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$17.7Bn Laboratory Equipment Services Market Outlook, 2019-2024 - Increasing Research Activity in the Pharmaceutical & Biotechnology Industries

Dublin, Nov. 08, 2019 (GLOBE NEWSWIRE) -- The "Laboratory Equipment Services Market by Type (Repair & Maintenance, Calibration, Validation), Contract (Standard, Custom), Equipment (Analytical, Equipment, General, Support), Service Provider (OEM), and End User - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

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%.

Market growth is attributed to the increasing number of research activities in the pharmaceutical and biotechnology industries, 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 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).

By end-user, the pharmaceutical & biotechnology companies segment is expected to grow at the highest CAGR during the forecast period

Based on the end-user, the laboratory equipment services market has been segmented into pharmaceutical & biotechnology companies, clinical & diagnostic laboratories, and academic & research institutions. Pharmaceutical & biotechnology companies are expected to hold the largest share of the laboratory equipment services market in 2019. 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.

By contract type, standard service contracts segment to dominate the laboratory equipment services market in 2019

By contract type, the laboratory equipment services market is segmented into standard service contracts and customized service contracts. In 2018, standard service contracts accounted for the largest share of the laboratory equipment services market. This can be attributed to the higher coverage of maintenance services in standard service contracts.

APAC is expected to witness the highest growth during the forecast period

North America is expected to account for the largest share of the laboratory equipment services market in 2019, followed by Asia-Pacific. The large share of the market in North America can majorly be attributed to increasing life science R&D activities, the presence of prominent players, and the rising number of clinical trials. However, the APAC region is expected to witness the highest CAGR during the forecast period. This can primarily be attributed to mostly due to the increasing number of CROs, increasing 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.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Market Overview
4.2 North America: Biomedical Equipment Services Market, By Equipment Type, 2018
4.3 Market: Geographic Snapshot

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Market Drivers
5.2.1.1 Increasing Research Activity in the Pharmaceutical and Biotechnology Industries
5.2.1.2 Growing Need for Timely and Effective Diagnosis of Diseases
5.2.1.3 Growing Investment and Government Funding to Support Biomedical Research Activities
5.2.2 Restraints
5.2.2.1 Shift From Lab-Based Diagnosis to Home-Based/Poc Testing
5.2.2.2 High Cost of Service Contracts
5.2.3 Opportunities
5.2.3.1 Increasing Demand for Laboratory Automation
5.2.3.2 Growth in Asset Management Companies
5.2.4 Challenges
5.2.4.1 Limited Scope for Innovation

6 Market, By Equipment Type
6.1 Introduction
6.2 Analytical Equipment
6.2.1 Analytical Equipment are Extremely Fragile and Expensive And, Therefore, Require Frequent Servicing, Which is a Major Factor Driving Market Growth
6.3 General Equipment
6.3.1 High Equipment Cost and Replacement Value Will Aid Market Growth in the Forecast Period
6.4 Specialty Equipment
6.4.1 Timely Servicing, Maintenance, and Upgrading of Specialty Equipment is Crucial for Accurate Research Outcomes-A Key Market Driver
6.5 Support Equipment
6.5.1 Growing Trend of Lab Automation May Limit the use of Support Equipment in the Future, Which May Negatively Affect Market Growth

7 Market, By Type
7.1 Introduction
7.2 Repair and Maintenance Services
7.2.1 Effective Repair & Maintenance Increases Equipment Lifespan, Reduces Overall Service Costs
7.3 Calibration Services
7.3.1 Need for Efficient and Accurate Functioning Ensures Sustained Demand for Calibration Services
7.4 Validation Services
7.4.1 Validation Helps in Complying With Regulations and Guidelines
7.5 Other Services

8 Market, By Service Provider
8.1 Introduction
8.2 Original Equipment Manufacturers
8.2.1 End Users Opt for Services Offered By Original Equipment Manufacturers Owing to the Service Quality and Easy Access to Spare Parts
8.3 Third-Party Service Providers
8.3.1 Third-Party Service Providers Offer Advantages Such as Lower-Cost Services and Multi-Brand Support
8.4 Other Service Providers

9 Market, By Contract Type
9.1 Introduction
9.2 Standard Service Contracts
9.2.1 Standard Contracts Cover a Wide Range of Maintenance Services
9.3 Customized Service Contracts
9.3.1 Specificity of Customized Contracts is Driving Demand, But Higher Cost Affects Customer Preference

10 Market, By End User
10.1 Introduction
10.2 Pharmaceutical & Biotechnology Companies
10.2.1 Growing Adoption of Lab Automation to Increase the Requirement of Maintenance Services, as Errors in Functioning Can Stop Automated Processes in Laboratories
10.3 Clinical & Diagnostic Laboratories
10.3.1 Operational Inefficiency of Lab Equipment and Delayed Repair and Maintenance Can Negatively Impact the Early Diagnosis and Treatment of Diseases
10.4 Academic & Research Institutions
10.4.1 Government Funding to Increase the Affordability of Research Institutes to Purchase Advanced Laboratory Equipment

11 Laboratory Equipment Services Market, By Region
11.1 Introduction
11.2 North America
11.2.1 US
11.2.1.1 Government Initiatives and Strategic Developments By Market Players to Drive Market Growth in the US
11.2.2 Canada
11.2.2.1 Availability of Government Funding for Research Activities and Laboratory Consolidation to Drive Market Growth in Canada
11.3 Asia Pacific
11.3.1 China
11.3.1.1 High Pace of Research and Availability of Funding Have Fueled Market Growth in China
11.3.2 India
11.3.2.1 Government Initiatives Have Strengthened the Life Science Industry in India
11.3.3 Japan
11.3.3.1 Strong Healthcare System in Japan is a Key Component of the Demand for Services
11.3.4 Rest of Asia Pacific
11.4 Europe
11.4.1 Germany
11.4.1.1 Strong Research Infrastructure and Manufacturing Base Support Germany's Market Dominance
11.4.2 France
11.4.2.1 Government Initiatives to Boost R&D Activities Will Ensure Market Growth in France
11.4.3 UK
11.4.3.1 UK is One of the Major Markets for Lab Equipment Services in Europe
11.4.4 Italy
11.4.4.1 Strong Government Support for Research has Stimulated Market Growth in Italy
11.4.5 Spain
11.4.5.1 High Activity in the Spanish Pharmaceutical Sector Will Drive Demand for Services
11.4.6 Rest of Europe
11.5 Rest of the World

12 Competitive Landscape
12.1 Overview
12.2 Market Ranking Analysis, 2018
12.3 Competitive Scenario
12.4 Competitive Leadership Mapping
12.4.1 Visionary Leaders
12.4.2 Innovators
12.4.3 Dynamic Differentiators
12.4.4 Emerging Companies

13 Company Profiles
Business Overview, Services Offered, Recent Developments
13.1 Agilent Technologies
13.2 Thermo Fisher Scientific Inc.
13.3 Waters Corporation
13.4 Danaher Corporation
13.5 Eppendorf AG
13.6 PerkinElmer Inc.
13.7 Pace Analytical Services LLC
13.8 Becton, Dickinson and Company
13.9 Bio-Rad Laboratories Inc.
13.10 Siemens Healthineers

For more information about this report visit https://www.researchandmarkets.com/r/fbf01n

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