Purchasing Trends Change Slightly With Advances in Scientific Applications
A New Report From Biocompare, Inc. Finds That Big-Ticket Mass Spectrometers Are Out and Imaging/Gel Documentation Systems Are In
SOUTH SAN FRANCISCO, CA -- (MARKET WIRE) -- November 29, 2005 -- A new report from Biocompare, Inc., 2005 Fall Purchasing Report, presents that life science researchers are making some changes to their purchasing plans from a year ago, based on advances in new scientific applications, as well as because of budgetary concerns. While most investigators are not deviating greatly from techniques used in 2004, a majority (55%) are willing to try RNA/siRNA technologies, a finding that is consistent with the recent growth of this research area.
The report, based on a survey of over 1100 researchers, explores budget information, product purchasing trends, general technology areas in which these purchases are likely to occur, as well as influences on purchasing decisions. As technologies become more sophisticated, momentum for scientific research explodes, depending on both public and private funding to subsidize exciting new research tools. Government funding cannot, however, keep pace with inflation, a shortfall that is expected to confound researcher budgets for the next 4-5 years. The 2006 NIH budget, however, provides an additional $56 million to support 247 more research grants as the NIH strives "to preserve to the greatest extent possible the ability of scientists to obtain individual support, a critical goal," according to the budget-request statement of NIH director, Elias A. Zerhouni, MD.
Revenue from sales of laboratory equipment and software is expected to grow consistently in the short-term, primarily from industry research and development in both the pharmaceutical and biotechnology sectors, while academic scientists struggle to stretch laboratory dollars, often while making difficult decisions about important issues, such as travel to scientific meetings.
Of note to highlight is that nearly all (95%) scientists examine products and consult with colleagues prior to making laboratory purchases. This fact alone should provide a "heads-up" to vendors vying to increase market share in a tough life science sales environment. With increased attention to making product information more accessible and available to researchers, as well as developing good customer service relationships, companies can capture a larger share of existing laboratory dollars.
This report, 2005 Fall Purchasing Report, available from Biocompare, Inc., explores researchers' future purchasing plans and research areas that are expected to better weather the economic crunch of dwindling laboratory funds. More information about this and other reports available from Biocompare can be found at: http://www.biocompare.com/research
Biocompare, Inc. (http://www.biocompare.com), headquartered in South San Francisco, California, is a global media company informing and connecting the buyers, users, and sellers of life science products. By combining an in-depth knowledge of life science products and new technologies with the power of the internet, Biocompare offers a dynamic, relevant, and innovative media-based marketplace for life science information.