The report "Laboratory Equipment Services Market is projected to reach USD 17.7 billion by 2024 from USD 9.5 billion in 2019, at a CAGR of 13.4% between 2019 and 2024. The growth of this market is driven majorly by the increasing number of research activities in pharmaceutical and biotechnology industries, growing need for the effective and timely diagnosis of diseases, and the rising investments and government research funding to support biomedical research activities. However, the shift from lab-based diagnosis to home-based/POC testing and the high cost of service contracts are the major factors restraining the growth of this market.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=171213101

Browse in-depth TOC on "Laboratory Equipment Services Market”

110 – Tables

32 – Figures

135 – Pages

Key Market Players

Thermo Fisher Scientific (US), Agilent Technologies (US), Danaher Corporation (US), and Waters Corporation (US) are the key players operating in this market. Other prominent players in the market include Siemens Healthcare (Germany), Eppendorf AG (Germany), PerkinElmer, Inc. (US), Pace Analytical Services, Inc. (US), Bio-Rad Laboratories, Inc. (US), Becton, Dickinson and Company (US), Shimadzu Corporation (Japan), F. Hoffmann-La Roche Ltd (US), Beckman Coulter, Inc (US), Sartorius AG (Germany), Ortho Clinical Diagnostics (US), Hettich Instruments, LP (Germany), Hitachi High-Technologies Corporation (Japan), GMI (US), Rainin (US), and Scientific Calibration (US).

Thermo Fisher Scientific was the leading player in the laboratory equipment services market in 2018. The leading position of the company can be attributed to its strong brand recognition and extensive service portfolio in this market. The company majorly offers single-vendor services and standard service contracts to its customers. The company focuses on leveraging scale in high growth and emerging markets, such as China, India, and the Middle East. Thermo Fisher has a strong presence in high growth and emerging markets, which is represented by 21% of its total revenue in 2018. For instance, in the Middle East, the company is collaborating with academic and government customers to broaden the use of its advanced technologies as well as services for life science research.

Request Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=171213101

The analytical equipment market segment accounted for the largest share of the laboratory equipment services market.

Based on equipment type, the laboratory equipment services market is segmented into analytical equipment, general equipment, specialty equipment, and support equipment. In 2018, the analytical equipment market segment accounted for the largest share of the laboratory equipment services market. Analytical equipment is extremely fragile and expensive and, therefore, require frequent servicing, which is a major factor driving market growth. In line with this, the growing volume of compounds to be detected for the presence of impurities has created an enormous demand for advanced analytical instruments. However, these instruments require regular maintenance and upgrading to ensure smooth and efficient workflow of processes and to prevent sudden equipment failures. This is expected to increase the demand for laboratory equipment services for analytical equipment.

Pharmaceutical & biotechnology companies accounted for the largest share of the laboratory equipment services market in 2018.

Based on end-users, the laboratory equipment services market has been segmented into pharmaceutical & biotechnology companies, clinical & diagnostic laboratories, and academic & research institutions. Pharmaceutical & biotechnology companies accounted for the largest share of the laboratory equipment services market in 2018. The growing adoption of lab automation techniques by pharma & biotech companies is expected to increase the requirement of maintenance services, as any errors in functioning can potentially stop automated processes and result in significant losses for laboratories. For instance, life science R&D spending increased from USD 170.0 billion in 2016 to USD 184.3 billion in 2018, as per Global R&D Funding Forecast. Owing to these factors, spending on the procurement of laboratory equipment for R&D in life sciences has increased in the last few years, which is expected to drive the market for various services such as preventive and corrective maintenance.

Asia Pacific to dominate the laboratory equipment services market during the forecast period

In 2018, North America dominated the laboratory equipment services market, followed by Asia Pacific. The high and growing number of clinical trials, high life science R&D expenditure, the strong presence of major pharmaceutical and biotechnology companies, and the presence of a large number of research institutions and academic organizations in the region are the factors propelling the growth of the market in the region.

The Asia Pacific region is projected to register the highest growth rate in the global laboratory equipment services market during the forecast period. This is attributed primarily to the rising prevalence of chronic and acute diseases such as HIV, cancer, and diabetes and the increasing focus of big pharmaceutical companies towards outsourcing their research to Asian CROs.

Request 10% Customization: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=171213101

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: +1-888-600-6441

Email: [email protected]