US Laboratory Product Purchasing Trends, 2023 2024

US Laboratory Product Purchasing Trends, 2023 2024

An End-User Perspective on Spending and Growth Opportunities

RELEASE DATE
21-Feb-2024
REGION
Global
Research Code: KA04-01-00-00-00
SKU: CM_2024_591
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Description

Qualified respondents to this Frost & Sullivan survey were invited to participate in a telephone interview examining their laboratory’s product purchasing process in 2023 and expectations for 2024. Frost & Sullivan has conducted similar studies among the same targeted respondents since 2012. The survey provides companies with actionable and trending information from laboratory professionals to help drive business strategies and develop growth expectations.

The study presents year-over-year data to illustrate yearly laboratory budget trend developments where applicable. Note that the recruitment approach for 2023 shifted from inviting magazine readers to participate in an online survey to direct recruitment of professionals for telephone interviews. Survey participants play a role in their laboratory’s purchasing process, are familiar with the laboratory’s product budgets, and represent a laboratory that uses or plans to use products in one or more of the seven laboratory product categories: instruments, equipment, chemicals, reagents and kits, general lab supplies, plasticware, and glassware. A total of 120 decision makers participated, answering questions on purchases, budgets, buying behaviors, and purchasing preferences.

Respondents were segmented by laboratory type: academic/government, biopharmaceutical, industrial, and hospital/clinical. Manufacturing, environmental testing, chemical or petrochemical, and food, beverage, or agricultural laboratories are classed as industrial laboratories for this analysis. Biotechnology, pharmaceutical, and contract research organizations are categorized as biopharmaceutical laboratories. State government and federal government laboratories are grouped as government laboratories. Hospital laboratories and clinical reference laboratories are included in the hospital/clinical group. Respondents encompassed various job titles: researcher, scientist, investigator, director, manager, and technician.

Data collected for budgets were quantitative and qualitative for end-user trends, such as budget expectations, brand selection preferences, purchasing process steps, evaluation and sourcing of lab products, recent and expected instrument and equipment purchases, frequency of price comparisons, funding trends, unmet needs, product purchasing preferences, the impact of inflation and supply chain issues on laboratories, the impact of inflation on budgets and spending, and conference attendance expectations.

Author: Christi Bird

Table of Contents

Survey Objectives and Methodology

Respondent Profile

Key Findings

Product Budget Changes

2023 Laboratory Product Budget Breakdown and 2024 Trend

Information Sources for Lab Products

Information Sources for Lab Products (continued)

Most Frequently Used Information Sources

Most Frequently Used Information Sources (continued)

Products Purchased/Expected to Be Purchased

Historical Comparison of Purchases

Products Purchased/Expected to Be Purchased, by Organization Type

Historical Experience with Lab Product Purchases

Importance of Product Features

Importance of Product Features (continued)

Importance of Product Features—Country of Origin

Importance of Manufacturer Features

Importance of Ordering and Shipment Features

Frequency of Price Comparisons

Purchase Channels

Most Frequently Used Purchase Channels

Most Frequently Used Purchase Channels (continued)

Importance of Purchasing Experience Aspects

Importance of Purchasing Experience Aspects (continued)

Improvements to Laboratory Product Purchases

Purchasing Experience Assessment

Purchasing Experience Assessment (continued)

Purchasing Experience Opportunity Areas

Purchasing Experience Opportunity Areas (continued)

Purchasing Experience Opportunity Areas (continued)

2023 Laboratory Product Budget

2023 Laboratory Product Budget by Organization Type

2023 Laboratory Product Budget Breakdown and 2024 Trend

2023 Laboratory Product Budget Breakdown and 2024 Trend (continued)

Laboratory Funding Sources

Q4 2023 Laboratory Product Spending

Supplier Relationships

Supplier Relationships (continued)

Impact of Supply Chain Challenges on Laboratories

Impact of Supply Chain Challenges on Laboratories (continued)

Impact of Supply Chain Challenges on Laboratories (continued)

Impact of Inflation on Budget and Spending

Impact of Inflation on Budget and Spending (continued)

Conference Attendance

Conference Attendance (continued)

Conference Attendance (continued)

Growth Opportunities Fuel the Growth Pipeline Engine™

Why is it Increasingly Difficult to Grow?

The Strategic Imperative 8™

Legal Disclaimer

Qualified respondents to this Frost & Sullivan survey were invited to participate in a telephone interview examining their laboratory s product purchasing process in 2023 and expectations for 2024. Frost & Sullivan has conducted similar studies among the same targeted respondents since 2012. The survey provides companies with actionable and trending information from laboratory professionals to help drive business strategies and develop growth expectations. The study presents year-over-year data to illustrate yearly laboratory budget trend developments where applicable. Note that the recruitment approach for 2023 shifted from inviting magazine readers to participate in an online survey to direct recruitment of professionals for telephone interviews. Survey participants play a role in their laboratory s purchasing process, are familiar with the laboratory s product budgets, and represent a laboratory that uses or plans to use products in one or more of the seven laboratory product categories: instruments, equipment, chemicals, reagents and kits, general lab supplies, plasticware, and glassware. A total of 120 decision makers participated, answering questions on purchases, budgets, buying behaviors, and purchasing preferences. Respondents were segmented by laboratory type: academic/government, biopharmaceutical, industrial, and hospital/clinical. Manufacturing, environmental testing, chemical or petrochemical, and food, beverage, or agricultural laboratories are classed as industrial laboratories for this analysis. Biotechnology, pharmaceutical, and contract research organizations are categorized as biopharmaceutical laboratories. State government and federal government laboratories are grouped as government laboratories. Hospital laboratories and clinical reference laboratories are included in the hospital/clinical group. Respondents encompassed various job titles: researcher, scientist, investigator, director, manager, and technician. Data collected for budgets were quantitative and qualitative for end-user trends, such as budget expectations, brand selection preferences, purchasing process steps, evaluation and sourcing of lab products, recent and expected instrument and equipment purchases, frequency of price comparisons, funding trends, unmet needs, product purchasing preferences, the impact of inflation and supply chain issues on laboratories, the impact of inflation on budgets and spending, and conference attendance expectations. Author: Christi Bird
More Information
Author Christi Bird
Industries Chemicals and Materials
No Index No
Is Prebook No
Podcast No
Predecessor K8C7-01-00-00-00
WIP Number KA04-01-00-00-00