Laboratory Equipment Services Marketby Type (Repair & Maintenance, Calibration, Validation), Contract (Standard, Custom), Equipment (Analytical, Equipment, General, Support), Service Provider (OEM), and End User (Pharmaceutical) – Global Forecast to 2024according to a new report 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. 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.
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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.
The APAC market is expected to grow at the highest CAGR during the forecast period
North America is projected to dominate the market in 2019. On the other hand, the APAC region is expected to witness the highest CAGR during the forecast period. An increasing number of CROs, a growing number of life science R&D activities, rising import of laboratory equipment, and the rising presence of major market players in emerging countries such as India and China are some of the key factors driving the growth of the market in the Asia Pacific region.
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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).
Agilent Technologies provides core bio-analytical and electronic measurement solutions to the communications, electronics, life sciences, and chemical analysis industries. The company operates through three business segments, namely, Life Sciences & Applied Markets, Diagnostics & Genomics, and Agilent CrossLab. It offers a wide range of laboratory instrument services through its Agilent CrossLab segment.
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