New York, March 11, 2021 (GLOBE NEWSWIRE) -- The global laboratory equipment service 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 global market growth is primarily attributed to the growing incidences of acute and chronic diseases around the world, the rising need for timely and accurate disease diagnosis, the booming healthcare sector, and a rise in investments in the pharmaceutical and biotechnology sectors for R&D activities. Increased government grants & funds for academic and research organizations, rising government support for biomedical research & development programs, increasing collaborations among leading pharmaceutical companies and academic and research institutes, and amplifying need for advanced laboratory processes are the other vital factors propelling the global market growth.
Laboratory equipment services comprise laboratory repair & maintenance, validation, and calibration services that help optimize laboratory operations, minimize downtime, and improve lab production and testing outcomes. The most widely known laboratory equipment services are equipment servicing, maintenance services, user training, installation & modification, and equipment validation and calibration. Calibration of laboratory equipment helps maintain the condition of measuring devices to eliminate any risk of errors in device readings. Moreover, laboratory equipment validation plays a significant role in improving the functioning of lab instruments and enhancing the efficiency of lab operations.
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The other crucial factors accountable for the global laboratory equipment service market growth are the rapid adoption of highly efficient laboratory equipment services across the pharmaceutical and biotechnology industries, the rising need for lab process optimization, and the increasing number of research, clinical, and diagnostic laboratories. The surging adoption of product safety testing measures in various industries is another significant factor fueling the market growth. However, the market growth is majorly challenged by certain factors, such as the mounting costs of laboratory equipment services.
Key Highlights of the Report:
- The repair & maintenance services segment is expected to emerge as the leading market segment over the estimated timeframe, accounting for the most significant revenue share. Laboratory equipment service contracts offer advanced laboratory repair & maintenance solutions to ensure the optimal performance of laboratory devices.
- The pharmaceutical & biotechnology companies are expected to emerge as the leading end-user segment over the projected period. The growth of this segment is accredited to the rising investments in drug discovery and development, increasing R&D activities in the biotechnology industry, and a surge in government funding for pharmaceutical research activities.
- Among the key regional markets, North America led the global laboratory equipment service market in 2020 in terms of revenue due to the region’s advanced healthcare infrastructure, rising pharmaceutical research & development activities, and the escalating demand for high-performance laboratory equipment in the life sciences sector. The market in the Asia Pacific region is forecast to register the highest revenue growth rate over the projected period, owing to the surging number of clinical and research laboratories in the region, increasing export & import of laboratory equipment, and the rising adoption of advanced diagnostic tools.
- Thermo Fisher Scientific Inc., Bio-Rad Laboratories, Inc., Merck Millipore, Danaher Corporation, Hettich Instruments, Waters Corporation, Agilent Technologies, Siemens Healthineers, PerkinElmer Inc., Mindray Medical International Limited, Pace Analytical Services, Inc., Sartorius AG, Eppendorf AG, and Becton, Dickinson, and Company are the key market players.
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For the purpose of this report, the global laboratory equipment service 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
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By Region (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of the Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of the Middle East & Africa
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