The application of laboratory equipment services is extensive and spans various sectors. These services are crucial for hospitals, clinics, and diagnostic laboratories in the healthcare industry to ensure accurate medical testing and patient care. Equipment services are essential for drug development, quality control, and regulatory compliance in the pharmaceutical and biotechnology sectors. Moreover, industries such as food and beverage, environmental testing, and forensic sciences also utilize laboratory equipment services to maintain quality standards and ensure reliable results. Overall, applying laboratory equipment services is vital for enabling efficient and effective operations in diverse fields.
According to Data Bridge Market Research, the Laboratory Equipment Services Market was valued at USD 10.86 billion in 2021 and is expected to reach USD 31.33 billion by 2029, registering a CAGR of 12.4% during the forecast period of 2022-2029.
“Growing requirement of laboratory equipment serves drives the market”
The growing requirement of laboratory equipment serves as a major driver for the laboratory equipment service market. As the demand for scientific research and development activities increases across various industries, there is a corresponding need for well-maintained and functional laboratory equipment. Laboratories and research facilities rely on equipment servicing to ensure accurate and reliable results, comply with regulatory standards, and enhance operational efficiency.
What restraints the growth of laboratory equipment services market?
“High service cost”
The high service cost serves as a significant restraint for the laboratory equipment services market. Lab equipment services typically involve maintenance, repair, calibration, and other technical support, which can be costly for businesses. The complex nature of laboratory equipment, the specialized expertise required for servicing, and the need for sophisticated tools and technology contribute to the higher service costs. These elevated costs can deter some customers from seeking professional services or lead them to seek alternative solutions. The challenge lies in finding a balance between offering high-quality services and competitive pricing to attract and retain customers in the market.
Segmentation: Laboratory Equipment Services Market
The laboratory equipment services market is segmented on the basis of equipment type, product, service type, service providers, contract type and end-users.
- On the basis of equipment, the laboratory equipment services market is segmented into type analytical equipment, general equipment, specialty equipment, support equipment.
- On the basis of product, the laboratory equipment services market is segmented into sonicators and homogenizers, incubators, and spectrophotometers, others.
- On the basis of service type, the laboratory equipment services market is segmented into repair and maintenance services, calibration services, validation services, others.
- On the basis of service providers, the laboratory equipment services market is segmented into original equipment manufacturers, third-party service providers, others.
- On the basis of contract type, the laboratory equipment services market is segmented into standard service contracts, customized service contracts.
- On the basis of end- users, the laboratory equipment services market is segmented into pharmaceutical and biotechnology companies, clinical and diagnostic laboratories, academic and research institutions.
Regional Insights: Asia-Pacific dominates the laboratory equipment services market
Asia-Pacific is dominant in the laboratory equipment services market due to several factors. The region has witnessed a significant rise in the import of laboratory equipment, driven by the expanding research and development activities and the growing number of contract research organizations (CROs). Additionally, emerging countries like India and China have seen a surge in the presence of major market players, further contributing to the market's growth within the region.
In North America, the laboratory equipment services market is expected to experience significant growth during the forecast period. The region benefits from the availability of grants for schools and private organizations, facilitating the installation of laboratory equipment, including analytical equipment. Moreover, the region's developing healthcare infrastructure plays a crucial role in driving the demand for laboratory equipment services, creating opportunities for market growth in North America.
To know more about the study visit, https://www.databridgemarketresearch.com/ar/reports/global-laboratory-equipment-services-market
Recent Developments in Laboratory Equipment Services Market
- On May 27, 2020, CSL Limited, a global biotechnology company, and Thermo Fisher Scientific Inc., the leading provider of scientific services, announced a strategic agreement to meet the increasing demand for biologic therapeutics and support CSL's production goals. Thermo Fisher's pharma services network, encompassing drug development, biologics manufacturing, fill-finish operations, packaging, and clinical trial logistics, will bolster CSL's product portfolio. As part of the agreement, Thermo Fisher will operate a new state-of-the-art biologics production facility in Lengnau, Switzerland, under a long-term leasing arrangement with CSL, slated for completion in mid-2021.
The Prominent Key Players Operating in the Laboratory Equipment Services Market Include:
- Agilent Technologies Inc. (U.S.)
- Thermo Fisher Scientific (U.S.)
- Waters Corporation (U.S.)
- Abbott (U.S.)
- Hettich Instruments (Germany)
- Merck KGaA (Germany)
- Shimadzu Corporation (Japan)
- Danaher (U.S.)
- Siemens (Germany)
- Eppendorf Corporate (Germany)
- PerkinElmer, Inc. (U.S.)
- Pace Labs (U.S.)
- Bio-Rad Laboratories, Inc. (U.S.)
- B.D. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of laboratory equipment services market companies contact, https://www.databridgemarketresearch.com/ar/contact
Research Methodology: Global Laboratory Equipment Services Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
