Feb 17, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Laboratory Equipment Services Market.
It was estimated prior to this unanticipated outbreak that the Laboratory Equipment Services Market is likely to witness an impressive CAGR of 13.1% during the forecast period. The rapidly growing pharmaceutical and biotechnology industries, increased government funding for research organizations and academic institutions, and pharmaceutical and biotechnology companies’ increasing investments in R&D activities are the key factors driving the growth of the market. Other major growth propellers include the increasing prevalence of acute and chronic diseases worldwide, the augmented need for accurate disease diagnosis, the growing adoption of safety testing measures across the food and beverage and pharmaceutical industries, and increasing government support for biomedical research and development programs. All of the above-mentioned factors are expected to contribute to the growth of the market during the forecast period.
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Laboratory equipment services include laboratory repair and maintenance, validation, and calibration, which aid in optimizing laboratory operations, minimizing downtime, and improving lab production and testing outcomes. Equipment servicing, maintenance services, user training, installation and modification, and equipment validation and calibration are the most widely known laboratory equipment services.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the equipment type, the market is segmented as analytical equipment, general equipment, specialty equipment, and support equipment. The analytical equipment segment is estimated to account for the largest share of the market during the forecast period. Analytical equipment is extremely delicate and expensive, requiring frequent servicing. Furthermore, the increasing volume of compounds that need to be tested for the presence of impurities is expected to boost the demand for laboratory equipment services for analytical equipment.
Based on the end-user type, the market is segmented as pharmaceutical & biotechnology companies, clinical & diagnostic laboratories, and academic & research institutions. Pharmaceutical & biotechnology companies are estimated to account for the largest share of the market during the forecast period. The growing adoption of lab automation techniques by pharma & biotech companies is expected to increase the demand for maintenance services, as any malfunctions can potentially halt automated processes and result in significant losses for laboratories. As a result of these factors, spending on the procurement of laboratory equipment for R&D in life sciences has increased in recent years, which is expected to drive the market for a variety of services such as preventive and corrective maintenance.
In terms of regions, Asia-Pacific is expected to be the leading region in the market during the forecast period. The growth of the region’s market is owing to the growing prevalence of chronic and acute diseases such as cancer, HIV and diabetes in the region. Rising focus of giant pharmaceutical companies towards outsourcing their research to the Asian CROs is another factor contributing to the growth of the market. North America and Europe are also expected to offer substantial growth opportunities over the forecast period.
Key players operating in the global Laboratory Equipment Services market are-
- Agilent Technologies, Inc.
- Becton, Dickinson and Company
- Bio-Rad Laboratories, Inc.
- Eppendorf AG
- Danaher Corporation
- PerkinElmer, Inc.
- Pace Analytical Services, LLC
- Siemens Healthineers
- Thermo Fisher Scientific, Inc.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Laboratory Equipment Services analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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