Global Laboratory Equipment Services Market Segmentation, By Equipment Type (Analytical Equipment, General Equipment, Specialty Equipment, Support Equipment), Product (Sonicators And Homogenizers, Incubators, Spectro photometers, Others),Service Type (Repair and Maintenance Services, Calibration Services, Validation Services, Others), Service Providers (Original Equipment Manufacturers, Third-Party Service Providers, Others), Contract Type (Standard Service Contracts, Customized Service Contracts), End- Users (Pharmaceutical and Biotechnology Companies, Clinical and Diagnostic Laboratories, Academic and Research Institutions) – Industry Trends and Forecast to 2031
Laboratory Equipment Services Market Analysis
Over the years, the pharmaceutical and biotechnology industries have grown rapidly due to the various ongoing research and development activities within these industries. With increasing number of research activities in pharmaceutical and biotechnology industries across the globe, the laboratory equipment services market is estimated to grow heavily. Moreover, the funding to support biomedical research activities by government authorities has helped the key players focus on research activities and indulge in collaboration and partnerships with other organizations. Consequently, these determinants will push the market to show expand immensely over the forecasted period.
Laboratory Equipment Services Market Size
Global laboratory equipment services market size was valued at USD 13.72 billion in 2023 and is projected to reach USD 34.95 billion by 2031, with a CAGR of 12.4% during the forecast period of 2024 to 2031.
Report Scope and Market Segmentation
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Attributes
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Laboratory Equipment Services Key Market Insights
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Segmentation
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Countries Covered
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U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia- Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of Middle East and Africa
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Key Market Players
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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.), and B.D. (U.S.)
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Laboratory Equipment Services Market Definition
Laboratory equipment services basically encompass a wide range of services such as repair and maintenance, calibration, and validation that help labs run more efficiently, increase machine uptime, and improve testing and production results. Equipment servicing, user training, installation & modification, maintenance services, and equipment validation and calibration are just a few of the services available.
Laboratory Equipment Services Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Growing Requirement of Laboratory Equipment
The growing requirement of laboratory equipment is directly proportional to laboratory equipment services' growth. Therefore, the growing need of laboratory equipment for the effective and timely diagnosis of diseases will drive the growth for this market. Additionally, the increased prevalence of acute and chronic diseases across the globe, which might require laboratory equipment, is expected to accelerate the market's overall growth.
Furthermore, the rapid growth in pharmaceutical and biotechnology industries along with the expanding healthcare sector are also expected to fuel market growth. Moreover, the increasing demand for effective diagnosis of diseases will further expand the future growth of the laboratory equipment services market.
Opportunities
- Research Activities Within the Market Will Generate Growth Opportunities
The increasing number of investments in the research activities in pharmaceutical and biotechnology industries are also projected to offer numerous growth opportunities the growth of the market. Moreover, the rising investments and government research funding to support biomedical research activities and increased government funding for research organizations and academic institutions are also estimated to generate lucrative opportunities for the market.
Restraints/Challenges
- High Service Cost
On the other hand, the high cost of the services contracts is expected to obstruct market growth. In addition to this, the proliferating attention on minimizing the cost of treatments along with the growing pressure on pharmaceutical firms to reduce marketing costs will hamper the market growth.
Also, the increasing shift towards home based testing will challenge the laboratory equipment services market in the forecast period of 2024-2031. The scope of innovation is estimated to be limited and the market is highly diversified in nature, which poses challenges for growth.
This laboratory equipment services market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the laboratory equipment services market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Post Covid-19 Impact on Laboratory Equipment Services Market
The outbreak of COVID-19 has impacted the laboratory equipment services market largely. With the increasing number of COVID-19 cases around the world, the demand for medical supplies from both healthcare professionals and the general public is growing. There is high demand of medical supplies owing to the afflicted population. In primary clinical treatment, respiratory support equipment such as an atomizer, a life-support machine, an oxygen generator, and a monitor are among the most commonly used medical devices. Furthermore, COVID-19 has resulted in a significant increase in demand for medical goods such as masks, gloves, and protective spectacles.
The manufacturers of these products have an opportunity to profit from the increased demand for medical supplies by ensuring a steady supply of personal protective equipment on the market. Considering these factors, the market is projected to grow at a substantial pace in the upcoming years.
Laboratory Equipment Services Market Scope
The laboratory equipment services market is segmented on the basis of equipment type, product, service type, service providers, contract type and end-users. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Equipment Type
- Analytical Equipment
- General Equipment
- Specialty Equipment
- Support Equipment
Product
- Sonicators and Homogenizers
- Incubators
- Spectro photometers
- Others
Service Type
- Repair and Maintenance Services
- Calibration Services
- Validation Services
- Others
Service Providers
- Original Equipment Manufacturers
- Third-Party Service Providers
- Others
Contract Type
- Standard Service Contracts
- Customized Service Contracts
End-User
- Pharmaceutical and Biotechnology Companies
- Clinical and Diagnostic Laboratories
- Academic and Research Institutions
Laboratory Equipment Services Market Regional Analysis
The laboratory equipment services market is analyzed and market size insights and trends are provided by country, equipment type, product, service type, service providers, contract type and end-users as referenced above.
The countries covered in the laboratory equipment services market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the laboratory equipment services market because of the rising import of laboratory equipment, increasing number of CROs, surging research and development activities and the rising presence of major market players in emerging countries such as India and China within the region.
North America is expected to witness significant growth during the forecast period of 2024 to 2029 due to the surging grants for schools and private organizations for laboratory equipment installation which may involve analytical equipment along with the developing healthcare infrastructure within the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Laboratory Equipment Services Market Share
The laboratory equipment services market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to laboratory equipment services market.
Laboratory Equipment Services Market Leaders Operating in the Market Are:
- 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.)
Latest Developments in Laboratory Equipment Services Market
- In May 2020, CSL Limited, a worldwide biotechnology firm, and Thermo Fisher Scientific Inc., the world leader in serving science, have formed a strategic agreement to assist fulfil the growing demand for biologic therapeutics while also driving CSL's broader production objectives. CSL's product portfolio will be supported by Thermo Fisher's pharma services network, which includes medication development, biologics production, sterile fill-finish, packaging, and clinical trial logistics. When work on a new state-of-the-art biologics production facility in Lengnau, Switzerland, is completed in mid-2021, Thermo Fisher will operate it under a long-term leasing deal with CSL
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