DUBLIN--(BUSINESS WIRE)--The "Laboratory Equipment Services Market by Type (Repair & Maintenance, Calibration, Validation), Contract (Standard, Custom), Equipment (Analytical, Equipment, General, Support), Service Provider (OEM), and End User - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The 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%.
Market growth is attributed to the increasing number of research activities in the pharmaceutical and biotechnology industries, 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.
By end-user, the pharmaceutical & biotechnology companies segment is expected to grow at the highest CAGR during the forecast period.
Based on the end-user, the laboratory equipment services market has been segmented into pharmaceutical & biotechnology companies, clinical & diagnostic laboratories, and academic & research institutions. Pharmaceutical & biotechnology companies are expected to hold the largest share of the laboratory equipment services market in 2019.
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.
By contract type, standard service contracts segment to dominate the laboratory equipment services market in 2019
By contract type, the laboratory equipment services market is segmented into standard service contracts and customized service contracts. In 2018, standard service contracts accounted for the largest share of the laboratory equipment services market. This can be attributed to the higher coverage of maintenance services in standard service contracts.
APAC is expected to witness the highest growth during the forecast period.
North America is expected to account for the largest share of the laboratory equipment services market in 2019, followed by Asia Pacific. The large share of the market in North America can majorly be attributed to increasing life science R&D activities, the presence of prominent players, and the rising number of clinical trials.
However, the APAC region is expected to witness the highest CAGR during the forecast period. This can primarily be attributed to mostly due to the increasing number of CROs, increasing number of life science R&D activities, rising import of laboratory equipment, and the rising presence of major market players in emerging countries such as India and China.
- Increasing Research Activity in the Pharmaceutical and Biotechnology Industries
- Growing Need for Timely and Effective Diagnosis of Diseases
- Growing Investment and Government Funding to Support Biomedical Research Activities
- Shift From Lab-Based Diagnosis to Home-Based/Poc Testing
- High Cost of Service Contracts
- Increasing Demand for Laboratory Automation
- Growth in Asset Management Companies
- Limited Scope for Innovation
- Agilent Technologies
- Becton, Dickinson and Company
- Bio-Rad Laboratories, Inc.
- Danaher Corporation
- Eppendorf AG
- Pace Analytical Services, LLC.
- PerkinElmer, Inc.
- Siemens Healthineers
- Thermo Fisher Scientific, Inc.
- Waters Corporation
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