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12 February, 2021, New York, USA – The virtual science laboratories market is a robust, and innovative landscape, with burgeoning opportunities for new players as technologies like animation, machine learning, and AI continue to promise an evolution for learning for students in STEM disciplines. The STEM sciences require an in-depth understanding of theoretical concepts, which are often complex in nature. In order to understand these concepts, the virtual science laboratories can animate concepts in life sciences to provide understanding at a molecular level, an access sorely missed by previous generations. Moreover, cost reductions in technologies like 3D animation due to growth of cloud computing, increased hardware, and software efficiency has made it viable to take this technology en masse to millions of learners with special needs. Today, the technology remains a promising prospect for next-gen research with the support of AI, which can optimize pattern recognition to make key breakthroughs, while also becoming a tool to reach the ones in need like population in rural areas, and students with special needs. The scope of the virtual technology, and its promise to science remains the most promising driving factor of the virtual science laboratories market.
Virtual Laboratories Are Likely to Replace Traditional Ones in Key Sectors
Among various technologies, the increasing computational grids withhold a major promise for sectors like pharmaceuticals. The growing cost-saving in outsourcing, and expired patents for various products has forced pharmaceutical companies to engage in R&D to find new drugs. This development is also supported by increasing support from regulatory agencies through speedy approvals, and grants for drugs for rare diseases, among others. However, developing new drugs remains a challenge as combining various reactants, and other elements is essentially experimental in nature, and can cause major delays, and invite investment risks. On the other hand, computational grids are providing pharmaceutical companies for sharing, and aggregating distributed resources for solving large-scale compute, and data intensive problems like experimentation involved in manufacturing drugs. Research shows that computational grids can help calculate millions of elements within a really short time frame, and provide a way to utilize the potential of chemical database against potential protein target for development of drugs, immunity boosters, vaccines, among others. Moreover, technologies like AI, supercomputers, and Natural Language Processing are likely to help strengthen growth for sectors like pharmaceuticals to drive tremendous growth for players in the virtual science laboratories market.
Growing Demand for Online Learning Remains a Key Factor Driving Growth
According to IDC, the International Data Corporation, the notebook shipments grew 6% worldwide in 2020, with rising demand for online learning, and remote working. The rising demand for personal devices and growing need to cater to safety of children, and young adults amidst the covid-19 pandemic remains a major boost for growth of the virtual science laboratories market. Before the pandemic began, the online learning remained a distant goal as traditional classroom based education dominated fields like STEM teaching. However, the pandemic forced educators around the world to take immediate, and strong action to switch to online learning. This has resulted in large growth of online modules like Massive Open Online Courses (MOOCs). According to a study published in the social sciences & humanities open journal, an investigative study in Saudi Arabia found that MOOCs have a significantly positive impact on improving higher education, with 65% reporting better educational outcomes. As online learning improves, and its cost-saving potential for education, and growth potential for life-changing opportunities through science education continue to grow, the players in the virtual science laboratories will likely gain from expanding scope of higher education in the virtual arena.
Growing Demand for Treatment of Chronic Illnesses to Drive Tremendous Growth
Chronic illnesses remain a deadly, and growing concern for healthcare sector around the world. According to Centre for Disease Control and Prevention (CDC), cancer is the leading cause of death in the United States. Moreover, many types of cancers are preventable if diagnosed early. However, the CDC estimated that cost of cancer, apart from loss of lives amounts to $174 billion per year. Moreover, health care system also incurs $214 billion each year while productivity losses due to strokes, and heart disease cause another $138 billion each year in the US. These chronic illnesses, especially in the oncology segment present a major opportunity for growth in the virtual science laboratory market. The oncology segment accounted for a large share of the total revenues in 2019. The rising incidences of cancers globally, and increasing number of research in this field presents a major opportunity for the pharmaceutical sector. In 2019, there were nearly 20,000 oncology trials conducted in the pharmaceutical industry, with participation ranging from 3.0% to 8.0% potential drug candidates. The growing research in medicine, and inherent uncertainty in research outcomes will likely drive robust growth for the global virtual science laboratories market.
The virtual laboratories market remains an open, and fragmented landscape. The high-cost of setup presents a limitation to entry for new players. However, innovation also remains a major advantage to entry of new players, as lack of technological backbone made up of tools like AI, Machine Learning, 3D animation, NLP remain a challenge to progress for established players. The virtual science laboratories market will remain a competitive, and innovative landscape over 2021-2028 period as scope of technologies for key sectors like pharmaceutical, and increased advancements in knowledge sharing softwares, and platforms promise new horizons for growth. Today, various systems like Electronic Lab Notebooks (ELN), Laboratory Information Management Systems (LIMS), Scientific Data Management Systems (SDMS) have brought tremendous diversity in product offerings in the virtual science laboratories market. The growth of new technologies, and increased focus on innovation will likely open new doors for growth during the forecast period. Some key players in the virtual science laboratories market.
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