The global laboratory equipment services market, in terms of value, is projected to reach USD 11.51 billion by 2021 from USD 6.50 billion in 2016, at a CAGR of 10.0% during the forecast period. The laboratory equipment services market is segmented based on service type, equipment type, service contract, service provider, end user, and region.
Growth in this market is mainly driven by the increasing research in the pharmaceutical and biotechnology industries and the growing need for the timely and effective diagnosis of diseases. Furthermore, developing markets such as India and China and the increasing number of asset management companies provides significant growth opportunities for the laboratory equipment services market. On the other hand, factors such the increasing focus to cut costs among healthcare providers and pharmaceutical companies, and the high cost of equipment service contracts may restrain market growth.
The laboratory equipment services market, by service type, includes repair and maintenance, calibration, validation, and other services (procurement, cleaning, and testing). The repair and maintenance segment is expected to provide strong growth opportunities for market players in the forecast period.
Based on end user, the market is segmented into clinical and diagnostic laboratories, pharmaceutical and biotechnology companies, and academic and research institutions. The clinical and diagnostic laboratories segment is expected to dominate the market in 2016 and grow at the highest CAGR during the forecast period.
Asia is expected to register the highest growth in the laboratory equipment services market, by region. This is due to the increasing focus of pharmaceutical and biotechnology industries on developing Asian countries for conducting clinical trials, which is in turn attributed to the cost-advantages in Asian countries and the presence of a skilled workforce.
Apart from the comprehensive geographical analysis, product analysis, and market sizing, the report also provides a study of the competitive landscape that covers the growth strategies adopted by industry players in the last three years. The company profiles comprise basic views on the key players and their product portfolios, developments, and strategies adopted. The above-mentioned market research data, current market sizes, and forecast of future trends will help key players and new entrants make informed decisions regarding product offerings, geographical focus, and changes in strategic approach, R&D investments, and levels of output in order to remain successful.
Key players in the market are focused on organic and inorganic strategies such as agreements, collaboration, expansion, new product launches, and partnerships for growth. Prominent players in the laboratory equipment services market include Agilent Technologies (U.S.), Danaher Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), Waters Corporation (U.S.), and Mindray Medical International Limited (China). Other players include Eppendorf AG (Germany), Pace Analytical Services, Inc. (U.S.), Hettich Instruments, LP. (U.S.), Merck Millipore (Germany), PerkinElmer Inc. (U.S.), Siemens Healthcare GmbH (Germany), and Hitachi High-Technologies Corporation (Japan).
Objectives of the study:
- To define, describe, and forecast the laboratory equipment services market on the basis of equipment, service provider, service type, service contract, and end user
- To provide detailed information regarding major factors influencing the market growth (drivers, restraints, opportunities, and industry-specific challenges)
- To analyze micro markets with respect to individual growth trends, future prospects, and contributions to the overall market
- To analyze opportunities in the market for key stakeholders and provide details of the competitive landscape for major market leaders
- To forecast the size of the market with respect to four main regions—North America, Europe, Asia, and the Rest of the World
- To profile key players and comprehensively analyze their market shares and core competencies
- To track and analyze competitive developments in the laboratory equipment services market
- Equipment-manufacturing Companies
- Pharmaceutical and Biotechnology Companies
- Healthcare Institutions (Hospitals and Clinics)
- Research Institutes
- Laboratory Equipment Insurance Providers
- Market Research and Consulting Firms
Scope of the Report
Laboratory Equipment Services Market, by Service Type
- Repair and Maintenance
- Other Services
Laboratory Equipment Services Market, by Equipment Type
- Analytical Equipment
- General Equipment
- Support Equipment
- Specialty Equipment
Laboratory Equipment Services Market, by Service Contract
Laboratory Equipment Services Market, by Service Providers
- Original Equipment Manufacturers
- Third-party Service Agencies
Laboratory Equipment Services Market, by End User
- Pharmaceutical and Biotechnology Companies
- Clinical and Diagnostic Laboratories
- Academic Institutes
Laboratory Equipment Services Market, by Region
- Rest of Europe (RoE)
- Rest of Asia (RoA)
Rest of the World (RoW)