July 13, 2024
Electronic Lab Notebook Market

Growing Biotechnology Industry to boost the growth of Electronic Lab Notebook Market

The global Electronic Lab Notebook Market is estimated to be valued at US$ 442.68 Mn 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:

Electronic lab notebooks (ELNs) have largely replaced paper notebooks for recording research activities in the biotechnology and pharmaceutical industries. ELNs help scientists document laboratory experiments and observations electronically with features like secure storage, controlled access and sharing, and integration with other lab systems and databases. This eases tracking, retrieval and collaboration around experimental data. ELNs also improve compliance with regulations and help accelerate drug discovery by allowing scientists to search past experimental results.

Market key trends:

One of the major trends in the electronic lab notebook market is the growing adoption among small and medium enterprises. Earlier, adoption of ELNs was largely limited to large biotech and pharma companies due to high costs. However, vendors are now offering more affordable and flexible pricing models targeted at SMBs. This is helping drive the uptake of ELNs among early-stage biotech startups and research organizations. Additionally, the rise of laboratory informatics solutions that integrate ELNs with other lab systems is positively impacting the market. Vendors are offering integrated platforms that combine ELNs with tools like laboratory information management systems (LIMS) and scientific data management systems (SDMS). This is supporting enhanced data retrieval, analysis and collaboration capabilities for research organizations. Integrated platforms tailored for specific industries like chemicals, food and beverage testing are also gaining popularity.

Porter’s Analysis

Threat of new entrants: The electronic lab notebook market requires huge capital investments for R&D activities. Additionally, established players have strong brand recognition which poses significant barriers for new players.
Bargaining power of buyers: Buyers have high bargaining power due to the presence of many players offering similar products in the market. Buyers can negotiate on price and demand additional features from suppliers.
Bargaining power of suppliers: A few large suppliers dominate the market, allowing them to influence pricing. However, development of electronic lab notebooks requires expertise in various domains, keeping supplier power in balance.
Threat of new substitutes: Alternatives such as digital writing pads offer limited functionality as compared to electronic lab notebooks. Hence threat from substitutes is low.
Competitive rivalry: The market has presence of global as well as regional players offering customized solutions. Players constantly upgrade their features and services to gain competitive advantage.

Key Takeaways

The Global Electronic Lab Notebook Market Size is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing focus on data integrity and management in life science research.

Regional analysis: North America dominates the market accounting for over 30% share due to stringent regulatory landscape and increasing R&D expenditure. Asia Pacific is expected to grow at fastest pace due to expansion of pharmaceutical companies and rising number of CROs & CMOs in the region.

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. Key players focus on new product launches catering industry-specific needs to strengthen their market positions.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it