Laboratory Equipment Services Market Overview:
The Laboratory Equipment Service Market is expected to grow at a CAGR of 13.4 percent from USD 9.5 million in 2019 to USD 17.7 billion in 2024. The increasing number of research activities in the pharmaceutical and biotechnology industries, the growing need for effective and timely disease diagnosis, and rising investments and government research funding to support biomedical research activities are all driving growth in the laboratory equipment service market. However, the move from lab-based diagnosis to home-based/POC testing, as well as the high cost of service contracts, are limiting the market's growth.
The pharmaceutical & biotechnology companies to dominate the laboratory equipment services market in 2019
Pharmaceutical and biotechnology businesses, clinical and diagnostic laboratories, and academic and research institutions are the three end-user segments in the biomedical equipment services market. Pharmaceutical and biotechnology firms are likely to dominate the market in 2019. The increased volume of drug discovery research in these companies is principally responsible for this segment's dominance.
“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 to reach USD 17.7 billion by 2024 from USD 9.5 billion in 2019. Factors such as the growing need for the effective and timely diagnosis of diseases and an increasing number of research activities in pharmaceutical and biotechnology industries are expected to drive the growth of the laboratory equipment services market during the forecast period.
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Key Market Players
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 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% between 2019 and 2024. The growth of this market is driven majorly by the increasing number of research activities in pharmaceutical and biotechnology industries, growing need for the effective and timely diagnosis of diseases, 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.
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