The global laboratory equipment services market was worth around USD 13275.10 million in 2021 and is estimated to grow to about USD 27491.70 million by 2028, with a compound annual growth rate (CAGR) of approximately 12.9 percent over the forecast period.
The global laboratory equipment services market was worth around USD 13275.10 million in 2021 and is estimated to grow to about USD 27491.70 million by 2028, with a compound annual growth rate (CAGR) of approximately 12.9 percent over the forecast period. The report analyzes the Laboratory Equipment Services market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Laboratory Equipment Services market.
Laboratory equipment services are anticipated to see an increase in demand over the forecast period as the focus on healthcare bolsters and there is an increase in research and development activities across the world. The increasing spending on healthcare research activity will spawn demand for Laboratory Equipment Services over the forecast period.
The increasing prevalence of chronic diseases has bolstered the demand for effective diagnostic and treatment services, and this is also expected to boost demand for Laboratory Equipment Services over the forecast period. Rising focus on healthcare, increasing healthcare expenditure, and spending are other factors that will influence Laboratory Equipment Services market growth through 2028.
However, high service costs are expected to be a major restraining factor for the Laboratory Equipment Services market growth in the long run. The shift from lab-based diagnosis to home-based/POC testing is also anticipated to hamper the market potential.
The COVID-19 pandemic restricted the Laboratory Equipment Services market potential in 2020 and the trend was prevalent in early 2021 as well as the world grappled to control the coronavirus pandemic on a global scale. Drop in research activities majorly hampered the Laboratory Equipment Services market growth and restrained the market in these adverse times.
The shift in focus from other healthcare research prospects to focus on coronavirus also led to a drop in the Laboratory Equipment Services market growth curve.
The Laboratory Equipment Services market growth is expected to rise at a stellar pace over the forecast period, owing to rising research and increasing adoption of new treatments in the healthcare industries. Rising government support will also favor the Laboratory Equipment Services market potential.
Rising Research Activity to Boost Laboratory Equipment Services Market Growth
Focus on healthcare has bolstered across the world and this has increased research and development activity, which is majorly driving the Laboratory Equipment Services marketplace. The rising prevalence of chronic diseases and rising demand for diagnosis and treatment are other factors that will be influencing the Laboratory Equipment Services market growth over the forecast period.
Laboratory Equipment Services Market: Restraints
High Cost of Service to Restrict Market Growth
Laboratory Equipment Services are costlier now that advanced technologies are being integrated to increase productivity and efficiency. Increasing costs of laboratory equipment are expected to hamper the global Laboratory Equipment Services market growth over the forecast period. This factor is anticipated to have a major adverse impact on the Laboratory Equipment Services market potential in the developing region.
Global Laboratory Equipment Services Market: Segmentation
The global Laboratory Equipment Services market is segregated based on equipment type, type, service providers, contract type, and region.
By Product Type, the market is divided into Analytical Equipment, General Equipment, Specialty Equipment, and Support Equipment. The analytical equipment segment is expected to hold a dominant outlook over the forecast period in the global Laboratory Equipment Services marketplace. The high cost of this sensitive equipment and rising demand are expected to be prominent trends driving Laboratory Equipment Services market potential through 2028.
By contract type, the Laboratory Equipment Services market is segmented into Standard Service Contract and Customized Service Contract. The standard service contract segment is expected to have a bright outlook over the forecast period.
Report Scope:
Report Attribute | Details |
---|---|
Base Year | 2020 |
Historic Years | 2016 - 2020 |
Forecast Years | 2021 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
Recent Developments
Regional Landscape
Asia Pacific region leads the global Laboratory Equipment Services market in terms of growth and is estimated to rise at the fastest CAGR through 2028. Increasing focus on healthcare is anticipated to further foster demand for research and development activities and subsequently drive the Laboratory Equipment Services market potential over the forecast period. India and China are expected to be the most prominent markets in this region through 2028
The market for Laboratory Equipment Services in North America is expected to hold a dominant outlook over the forecast period. Owing to the presence of key pharmaceutical and biotechnology companies and increasing focus on research in the healthcare sector in this region is expected to further bolster the demand for Laboratory Equipment Services in this region through 2028. The United States is expected to be a highly lucrative market for Laboratory Equipment Services over the forecast period in this region.
