Increased government funding and grants for research organizations and academic institutes are predicted to bolster the global market growth
New York, December 28,2021 – The global Laboratory Equipment Services market size is expected to reach USD 29.8 billion by 2028 at a CAGR of 13.6%, according to a new report by Reports and Data. The rapidly expanding pharmaceutical and biotechnology industries, increased government funding for research organizations and academic institutions, and pharmaceutical and biotechnology companies’ increasing initiatives towards research & development activities are pivotal factors accountable for the global Laboratory Equipment Services market growth. The rising prevalence of acute and chronic ailments worldwide, augmented need for accurate disease diagnosis, growing adoption of safety testing measures across food & beverage and pharmaceutical industries, and increasing government support for biomedical research & development programs are the other vital aspects of the global market growth.
Laboratory Equipment Services are known to optimize laboratory operations, improve lab testing and production outcomes, and increase device uptime. These services are widely utilized by the pharmaceutical and biotechnology sectors, academic & research institutes, and clinical and diagnostic laboratories. Laboratory Equipment Services majorly include user training, equipment servicing, maintenance services, installation & modification, equipment validation, and calibration. Laboratory equipment calibration verifies the overall of measuring devices to make the device readings precise and error-free. Moreover, laboratory equipment validation ensures the smooth functioning of lab instruments, thereby improving lab operations’ quality and efficiency. The exponentially growing number of research, clinical, and diagnostic laboratories and the increasing export & import of advanced laboratory and hospital equipment create further prospects for the global Laboratory Equipment Services market growth over the estimated period. However, the rising costs of Laboratory Equipment Services are predicted to hamper the global market growth in the years to come.
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Key Highlights of the Report:
- Based on service type, the repair & maintenance services segment is poised to accumulate the largest share of the global Laboratory Equipment Services market over the forecast period.
- Among the end-users, the pharmaceutical & biotechnology companies segment emerged as the leading segment in 2020 and is expected to maintain its market dominance throughout the estimated period. Increasing pharmaceutical and biotechnological R&D activities, new drug discovery & development programs, and growing investments in healthcare research activities bolster the growth of this segment.
- The North America Laboratory Equipment Services market accounted for the highest revenue share in 2020. The amplifying demand for high-performance laboratory equipment, increasing R&D activities in the life sciences sector, and the avant-garde healthcare infrastructure in the region are the pivotal factors propelling the North America market growth. The Asia Pacific market is poised to register the fastest CAGR over the forecast years, owing to the emergence of numerous contract research organizations (CROs), the growing number of clinical and research laboratories, and the rising need for accurate disease diagnosis.
- The key players in the global Laboratory Equipment Services market are Thermo Fisher Scientific Inc., Agilent Technologies, Waters Corporation, Merck Millipore, Danaher Corporation, Hettich Instruments, Bio-Rad Laboratories, Inc., Eppendorf AG, Siemens Healthineers, PerkinElmer Inc., Sartorius AG, Mindray Medical International Limited, Pace Analytical Services, Inc., and Becton, Dickinson, and Company.
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For the purpose of this report, the global Laboratory Equipment Services market has been segmented based on service type, equipment type, service provider, contract type, end-user, and region:
By Service Type (Revenue, USD Billion; 2018-2028)
- Repair & Maintenance
- Feedback on Usage
By Equipment Type (Revenue, USD Billion; 2018-2028)
- General Equipment
- Specialty Equipment
- Analytical Equipment
- Support Equipment
By Service Provider (Revenue, USD Billion; 2018-2028)
- Third-party Service Providers
By Contract Type (Revenue, USD Billion; 2018-2028)
- Standard Service Contracts
- Customized Service Contracts
By End-user (Revenue, USD Billion; 2018-2028)
- Pharmaceutical & Biotechnology Companies
- Academic & Research Institutions
- Clinical & Diagnostic Laboratories
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By Region (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of the Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of the Middle East & Africa
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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