The Future of the Small Laboratory: Grim Or Great?
Posted Jun 11, 2012 in LMT Surveys
Small laboratories—those with one to three people—are the backbone of our industry, representing more than 50% of the U.S. market. LMT's Small Lab Survey offers an overview of who they are, how they work and their outlook for the future of their own businesses as well as their market segment as a whole.
For years, we've been hearing about the decline in the number of small labs and yet, to date, LMT's circulation data shows little attrition; the percentage of one- to three-person laboratories has remained relatively consistent during our 28-year history. However, more than 60% of the respondents to LMT's Small Lab Survey are over 55 years old. While a number of them comment they will "die at the bench," more than half plan to retire within the next 10 years; in other words, there will be a substantial shift in demographics in the near future. (For survey demographics, please see below.)
When you ask small laboratory operators about...