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.
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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 RD 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 RD 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.
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The report also sheds light on leading players in the market with details about their global position, revenue contribution, financial standing, product portfolio and license agreement. The global Laboratory Equipment Services market is extremely competitive and comprise global and regional market players. These players are focused on adopting various strategies such as mergers and acquisitions, collaborations, and government partnerships, research and development activities and introducing novel products to strengthen their market position. Some of the key players operating in the global market are 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.
Further the research report offers details about 5 major regions covered in the global Laboratory Equipment Services market.
Regional analysis covers:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- Rest of MEA
Laboratory Equipment Services Market Segmentation:
By Service Type (Revenue, USD Billion; 2018-2028)
- Repair Maintenance
- Feedback on Usage
By Equipment Type (Revenue, USD Billion; 2018-2028)
- General Equipment
- Specialty Equipment
- Analytical Equipment
- Support Equipment
By Service Provider (Revenue, USD Billion; 2018-2028)
- Third-party Service Providers
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
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