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2014 Projected Global Laboratory Products Budgets

Laboratories are optimistic about budget growth in 2014

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2014-04-04 06:17:01 - 2014 Projected Global Laboratory Products Budgets - a new market research report on

Laboratories are optimistic about budget growth in 2014. Overall, average laboratory budgets are expected to grow nearly in 2014, with the largest increases budgeted toward chemicals and life science reagents/kits. However, academic and biopharmaceutical institutions are forecasting budget reductions.
Self-funded Laboratories are Driving Growth. Patient care, biopharmaceutical, and industrial laboratory facilities have the largest budgets and are mostly self-funded. While product quality and brand reputation are attributes that are expected to drive laboratory product selection, quick delivery ranked surprisingly high in importance. This may be due to laboratories purchasing products on an as-need basis instead of holding large product stocks, which is a result of past and current budget uncertainties.
Patient care lab budgets are showing the strongest growth forecasts. However, there



is little growth in chemical budgets here -- labs are instead planning increased purchases of equipment and life science reagents/kits. These growth estimates may be in relation to increasing patient demand resulting from the US Affordable Healthcare Act.
Buyers continue to shift away from in-person and phone-in catalog purchases in favor of online buying, preferring eCommerce channels. As a result, ease-of-ordering, transparency, quick delivery, convenience, and no-hassle shopping are growing demands.
Suppliers looking to grow in 2014 should focus on large, privately funded clients and streamline their online ordering processes.

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