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The Market Outlook for Research Products in FY2010
BioInformatics, LLC, Nov 2009
Money is starting to flow. The 8.2 billion dollars appropriated to the NIH Scientific Research program by the American Recovery and Reinvestment Act is being earmarked for lab renovations, Challenge Grants, the Shared Instrumentation Program and research that spans multiple public and non-profit institutions all of which will have an immediate and long-term impact on the life science tools industry. Unlike the tumultuous first quarter of 2009, the current climate bodes well for the life science industry, and suppliers can strategize with increased confidence as we move into a more clearly defined and better funded 2010.
Across the board, suppliers are sensing that lab purchasing agents have a better understanding of sources of funding and how monies will be spent than they did a year ago. In our upcoming report, The Market Outlook for Research Products in FY2010, we asked nearly 800 scientists detailed questions about their FY2010 budgets, planned expenditures and sources of funding. Applicable to both product development and marketing, this report short-circuits the decision-making process by providing financial data that supports a strategy predicated on what scientists plan to buy. Furthermore, excerpts from this study can inform reporting—to management teams, boards of directors, analysts and investors.
The Market Outlook for Research Products in FY2010 compares and contrasts FY2009 (actual) and FY2010 (projected) budgets in total, and by product category with a special focus on market segment and regional differences. In this report, European and U.S. scientists are asked about planned purchases of both consumables and instrumentation, and from what sources they expect to receive funding, with an emphasis on the ARRA. Significantly, scientists also indicate from which supplier they plan to purchase in each category and why. Early results indicate that there are clear winners in some of the product categories.
A special section is devoted to the shift that was identified in our early 2009 budget report an increase in outsourcing to CRO’s. We asked labs what services have been outsourced in the past two years, what services will be contracted over the next two years, and how much influence labs have over a contractor’s choice of supplier, instruments and consumables when performing work for the lab. We also gathered their thoughts as to when they believe the recession will end for life scientists in the U.S. and in Europe, and how they feel about what’s in store for 2011. In this report, scientists weigh in on ways they are cutting costs in the labs, and whether they feel these changes will be permanent, or just temporary measures to weather the economic storm. Plus, in a spirit of collaboration, suppliers have extended promotions and incentives to labs; find out in this report which ones are working.
Comprised of responses from scientists with varying degrees of influence and purchasing authority in the lab, The Market Outlook for Research Products in FY2010 was designed to help you understand how labs are going to allocate their budgets over the next fiscal year, how they are responding to the economic recession and where they believe their organizations are headed in FY2011.
This report will help you to:
1. Understand current sources of funding with a special focus on ARRA funds.
2. Correlate scientists’ projected budget for 2010 with anticipated purchases in instrumentation and consumables examining trends across 14 product categories with a focus on the vendors selected, the amount spent with each vendor and the reasoning for the purchasing decision.
3. Identify practices scientists engaged in to conserve expenses and which promotions were the most helpful, enabling suppliers to create highly targeted marketing programs and promotions.
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