Laboratory Equipment Services Market was valued US$ 7.6 Bn in 2017 and is expected to reach US$ 16.45 Bn by 2026, at a CAGR of 10.13 % during a forecast period.
The laboratory equipment services market is segmented into service type, equipment type, end user, service providers, service contracts, applications, and region.
Further, laboratory equipment services market based on service type includes calibration services, validation services, repair & maintenance services, and other services. Based on equipment type segment laboratory equipment services market is classified into general equipment, analytical equipment, specialty equipment, and support equipment. In terms of an end user global laboratory equipment services market is categorized into pharmaceuticals and biotechnology companies clinical & diagnostics laboratories, and academic research and institution. Further, global laboratory equipment services market in terms of service providers is divided into third-party service providers, original equipment manufacturers, and other service providers. On the basics of service contracts global laboratory equipment services market is characterized into a standardized service contract, and customized service contracts. In terms of application segment, global laboratory equipment services market is classified into clinical chemistry, medical microbiology & cytology, human & tumor genetics, and other esoteric tests.
Based on regions, the global laboratory equipment services market is divided into five main regions are America, Europe, Asia-pacific, South America and Middle East & Africa.
Global Laboratory Equipment Services Market
In terms of service providers segment, original equipment manufacturers segment is the fastest growing market in terms of revenue. Original equipment manufacturer service providers are expected to gain growth owing to increasing adoption of equipment services by the manufacturer of the products.
Based on the end user, the clinical and diagnostic laboratories dominated the market and also expected to grow at the highest CAGR during the forecast period due to the growing geriatric population and invasion of chronic diseases which includes cancer, diabetes and heart attacks.
Based on the service type, the repair and maintenance services segment is expected to account for the largest market share due to the rising use of laboratory equipment for diagnosis purposes and research activities.
The major driving factor of the global laboratory equipment services market is the growth of research activities in the global biotech industry, a rise in the requirement for the timely diagnosis of diseases, number of chronic diseases occurrences are rising steadily, and growth of medical tourism in developing nations.
Increase in focus on reducing laboratory cost, and a high cost of service contracts is hampering the laboratory equipment services market growth. Additionally, the high diversification in the market are also the basic restraining factors for laboratory equipment services market growth. The scope of innovation is limited and the market is highly diversified in nature is a major challenge of the global laboratory equipment services market.
The key opportunity of the laboratory equipment services market is a growth of automation in the laboratory as well as the adoption of the Asset Management Company in the biotechnology industry.
Geographically, The Asia Pacific region is expected to grow with the fastest growth rate during the forecasted period due to the increasing prevalence of chronic diseases, investments in the biotechnology sector coupled with the inclination towards medical tourism across the region.
Key players operating in global laboratory equipment services market are Abbott Laboratories, Agilent Technologies, C&M Scientific Ltd, Danaher Corporation, Eppendorf AG, Hettich Instruments, LP, Hitachi High-Technologies Corporation, Labx Media Group, Merck Millipore, Mindray Medical International Limited, Pace Analytical Services, Inc, Perkinelmer, Inc, Siemens Healthcare GmbH, Thermo Fisher Scientific Inc., and Waters Corporation.
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Scope of the Global Laboratory equipment services market:
Global Laboratory equipment services market, by Service type:
- Calibration services
- Validation services
- Repair & maintenance services
- Other services
Global Laboratory equipment services market, by Equipment type:
- General equipment
- Analytical equipment
- Specialty equipment
- Support equipment
Global Laboratory equipment services market, by the End-user:
- Pharmaceuticals and biotechnology companies
- Clinical & diagnostics laboratories
- Academic research and institution
Global Laboratory equipment services market by Service Providers:
- Third party service providers
- Original equipment manufacturers
- Other service providers
Global Laboratory equipment services market by Service Contracts:
- Standardized service contract
- Customized service contracts
Global Laboratory equipment services market by Applications:
- Clinical chemistry
- Medical microbiology & cytology
- Human & tumor genetics
- Other esoteric tests
Global Laboratory equipment services market, by Region:
- North America
- Middle East & Africa
- Asia Pacific
- South America
Key Players Operating In Global Laboratory Equipment Services Market:
- Abbott Laboratories
- Agilent Technologies
- C&M Scientific Ltd
- Danaher Corporation
- Eppendorf AG
- Hettich Instruments, LP
- Hitachi High-Technologies Corporation
- Labx Media Group
- Merck Millipore
- Mindray Medical International Limited
- Pace Analytical Services, Inc
- Perkinelmer, Inc
- Siemens Healthcare GmbH
- Thermo Fisher Scientific Inc.
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