services market. Gain access to FMI’s exclusive COVID-19 tracker here.
Source: Future Market Insights