Laboratory Equipment Services Market by Type (Repair & Maintenance, Calibration, Validation), Contract (Standard, Custom), Equipment (Analytical, Equipment, General, Support), Service Provider (OEM), and End User (Pharmaceutical) - Global Forecast to 2024according to a new report by MarketsandMarkets™. The laboratory equipment services market is projected to grow at a CAGR of 13.4% during the forecast period to reach USD 17.7 billion by 2024 from USD 9.5 billion in 2019. Factors such as the growing need for the effective and timely diagnosis of diseases and an increasing number of research activities in pharmaceutical and biotechnology industries are expected to drive the growth of the laboratory equipment services market during the forecast period.
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Key Market Players
Prominent players in the laboratory equipment services market are Agilent Technologies (US), Waters Corporation (US), Thermo Fisher Scientific, Inc. (US), PerkinElmer, Inc. (US), Danaher Corporation (US), Eppendorf (Germany), Pace Analytical Services, Inc. (US), Becton, Dickinson, and Company (US), Bio-Rad Laboratories, Inc. (US), and Siemens Healthineers (Germany).
Agilent Technologies provides core bio-analytical and electronic measurement solutions to the communications, electronics, life sciences, and chemical analysis industries. The company operates through three business segments, namely, Life Sciences & Applied Markets, Diagnostics & Genomics, and Agilent CrossLab. It offers a wide range of laboratory instrument services through its Agilent CrossLab segment.
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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.
Agilent Technologies was another leading player in the laboratory equipment services market. The company’s leading position can be attributed to its strong geographical presence and robust services portfolio. The company focuses on adopting organic growth strategies to expand its presence in the laboratory equipment services market. For instance, in 2018, the company acquired Young In Scientific Co. Ltd. ("YI Scientific") (South Korea), a long-time distributor of Agilent instruments & lab equipment services. This acquisition strengthened Agilents presence in the South Korean market.
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