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Laboratory Equipment Services Market | 2023-2028
Laboratory Equipment Services Market Size, Share, Trends, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2028
"The Laboratory Equipment Services Market is expected to grow from USD 13.76 billion in 2022 to USD 28.95 billion by 2028 at a healthy CAGR of 13.19% during the forecast period of 2023-2028".
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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 validation and calibration are the most widely known laboratory equipment services.
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Laboratory Equipment Services Market Report Overview |
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Market Size in 2022 |
US$ 13.76 Billion |
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Market Size in 2028 |
US$ 28.95 Billion |
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Market Growth by 2023-2028 |
CAGR of 13.19% |
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Base Year of Study |
2022 |
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Trend Period |
2017-2021 |
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Forecast Period |
2023-2028 |
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Dominant Region |
Asia-Pacific is expected to be the leading region in the market during the forecast period. |
The UK government has allocated USD 131.15 million to upgrade its research infrastructure and create new opportunities for scientific breakthroughs in May 2023. This funding will support scientists and researchers, promote scientific research initiatives, and foster market growth. The government's commitment to these initiatives is expected to boost demand for research in the UK.
The growth of the biotechnology and pharmaceutical industries is driving market growth, resulting in a higher demand for advanced laboratory equipment for research, development, and manufacturing processes. Different types of lab equipment are used depending on the lab's purpose.
Technological advancements in laboratory equipment are expected to drive growth in the coming years. Automation technologies like robotics and advanced software systems are being incorporated to improve workflows and efficiency. BYK-Gardner USA recently launched the color2 View Benchtop Spectrophotometer, a combination of a fluorimeter and spectrophotometer, which offers new perspectives for managing color quality and ensuring long-term color stability.
INTEGRA Biosciences AG and Eppendorf have both introduced advanced tools to enhance laboratory efficiency. In February 2022, INTEGRA Biosciences AG introduced the ASSIST PLUS pipetting robot, automating tasks like sample normalization and serial dilutions. In April 2021, Eppendorf introduced the multipurpose Centrifuge 5910 Ri, simplifying centrifugation steps.
"Analytical equipment segment is estimated to account for the largest share"
Based on the equipment type, the market is segmented as analytical, general, specialty, and support. 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.
"Pharmaceutical & biotechnology companies are estimated to account for the largest share"
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.
"Asia-Pacific is expected to be the leading region in the market during the forecast period"
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. The 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.
To know which region offers the best growth opportunities, Click Here.
The following are the key players in the Laboratory Equipment Services Market (arranged alphabetically)
Note: The above list does not necessarily include all the top players in the market.
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This report provides market intelligence most totally. 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.
What Deliverables Will You Get in this Report?
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Key questions this report answers |
Relevant contents in the report |
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How big is the sales opportunity? |
in-depth Analysis of the Laboratory Equipment Services Market |
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How lucrative is the future? |
The market forecast and trend data and emerging trends |
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Which regions offer the best sales opportunities? |
Global, regional, and country-level historical data and forecasts |
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Which are the most attractive market segments? |
Market Segment Analysis and Forecast |
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What are the top players and their market positioning? |
Competitive landscape analysis, Market share analysis |
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How complex is the business environment? |
Porter’s five forces analysis, PEST analysis, Life cycle analysis |
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What are the factors affecting the market? |
Drivers & challenges |
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Will I get the information on my specific requirements? |
10% free customization |
This report studies the market covering 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 market is segmented into the following categories.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s laboratory equipment services market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a 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 books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Competitive Benchmarking
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 to sales@stratviewresearch.com.
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.
The laboratory equipment services market was valued at US$ 13.76 billion in 2022 and is likely to reach an annual market size of US$ 28.95 billion in 2028.
The market is expected to grow at a CAGR of 13.19% during the forecast period.
The following are the key players in the laboratory equipment services market - Agilent Technologies Inc., Becton, Dickinson, and Company, Bio-Rad Laboratories Inc., Eppendorf AG, Danaher Corporation, PerkinElmer Inc., Pace Analytical Services LLC, Siemens Healthineers, and Thermo Fisher Scientific, Inc.
Asia-Pacific is expected to be the leading region in the market during the forecast period.
The following are some of the key drivers of the laboratory equipment services market: 1. Growing pharmaceutical and biotechnology industries: The pharmaceutical and biotechnology industries are growing rapidly, and this is driving demand for laboratory equipment services. These industries need to ensure that their equipment is accurate and reliable to develop new drugs and therapies. 2. Increased government funding for research organizations and academic institutions: Governments around the world are increasing funding for research organizations and academic institutions. This funding is being used to purchase laboratory equipment and to pay for laboratory equipment services. 3. Increasing prevalence of chronic diseases: The prevalence of chronic diseases is increasing, and this is driving demand for laboratory equipment services. These diseases require regular monitoring and testing, which requires accurate and reliable laboratory equipment. 4. Complex nature of laboratory equipment: Laboratory equipment is becoming increasingly complex, making it difficult for users to maintain and calibrate it on their own. This has led to an increased demand for laboratory equipment services. 5. Rising costs of laboratory equipment: The cost of laboratory equipment is rising, making it more important for users to extend the life of their equipment through regular maintenance and calibration. The laboratory equipment services market is expected to continue to grow in the coming years. The factors driving the growth of the market are strong and are likely to continue to support growth in the future.
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