Laboratory Equipment Services Market by Type (Repair & Maintenance, Calibration, Validation), Contract (Standard, Custom), Equipment (Analytical, Equipment, General, Support), Service Provider (OEM), and End User (Pharmaceutical) - Global Forecast to 2024
“The laboratory equipment services market is projected to grow at a CAGR of 13.4% during the forecast period (2019–2024).”
The laboratory equipment services market is projected to reach USD 17.7 billion by 2024 from USD 9.5 billion in 2019, at a CAGR of 13.4%. Market growth is attributed to the increasing number of research activities in pharmaceutical and biotechnology industries, and the rising investments and government research funding to support biomedical research activities. However, the shift from lab-based diagnosis to home-based/POC testing and the high cost of service contracts are the major factors restraining the growth of this market.
“By end-user, the pharmaceutical & biotechnology companies segment is expected to grow at the highest CAGR during the forecast period.”
Based on the end-user, the laboratory equipment services market has been segmented into pharmaceutical & biotechnology companies, clinical & diagnostic laboratories, and academic & research institutions. Pharmaceutical & biotechnology companies are expected to hold the largest share of the laboratory equipment services market in 2019. The growing adoption of lab automation techniques by pharma & biotech companies is expected to increase the requirement of maintenance services, as any errors in functioning can potentially stop automated processes and result in significant losses for laboratories.
“By contract type, standard service contracts segment to dominate the laboratory equipment services market in 2019”
By contract type, the laboratory equipment services market is segmented into standard service contracts and customized service contracts. In 2018, standard service contracts accounted for the largest share of the laboratory equipment services market. This can be attributed to the higher coverage of maintenance services in standard service contracts.
“APAC is expected to witness the highest growth during the forecast period.”
North America is expected to account for the largest share of the laboratory equipment services market in 2019, followed by Asia Pacific. The large share of the market in North America can majorly be attributed to increasing life science R&D activities, the presence of prominent players, and the rising number of clinical trials. However, the APAC region is expected to witness the highest CAGR during the forecast period. This can primarily be attributed to mostly due to the increasing number of CROs, increasing number of life science R&D activities, rising import of laboratory equipment, and the rising presence of major market players in emerging countries such as India and China.
A breakdown of the primary participants referred to for this report is provided below:
By Company Type: Tier 1–55%, Tier 2–25%, and Tier 3–20%
By Designation: C-level–43%, Director-level–32%, and Others–25%
By Region: North America–38%, Europe–23%, Asia Pacific–29%, Rest of the World–10%
The prominent players in the laboratory equipment services market are Agilent Technologies (US), Waters Corporation (US), Thermo Fisher Scientific, Inc. (US), PerkinElmer, Inc. (US), Danaher Corporation (US), Eppendorf (Germany), Pace Analytical Services, Inc. (US), Becton, Dickinson, and Company (US), Bio-Rad Laboratories, Inc. (US), and Siemens Healthineers (Germany).
The report analyzes the laboratory equipment services market and aims at estimating the market size and future growth potential of the laboratory equipment services and the different segments by type, equipment type, service provider, contract type, and end user. The report also includes an in-depth competitive analysis of the key players in this market, along with their company profiles, product offerings, and recent developments.
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The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them to garner a greater share. Firms purchasing the report could use one, or a combination of the below mentioned five strategies for strengthening their market presence.
This report provides insights on the following pointers:
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the laboratory equipment services market
Service Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and service launches in the laboratory equipment services market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new services, growing geographies, and recent developments in the global laboratory equipment services market
Competitive Assessment: In-depth assessment of market shares, growth strategies, revenue analysis, and services of the leading players in the laboratory equipment services market
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