How is COVID-19 influencing the spending of research labs?

At Lab Spend, we help labs monitor how they spend millions of dollars on research chemicals and supplies. The market is dynamic in that some labs are researching COVID-19 and are very busy. However, other labs could be closed or functioning in maintenance mode.

Below is the total spending of all companies using Lab Spend taking into accounts that joined or left our service.

The decline in spending of research labs from March to April was 64%. The y-axis has been intentionally been removed. While we don’t have enough data to project spending across the entire industry, we thought it would be interesting to examine how and if the spending is changing.