Competitive Landscape
Some of the main competitors dominating the global Laboratory Equipment Services market include - Agilent Technologies (US), Thermo Fisher Scientific Inc. (US), Waters Corporation (US), Danaher Corporation (US), and Siemens Heathineers (Germany), Eppendorf AG (Germany), PerkinElmer, Inc. (US), Pace Analytical Services, Inc. (US), Bio-Rad Laboratories, Inc. (US), and Becton, Dickinson, and Company (US).
Global Laboratory Equipment Services market is segmented as follows:
By Equipment Type
By Type
By Service Providers
By Contract Type
By Region
Laboratory equipment services provide different types of equipment and apparatus that are vital for the study & research in the pharmaceutical and biological industry. Furthermore, laboratory equipment services have their applications in commercial sectors and industrial services. Growing research in pharmaceutical and biological industry, the global laboratory equipment services market is anticipated to touch new heights of growth in the upcoming years.
As per the World Health Organization, cardiovascular diseases are one of the causes of death worldwide. About 17.5 million people died because of cardiovascular disease in 2015 representing 31% of all global deaths. Additionally, as per the World Health Organization estimates, worldwide, there were 14 million new cancer cases recorded in 2012 and 8.8 million deaths resulted due to cancer in 2015. Globally, approximately 1 in 6 deaths is because of cancer. Also, the global burden of these disorders is increasing owing to the increasing geriatric population base across the world. According to the World Health Organization, the number of people who are aged 60 or above are expected to be doubled by 2050 and will reach 2.1 billion in 2050 from 962 million globally. Thus, laboratory equipment services market has vast potential in terms of large patient pool and upsurge need for analysis. This is estimated to drive the laboratory equipment services market services in the estimated period.
The global laboratory equipment services market is divided into its service types, equipment, service contract, service provider, and end-user. On the basis of the service types, the market is divided into validation, repair & maintenance, calibration, and other services.
Based on equipment, the laboratory equipment services market is categorized into general equipment, support equipment, specialty equipment, analytical equipment, and others.
By service contract, laboratory equipment services market is bifurcated into customized and standardized.
Based on the service provider, the laboratory equipment services market is categorized into original equipment manufacturers, third-party service agencies, and others.
On the basis of the end-user, the laboratory equipment services market is segregated as academic institutes, clinical & diagnostic laboratories, pharmaceutical & biotechnology companies, and others.
North America is anticipated to be the dominant region in the laboratory equipment services market over the forecast period. Favorable government policies supporting the invasion of new and advanced services, development in the healthcare infrastructure, and research grant by the government and ruling authorities are expected to propel the growth of the market in this region. Europe is the second largest market followed by the Asia Pacific. Large healthcare industry due to the large population base in the Asia Pacific region, especially India, China, and Japan is the significant accelerating factor for the growth of the laboratory equipment services market in this region. Therefore, Asia Pacific is anticipated to show the fastest CAGR growth during the forecast period whereas Latin America market is estimated to grow at a slow to moderate rate during the forecast period. The Middle East and Africa are also expected to hold a limited market value share in the laboratory equipment services market.
Some of the key players in laboratory equipment services market include Thermo Fisher Scientific Inc., Waters Corporation, Agilent Technologies, Danaher Corporation, LP, Merck Millipore, Pace Analytical Services, Inc., Hettich Instruments, Mindray Medical International Limited, Eppendorf AG, and others.
Increasing focus on healthcare and rising research and development activity are some major trends that guide Laboratory Equipment Services market growth.
According to the Market Research report, the global Laboratory Equipment Services market was worth about US$ 13275.10 million in 2021 and is predicted to grow to around US$ 27491.70 million by 2028, with a compound annual growth rate (CAGR) of around 12.9 percent.
Asia Pacific region leads the global Laboratory Equipment Services market in terms of growth and is estimated to rise at the fastest CAGR through 2028. Increasing focus on healthcare is anticipated to further foster demand
Some of the main competitors dominating the global Laboratory Equipment Services market include -- Agilent Technologies (US), Thermo Fisher Scientific Inc. (US), Waters Corporation (US), Danaher Corporation (US), and Siemens Heathineers (Germany), Eppendorf AG (Germany), PerkinElmer, Inc. (US), Pace Analytical Services, Inc. (US), Bio-Rad Laboratories, Inc. (US), and Becton, Dickinson and Company (US).
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