Laboratory Equipment Services Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2024
Laboratory Equipment Services Market Overview:
The Laboratory Equipment Services Market is expected to grow at a CAGR of 13.4 percent from USD 9.5 billion 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 fast disease detection, and rising investments and government research funding to support biomedical research activities are all driving this market forward. 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.
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The analytical equipment market segment accounted for the largest share of the laboratory equipment services market.
Based on equipment type, the laboratory equipment services market is segmented into analytical equipment, general equipment, specialty equipment, and support equipment. In 2018, the analytical equipment market segment accounted for the largest share of the laboratory equipment services market. Analytical equipment is extremely fragile and expensive and, therefore, require frequent servicing, which is a major factor driving market growth. In line with this, the growing volume of compounds to be detected for the presence of impurities has created an enormous demand for advanced analytical instruments. However, these instruments require regular maintenance and upgrading to ensure smooth and efficient workflow of processes and to prevent sudden equipment failures. This is expected to increase the demand for laboratory equipment services for analytical equipment.
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Market Segmentation:
The APAC market is expected to grow at the highest CAGR during the forecast period
North America is projected to dominate the market in 2019. On the other hand, the APAC region is expected to witness the highest CAGR during the forecast period. An increasing number of CROs, a growing number of life science R&D activities, rising import of laboratory equipment, and the rising presence of major market players in emerging countries such as India and China are some of the key factors driving the growth of the market in the Asia Pacific region.
Laboratory Equipment Services Market, by Equipment Type
Analytical Equipment
General Equipment
Specialty Equipment
Support Equipment
Laboratory Equipment Services Market, by Type
Repair and Maintenance
Calibration
Validation
Other Services
Laboratory Equipment Services Market, by Service Providers
OEMs
Third-party Service Providers
Other Service Providers
Key Players:
Thermo Fisher Scientific (US), Agilent Technologies (US), Danaher Corporation (US), and Waters Corporation (US) are the key players operating in this market. Other prominent players in the market include Siemens Healthcare (Germany), Eppendorf AG (Germany), PerkinElmer, Inc. (US), Pace Analytical Services, Inc. (US), Bio-Rad Laboratories, Inc. (US), Becton, Dickinson and Company (US), Shimadzu Corporation (Japan), F. Hoffmann-La Roche Ltd (US), Beckman Coulter, Inc (US), Sartorius AG (Germany), Ortho Clinical Diagnostics (US), Hettich Instruments, LP (Germany), Hitachi High-Technologies Corporation (Japan), GMI (US), Rainin (US), and Scientific Calibration (US).
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