According to Arizton latest research report, the laboratory equipment services market growing at a CAGR of 11.41% during 2022-2028.
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Laboratory equipment services play a pivotal role within the laboratory industry, serving as a crucial component. The increasing number of laboratories and the continuous introduction of advanced products into the market have spurred a growing demand for these services. Original Equipment Manufacturers (OEMs) typically provide lab equipment services for a limited duration, especially for newly launched products utilizing specific technologies.
Multi-vendor lab equipment services, also known as Laboratory Asset Management (LAM) or single-source services, are privately managed maintenance services that cater to equipment from various manufacturers. These comprehensive services encompass a wide range of offerings, including repair, inventory management, procurement, installation, equipment logistics, calibration, and compliance services. In contrast to third-party contracts for lab equipment services, the multi-vendor service model unites a consortium of laboratories to access a multitude of services. Lab networks often collaborate to provide services that may not be available through individual multi-vendor service providers, making this a significant advantage of this approach.
Laboratory Equipment Services Market Report Scope
|Market Size (2028)||USD 28.68 Billion|
|Market Size (2022)||USD 15 Billion|
|Market Segmentation||Equipment Type, Service Type, Service Providers, Contract Type, End-users, and Geography|
|Geographic Analysis||North America, Europe, APAC, Latin America, and Middle East & Africa|
The Global Original Equipment Manufacturers Laboratory Services Market to Reach $18.24 Billion By 2028
OEMS are in high demand for lab equipment services because they have the expertise to build the products and offer high-class and appropriate lab equipment services. The development of products and delivery of lab equipment services by OEMs is closely regulated and specialized, which allows them to ensure product care services. OEMs know the most about lab equipment, making them the first option for lab equipment services. The benefits associated with OEMs as service providers are reliable partners for services. The experience, expertise, and reputation of quality service deliveries are important factors that accelerate segmental growth.
The global laboratory equipment services market witnesses a competitive rivalry among market players. Globally, several leading, rapidly growing, and emerging market players impact the market growth and landscape. Several market players show continuous dominance, and some companies try to achieve more market share. Based on the huge competitive landscape, leading companies accept and implement several business strategies focusing on expanding market share and presence. M&As and collaborations are major business strategies implemented by several leading market players. On the other hand, emerging and smaller market players seek high-quality service delivery at affordable prices. Several M&As, collaborations, partnerships, product launches, and business expansion strategies have been majorly implemented by OEMs since the COVID-19 pandemic.
Vendors in the market experience competition from various service providers. Currently, two major lab equipment service providers are available in the market with 60% and 40% market penetration. The service providers are OEMs and third-party service providers. Almost all manufacturing companies offer lab equipment services for periods, such as bi-annual or annual services. Third-party service providers offer various services for multiple lab equipment brands with one point of contact. Both entities constantly try to hold significant share and penetration.
Key Company Profiles
- Agilent Technologies
- PerkinElmer, Inc.
- Thermo Fisher Scientific
- AIC Lab Equipments
- BIOSONIC SCIENTIFIC TECHNOLOGIES
- C&M Scientific
- Cryostar Industries
- Full Spectrum Lab Services
- GenTech Scientific
- HiTec Zang
- Mindray Medical International Limited
- Nordic Service Group
- Pace Analytical Services
- Shimadzu Corporation
- Siemens Healthineers
- Waters Corporation
- Transcat, Inc.
- Overbrook Scientific
- Bio-Rad Laboratories
- Analytical Equipment
- Specialty Equipment
- General & Support Equipment
- Repair & Maintenance Services
- Original Equipment Manufacturers
- Third-party Service Providers
- Standard Service Contracts
- Customized Service Contracts
- Clinical & Diagnostics Labs
- Pharma, Biotech, and Medical Device Companies Labs
- Academic & Research Labs
- Other Labs
- North America
- The US
- The UK
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
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Arizton Expertise in the Healthcare Industry
Arizton offers both syndicate and custom market intelligence & competitive intelligence solutions across MedTech, pharmaceuticals, and life sciences & biotechnology markets within the healthcare industry. Arizton’s healthcare vertical provides unbiased research and evidence-based analysis to support business decisions and comprehensive end-to-end solutions to its customers, covering all dimensions of the healthcare value chain. We track a diverse array of devices (equipment, implants, and hospital supplies) and drugs (patented, generic, & OTC) across North America, Europe, APAC, Latin America, and the Middle East & Africa regions. The healthcare reports provide historical and forecast data for 20+ key countries worldwide. We track product approvals/launches, M&A activities, and collaboration/partnership activities among pharma/biotech, medical device, and life sciences companies. Our pharmaceutical portfolio tracks 15+ therapy areas with a significant focus on immunology, oncology, rare & genetic diseases, dermatology, and metabolic diseases. Our medical devices and life sciences portfolio covers in-vitro diagnostics, healthcare IT, patient monitoring, cardiovascular devices, medical imaging, personal protective equipment, clinical laboratory services, and CMO/CDMO services.
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