Laboratory Equipment Services Market to Surpass USD 22.8 Bn by 2031, Growing at 8.4% CAGR | Transparency Market Research

WILMINGTON, DE / ACCESSWIRE / June 20, 2023 / The global laboratory equipment services market was valued at USD 10.9 Bn in 2022 and is projected to reach USD 22.8 Bn by 2031 with CAGR of 8.4%.

Considerable need for laboratory management operations, repairs and maintenance, and calibration services is a key market trend expected to offer lucrative opportunities to companies. Rapid pace of automation of laboratory equipment in developing countries is likely to bolster the demand for laboratory equipment services for validation and calibration.

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Recent trends suggest that original equipment manufacturers (OEMs) are offering comprehensive laboratory equipment services, especially long warranty and compliance with standards. OEMs have in-depth expertise pertaining to the working of the equipment. They are offering a variety of warranty and support services to attract customers in pharmaceutical and healthcare industries. Significant adoption of services for comprehensive training programs is expected to boost the market development in the near future. The OEMs service provider segment is anticipated to expand at a rapid pace from 2023 to 2031.

Key Findings of Study

• Considerable Demand for Laboratory Equipment Services for Analytical Equipment: Rise in demand for laboratory equipment services for analytical equipment is expected to augment the market size. Significant usage of laboratory equipment services for repair and preventive maintenance services is anticipated to propel the market growth in the next few years. Introduction of validation and compliance services for several analytical equipment, such as thermal analyzers, rheometers, and elemental analyzers, is likely to generate significant growth opportunities for market players. Rapid increase in utilization of services for clinical & diagnostics laboratories is anticipated to generate significant opportunities for service providers in the market. Surge in demand for laboratory equipment services for calibration and validation of lab equipment in research institutes is projected to offer substantial revenue opportunities to companies.
• Surge in Adoption of Repair & Maintenance Services for Laboratory Equipment: Need for ensuring that lab equipment is working reliably and correctly presents significant opportunities for companies in the market. Based on service type, the repair & maintenance segment is anticipated to account for major market share of the global laboratory equipment services industry from 2023 to 2031. Considerable demand for these services is fueled by the focus on enhancing productivity of laboratory infrastructure. Rapid increase in incorporation of automated inventory in healthcare, biopharmaceutical, and pharmaceutical industries is boosting the market.

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Key Growth Drivers: Laboratory Equipment Services Market

• Rise in demand for compliance (with accreditation standards) services among end-use industries in developed countries is strengthening the laboratory equipment services market growth. Rapid expansion of medical tourism in these countries is bolstering the demand for compliance services among laboratories to meet the latest international standards.
• Consistent investments in automation of laboratory equipment by healthcare providers and surge in R&D activities related to precision equipment in biotechnology and pharmaceutical industries are expected to drive the laboratory equipment services industry. Rapid increase in need for maintenance and regular inspection of laboratory equipment is anticipated to broaden the market outlook in the near future.

Regional Growth Dynamics

North America is anticipated to constitute major share of the global laboratory equipment services market from 2023 to 2031. Surge in utilization of analytical instrument in laboratories in pharmaceutical and biotechnology industries and healthcare institutions is a key trend fueling the market in North America.

Europe is a lucrative market for laboratory equipment services. Considerable demand for affordable laboratory equipment services and rise in focus on optimizing lab operations in numerous countries of the region are anticipated to augment the market value. Significant demand for laboratory equipment services in the healthcare industry is anticipated to drive the market in Europe.

Asia Pacific is anticipated to witness substantial demand for laboratory equipment services due to steady focus on maintaining the integrity of laboratory equipment in pharmaceutical and biotechnology industries.

Competition Landscape

The business landscape is highly fragmented, with presence of a large number of players. Prominent companies operating in the laboratory equipment services market are

• Agilent Technologies
• Thermo Fisher Scientific Inc.
• Waters Corporation
• Danaher Corporation
• Siemens Healthineers
• Eppendorf AG
• PerkinElmer, Inc.
• Pace Analytical Services, Inc.
• Bio-Rad Laboratories, Inc.
• Becton, Dickinson, and Company

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Laboratory Equipment Services Market Segmentation

The laboratory equipment services market is segmented based on

Equipment Type

• Analytical Equipment
• General Equipment
• Specialty Equipment
• Support Equipment

Service Type

• Repair and Maintenance
• Calibration
• Validation
• Others (Compliance Services, Asset Management, etc.)

Service Provider

• OEMs
• Third-party Service Providers

Contract Type

• Standard Service Contract
• Customized Service Contract

End-user

• Academic Institutes
• Clinical and Diagnostic Laboratories
• Pharmaceutical & Biotechnology Companies

Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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