Laboratory Equipment Services Market Report

Market Insights

Laboratory Equipment Services Market is likely to witness an impressive CAGR of 13.1% during the forecast period. The rapidly growing pharmaceutical and biotechnology industries, increased government funding for research organizations and academic institutions, and pharmaceutical and biotechnology companies' increasing investments in R&D activities are the key factors driving the growth of the market. Other major growth propellers include the increasing prevalence of acute and chronic diseases worldwide, the augmented need for accurate disease diagnosis, the growing adoption of safety testing measures across the food and beverage and pharmaceutical industries, and increasing government support for biomedical research and development programs. All of the above-mentioned factors are expected to contribute to the growth of the market during the forecast period.

Segments' Analysis

Laboratory Equipment Services Market Share: By Equipment Type

Based on the equipment type, the market is segmented as analytical equipment, general equipment, specialty equipment, and support equipment.  The analytical equipment segment is estimated to account for the largest share of the market during the forecast period. Analytical equipment is extremely delicate and expensive, requiring frequent servicing. Furthermore, the increasing volume of compounds that need to be tested for the presence of impurities is expected to boost the demand for laboratory equipment services for analytical equipment.

Laboratory Equipment Services Market Share: By End-User Type

Based on the end-user type, the market is segmented as pharmaceutical & biotechnology companies, clinical & diagnostic laboratories, and academic & research institutions. Pharmaceutical & biotechnology companies are estimated to account for the largest share of the market during the forecast period. The growing adoption of lab automation techniques by pharma & biotech companies is expected to increase the demand for maintenance services, as any malfunctions can potentially halt automated processes and result in significant losses for laboratories. As a result of these factors, spending on the procurement of laboratory equipment for R&D in life sciences has increased in recent years, which is expected to drive the market for a variety of services such as preventive and corrective maintenance.

Laboratory Equipment Services Market Share: By Region

In terms of regions, Asia-Pacific is expected to be the leading region in the market during the forecast period. The growth of the region’s market is owing to the growing prevalence of chronic and acute diseases such as cancer, HIV and diabetes in the region. Rising focus of giant pharmaceutical companies towards outsourcing their research to the Asian CROs is another factor contributing to the growth of the market. North America and Europe are also expected to offer substantial growth opportunities over the forecast period.

Market Scope & Segmentation

Laboratory equipment services include laboratory repair and maintenance, validation, and calibration, which aid in optimizing laboratory operations, minimizing downtime, and improving lab production and testing outcomes. Equipment servicing, maintenance services, user training, installation and modification, and equipment validation and calibration are the most widely known laboratory equipment services.

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The laboratory equipment services market is segmented into the following categories.

Laboratory Equipment Services Market Size, Share, & Forecast, by Equipment Type:

• Analytical Equipment (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• General Equipment (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Specialty Equipment (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Support Equipment (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Laboratory Equipment Services Market Size, Share, & Forecast, by Type:

• Repair & Maintenance Services (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Calibration Services (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Validation Services (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Other Services (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Laboratory Equipment Services Market Size, Share, & Forecast, by Service Provider Type:

• Original Equipment Manufacturers (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Third-Party Service Providers (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Other Service Providers (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Laboratory Equipment Services Market Size, Share, & Forecast, by Contract Type:

• Standard Service Contracts (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Customized Service Contracts (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Laboratory Equipment Services Market Size, Share, & Forecast, by End-User Type:

• Pharmaceutical & Biotechnology Companies (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Clinical & Diagnostic Laboratories (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Academic & Research Institutions (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Laboratory Equipment Services Market Size, Share, & Forecast, by Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others

Key Players

Some of the key players in the laboratory equipment services market are-

• Agilent Technologies, Inc.
• Becton, Dickinson and Company
• Bio-Rad Laboratories, Inc.
• Eppendorf AG
• Danaher Corporation
• PerkinElmer, Inc.
• Pace Analytical Services, LLC
• Siemens Healthineers
• Thermo Fisher Scientific, Inc.  

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the equipment types by end-user type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com