Government investment to accelerate global laboratory equipment services market

The global laboratory equipment services market was valued at approximately USD 7.3 billion in 2017 and is expected to generate a revenue of around USD 14.7 billion by end of 2024, growing at a CAGR of around 10.4 percent between 2018 and 2024, according to Zion Market Research. Growing R&D in both public and private sectors of pharmaceutical and biotechnology industries along with the increasing number of asset management companies is estimated to accelerate the market growth. Growing geriatric population and invasion of chronic diseases are the prominent factors driving the demand of laboratory equipment services. Moreover, increasing demand for timely and effective diagnosis of the disease is uplifting the growth of the 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 the market and may affect its growth in the long term.

Nonetheless, significant investment by the government in laboratory equipment services to provide more advanced and improved versions of equipments across the globe coupled with the growing use of the laboratory equipment by educational institutes is likely to open new avenues for the market. North America is anticipated to dominate the regional segment. Furthermore, in the North American region, the United States of America is estimated to witness significant demand for prominent laboratory equipment service. Europe is estimated to be following the footsteps of North America. The Asia-Pacific region is expected to be the significantly growing region for the market in the near future.