Laboratory Equipment Services Market Overview:
The Laboratory Equipment Service Market is projected to reach USD 17.7 billion by 2024 from USD 9.5 million in 2019, at a CAGR of 13.4% between 2019 and 2024. Growth in the laboratory equipment service market is driven mainly by an increasing number of research activities in pharmaceutical and biotechnology industries, growing need for the effective and timely diagnosis of diseases, 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.
The pharmaceutical & biotechnology companies to dominate the laboratory equipment services market in 2019
By end-user, the biomedical equipment services market is segmented into pharmaceutical & biotechnology companies, clinical & diagnostic laboratories, and academic & research institutions. In 2019, the pharmaceutical & biotechnology companies segment is expected to dominate the market. The dominant share of this segment is primarily attributed to the increased volume of drug discovery research in these companies.
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“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 2024”, 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 the 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).
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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% between 2019 and 2024. The growth of this market is driven majorly by the increasing number of research activities in pharmaceutical and biotechnology industries, growing need for the effective and timely diagnosis of diseases, 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.
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