Increased government funding and grants for research organizations and academic institutes are predicted to bolster the global market growth

The global Laboratory Equipment Services market size is expected to reach USD 29.8 billion by 2028 at a CAGR of 13.6%, according to a new report by Reports and Data. The rapidly expanding pharmaceutical and biotechnology industries, increased government funding for research organizations and academic institutions, and pharmaceutical and biotechnology companies’ increasing initiatives towards research & development activities are pivotal factors accountable for the global Laboratory Equipment Services market growth. The rising prevalence of acute and chronic ailments worldwide, augmented need for accurate disease diagnosis, growing adoption of safety testing measures across food & beverage and pharmaceutical industries, and increasing government support for biomedical research & development programs are the other vital aspects of the global market growth.

Laboratory Equipment Services are known to optimize laboratory operations, improve lab testing and production outcomes, and increase device uptime. These services are widely utilized by the pharmaceutical and biotechnology sectors, academic & research institutes, and clinical and diagnostic laboratories. Laboratory Equipment Services majorly include user training, equipment servicing, maintenance services, installation & modification, equipment validation, and calibration. Laboratory equipment calibration verifies the overall of measuring devices to make the device readings precise and error-free. Moreover, laboratory equipment validation ensures the smooth functioning of lab instruments, thereby improving lab operations’ quality and efficiency.  The exponentially growing number of research, clinical, and diagnostic laboratories and the increasing export & import of advanced laboratory and hospital equipment create further prospects for the global Laboratory Equipment Services market growth over the estimated period. However, the rising costs of Laboratory Equipment Services are predicted to hamper the global market growth in the years to come.

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Market Dynamics:

Increasing development of on-demand, digitally enabled, and seamlessly connected clinician-patient interactions to manage patient base is expected to drive pharma and healthcare market in the coming years. After the COVID-19 outbreak there has been a number of foundational shifts in the healthcare system. Some of the examples include increasing consumer involvement in health care decision-making, the rapid adoption of virtual health & other digital innovations, increasing focus on utilization of interoperable data & data analytics, and increased public-private collaborations in therapeutics and vaccine development. The increased public-private collaborations for vaccine development has arisen due to high pressure of regional governments. Health care providers, and other stakeholders have invested heavily to quickly pivot, adapt, and innovate therapeutics.

Surging demands and transition to patient-centric care delivery across geographies will change pharma and healthcare market trends through 2028.

Competitive Outlook:

The report focuses on current and emerging trends in the healthcare industry such as incorporation of IoT and Machine Learning to enhance efficiency of medical products. Top companies in the market are focusing on R&D activities to expand their product offerings and cater to unmet medical needs.

This report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, and recent developments in both historic and present contexts.

Key Highlights of the Report:

Based on service type, the repair & maintenance services segment is poised to accumulate the largest share of the global Laboratory Equipment Services market over the forecast period.

Among the end-users, the pharmaceutical & biotechnology companies segment emerged as the leading segment in 2020 and is expected to maintain its market dominance throughout the estimated period. Increasing pharmaceutical and biotechnological R&D activities, new drug discovery & development programs, and growing investments in healthcare research activities bolster the growth of this segment.

The North America Laboratory Equipment Services market accounted for the highest revenue share in 2020. The amplifying demand for high-performance laboratory equipment, increasing R&D activities in the life sciences sector, and the avant-garde healthcare infrastructure in the region are the pivotal factors propelling the North America market growth. The Asia Pacific market is poised to register the fastest CAGR over the forecast years, owing to the emergence of numerous contract research organizations (CROs), the growing number of clinical and research laboratories, and the rising need for accurate disease diagnosis.

The key players in the global Laboratory Equipment Services market are Thermo Fisher Scientific Inc., Agilent Technologies, Waters Corporation, Merck Millipore, Danaher Corporation, Hettich Instruments, Bio-Rad Laboratories, Inc., Eppendorf AG, Siemens Healthineers, PerkinElmer Inc., Sartorius AG, Mindray Medical International Limited, Pace Analytical Services, Inc., and Becton, Dickinson, and Company.

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For the purpose of this report, the global Laboratory Equipment Services market has been segmented based on service type, equipment type, service provider, contract type, end-user, and region:

By Service Type (Revenue, USD Billion; 2018-2028)

Repair & Maintenance

Validation

Calibration

Feedback on Usage

Others

By Equipment Type (Revenue, USD Billion; 2018-2028)                      

General Equipment

Specialty Equipment

Analytical Equipment

Support Equipment

By Service Provider (Revenue, USD Billion; 2018-2028)

OEMs

Distributors

Third-party Service Providers

Others

By Contract Type (Revenue, USD Billion; 2018-2028)

Standard Service Contracts

Customized Service Contracts

By End-user (Revenue, USD Billion; 2018-2028)

Pharmaceutical & Biotechnology Companies

Academic & Research Institutions

Clinical & Diagnostic Laboratories

Others

Regional Analysis covers:

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

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Tags: Laboratory Equipment Services Market 2021, Laboratory Equipment Services Market After COVID-19, COVID-19 Effect On Industry Laboratory Equipment Services Market, Asia-Pacific Laboratory Equipment Services Market, Laboratory Equipment Services Industry, Europe Laboratory Equipment Services Market

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