LONDON–(BUSINESS WIRE)–SpendEdge has been monitoring the global laboratory equipment market and the market is poised to experience spend growth of more than USD 20 billion between 2017-2022 at a CAGR of over 6% during the forecast period. Request Free Sample Pages.
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The rapid replacement of obsolete laboratory equipment will favor spend growth in this market. Major players in the pharmaceutical industries are investing in equipment such as analyzers, spectrometers, and chromatography instruments to assist in their drug discovery and research activities. This will act as another major source of investment for the laboratory equipment market.
In terms of spend growth, the US will account for a major contribution to the laboratory equipment market. The prevalence of chronic diseases such as cancer and Alzheimer’s are necessitating drug discovery and research activities. This is resulting in an increase in the procurement of laboratory equipment such as LIMS, mass spectrometers, elemental analyzers, and particle analyzers to obtain a high degree of accuracy and reduce timelines of drug research activities. This is driving spend growth in the laboratory equipment market in the US. On the other hand, the shift of research centers from the UK, Germany, and Sweden to LCCs in APAC, owing to the shortage of skilled labor, is decelerating the momentum of spend growth in Europe.
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Insights into the market pricing trends
- Possibilities of a rise in prices of raw materials such as steel, aluminum, and plastic will significantly impact the price of procurement in the laboratory equipment market. Moreover, the supplier’s focus on using high-grade raw materials will further add to their operational cost, which will have an inflationary impact on the procurement price.
- Hike in fuel prices will increase the supplier’s expenditure on logistics. This, in turn, will increase the price of procuring laboratory equipment for buyers.
What are the strategies to adopt to optimize procurement spend in this market?
- Engagement with suppliers with local distribution networks will aid buyers to compromise on logistics expenditure while simplifying their supply chain. Buyers are advised to partner with suppliers who offer to exchange new equipment for old. Apart from allowing access to modern technology at a significantly lower cost, such a strategic partnership will also reduce the issue of disposal of obsolete equipment for buyers.
- It is advised that buyers collaborate with suppliers who provide value-additions such as extended warranties. This can help the buyers to achieve significant cost savings on TCO related to high-spend products in the laboratory equipment market.
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Some of the key topics covered in this report are:
- Laboratory equipment market spend segmentation by region
- Total cost of ownership analysis in the laboratory equipment market
- Regional spend opportunity for laboratory equipment suppliers
- Laboratory equipment suppliers cost structure
- Laboratory equipment pricing models analysis
- Laboratory equipment procurement best practices
- Category management objectives
- Cost saving opportunities in the laboratory equipment market
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