LOS ANGELES, April 8, 2019 /PRNewswire-PRWeb/ -- The events surrounding Brexit could be perilous for research lab funding, according to a market research firm specializing in lab instrumentation and technique markets, but Brexit may not prove entirely disruptive to the normal patterns of funding and instrument purchases in the region. Strategic Directions International (SDi) published its 2019 Global Assessment Report and in that report predicted that growth in Europe will be nearly 4.0% in 2019, even as Brexit looms.
It was two years ago when UK Prime Minister Theresa May delivered the notice for the country to withdraw from the EU, thus beginning the two-year countdown to its official departure date on March 29 this year. In order to smooth the process, a trade deal was forged between the UK and the EU during these past two years to set the terms of their divorce, dictating a plan for how trade, customs, and other regulatory matters would be handled after the departure date. Thus far the deal is in flux. But SDi sees the events of Brexit in the context of the normal patterns of the European market.
"Since lab supplier companies have known about this pending disruption since the 2016 referendum, many of them have prepared their organizations internally to minimize supply disruptions, maintain regulatory compliance, smooth out their sales, and uphold customer satisfaction in Europe," according to Andrew Appel, Manager of Marketing Analytics for Strategic Directions International.
The firm said in the recent blog piece, "Lab Spending in a Brexit World," that the issue now is the uncertainty of the situation continues to exacerbate Europe's economic condition, particularly within the UK itself. Caught in the middle of the drama are the nation's scientists and lab researchers. The firm said the biggest threat that laboratories in the UK will face over the next few years as a result of Brexit is the lack of ability for basic research to tap into European funding. Most important among these funding sources is Horizon Europe, a huge spending pot for scientific research and innovation that is planned for 2021 to 2027. More details about the possible effects of the instability of the funding pool are covered in the article.
Strategic Directions International (SDi), part of Science and Medicine Group, is the leading business intelligence firm in the highly specialized field of analytical and life science instruments. Its client list includes virtually every major analytical instrumentation company throughout the world. Founded in 1981, the Los Angeles-based company has published hundreds of market reports and provided proprietary market research and advisory services for a multitude of clients. Its yearly Global Assessment Report offers coverage of over 80 instrumentation areas. The report helps users determine the relative market share of leading vendors in 81 different instrument and instrument technique market categories, and it projects the growth of the market and each segment from 2018-2023. The report has been called the gold standard and is used by top firms in lab instrumentation to make business decisions.
SOURCE Strategic Directions International
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