The global laboratory equipment services market was valued at approximately USD 7.3 billion in 2017 and is expected to generate revenue of around USD 14.7 billion by end of 2024, growing at a CAGR of around 10.4 percent between 2018 and 2024. Growing research & development in both public and private sector of pharmaceutical and biotechnology industries along with the increasing number of asset management companies is estimated to accelerate the growth of laboratory equipment services market over the estimated time. Growing geriatric population and invasion of chronic diseases are the prominent factors driving the demand of laboratory equipment services market. Moreover, increasing demand for timely and effective diagnosis of the disease is uplifting the growth of laboratory equipment services market. However, increasing pressure among the healthcare providers to reduce the cost of treatment, the high cost of contracts for servicing the equipment along with the high cost of raw materials are acting as hurdles for laboratory equipment services market and may affect its growth in long term.
Nonetheless, significant investment by the government in laboratory equipment services to provided more advanced & improved version of equipment across the globe coupled with the growing use of the laboratory equipment by the educational institutes is likely to disclose the new avenues for the market. The global laboratory equipment services market is divided into its service types, equipment, service contract, service provider, and end-user. On the basis of the service types, the market is divided into validation, repair & maintenance, calibration, and other services. Based on equipment, the laboratory equipment services market is categorized into general equipment, support equipment, specialty equipment, analytical equipment, and others. By service contract, the laboratory equipment services market is bifurcated into customized and standardized. Based on the service provider, the laboratory equipment services market is categorized into original equipment manufacturers, third-party service agencies, and others.
On the basis of the end user, the laboratory equipment services market is segregated as academic institutes, clinical & diagnostic laboratories, pharmaceutical & biotechnology companies, and others. Based on region, the global laboratory equipment services market is segmented as North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. In the laboratory equipment services market, North America is anticipated to dominate the regional segment. Furthermore, in the North America region, the U.S is estimated to witness significant demand for prominent laboratory equipment service. Europe is estimated to be following the footsteps of North America. Asia Pacific region is expected to be the significantly growing region for laboratory equipment services market over the near future. Additionally, Latin America and the Middle East & Africa will show a moderate CAGR growth in the laboratory equipment services market.
Some of the key players in laboratory equipment services market include Thermo Fisher Scientific Inc., Waters Corporation, Agilent Technologies, Danaher Corporation, LP, Merck Millipore, Pace Analytical Services, Inc., Hettich Instruments, Mindray Medical International Limited, Eppendorf AG, and others. – Zion Market Research