LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global laboratory equipment services market is expected to grow at a CAGR of more than 10% over the next five years due to the rising demand for pharmaceutical laboratories in APAC.
The research report titled, ‘Global Laboratory Equipment Services: Procurement Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“Global players are engaging in consolidation to enhance production capabilities and develop innovative products to meet growing customization requirements of buyers. Over the past 3–4 years, the market has witnessed shortage in supply due to a steep increase in demand for laboratory equipment from emerging economies,” says Angad Singh, a lead procurement specialist at Technavio for category spend intelligence research.
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Cost saving opportunities in the laboratory equipment services market
Adoption of various cost optimization levers allows buyers of laboratory equipment services to not only realize direct cost savings, but also enhance category management and value benefits (including a reduction in procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the laboratory equipment services market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
TaqMan array card using microfluidics are widely used by pharmaceutical and research laboratories to screen biomarkers and analyze sample flow pathways for the identification of potential contamination threats..
Robotics are meant to work with laboratory processes to simplify design, setup, and execution of scientific processes when used with Thermo Fisher Scientific Momentum 4.0 Workflow and Scheduling software.
Optimization of procurement practices saving aspects
To simplify the supply chain and save costs, pharmaceutical and biopharmaceutical companies utilize local distribution networks of global partners to procure laboratory equipment. It also helps buyers cut down transportation costs and customs duties.
Bundling of services saving aspects
The need to reduce carbon footprint and increased emphasis on issues concerning deforestation have led to growing preference for green products that include recycled content and have environmental certifications.
Buyers prefer to engage with suppliers that provide one-stop solutions by bundling laboratory equipment, maintenance services, lab consumables, and supplies, as this allows them to negotiate better with regard to the pricing of products and services, and also reduces operational risks involved in coordinating with multiple vendors for different services.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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