CHICAGO, Aug. 8, 2019 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets™, 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.
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Factors such as the growing need for the effective and timely diagnosis of diseases and an increasing number of research activities in pharmaceutical and biotechnology industries are expected to drive the growth of the Laboratory Equipment Services Market during the forecast period.
The analytical equipment market segment accounted for the largest share of the Laboratory Equipment Services Market.
Based on equipment type, the market is segmented into analytical equipment, general equipment, specialty equipment, and support equipment. In 2018, the analytical equipment market segment accounted for the largest share of the Laboratory Equipment Services Market. Analytical equipment is extremely fragile and expensive and, therefore, require frequent servicing, which is a major factor driving market growth. In line with this, the growing volume of compounds to be detected for the presence of impurities has created an enormous demand for advanced analytical instruments. However, these instruments require regular maintenance and upgrading to ensure smooth and efficient workflow of processes and to prevent sudden equipment failures. This is expected to increase the demand for laboratory equipment services for analytical equipment.
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Pharmaceutical & biotechnology companies accounted for the largest share of the Laboratory Equipment Services Market in 2018.
Based on end-users, the market has been segmented into pharmaceutical & biotechnology companies, clinical & diagnostic laboratories, and academic & research institutions. Pharmaceutical & biotechnology companies accounted for the largest share of the market in 2018. 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. For instance, life science R&D spending increased from USD 170.0 billion in 2016 to USD 184.3 billion in 2018, as per Global R&D Funding Forecast. Owing to these factors, spending on the procurement of laboratory equipment for R&D in life sciences has increased in the last few years, which is expected to drive the market for various services such as preventive and corrective maintenance.
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Asia Pacific to dominate the Laboratory Equipment Services Market during the forecast period
In 2018, North America dominated the market, followed by Asia Pacific. The high and growing number of clinical trials, high life science R&D expenditure, the strong presence of major pharmaceutical and biotechnology companies, and the presence of a large number of research institutions and academic organizations in the region are the factors propelling the growth of the market in the region.
The Asia Pacific region is projected to register the highest growth rate in the global Laboratory Equipment Services Market during the forecast period. This is attributed primarily to the rising prevalence of chronic and acute diseases such as HIV, cancer, and diabetes and the increasing focus of big pharmaceutical companies towards outsourcing their research to Asian CROs.
Prominent players in the Laboratory Equipment Services Market are 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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