Laboratory Equipment Services Market Overview
Laboratory Equipment Services Market size is estimated to reach $22.1 billion by 2027, growing at a CAGR of 11.1% during the forecast period 2022-2027. Laboratory equipment services provide distinct types of apparatus and machinery that are necessary for the research and investigation in the biological and pharmaceutical industries. Moreover, laboratory equipment services find application in industrial services and commercial industries. Analytical instruments are a big category of instruments utilized for analytical uses in chemical, pharmaceutical, clinical, food-processing laboratories, and oil refineries. The instruments assist in investigating materials and authorizing the composition. The most typical kinds of analytical equipment are spectrophotometer, refractometer, calorimeter, electrochemical Instrument, conductivity meter, automatic density meter, automatic titrators, colony counter, demagnetizers, fiberscopes, and more. Initially, most diagnostic testing backing clinical trials was performed in regional laboratories with attention on assessment of patient security. The concept of central laboratory then gathered momentum to make clinical trial diagnostic testing smooth and centralize test results. Specialty Equipment is a category of Laboratory Equipment Services based on equipment.
The increasing demand for laboratory equipment services like calibration services in biotechnology, pharmaceuticals, pharmacology laboratories, and formulator departments is set to drive the Laboratory Equipment Services Market. The extensive biomedical research activities resulting in massive utilization of laboratory equipment is set to propel the growth of the Laboratory Equipment Services Market during the forecast period 2022-2027. This represents the Laboratory Equipment Services Industry Outlook.
The report: “Laboratory Equipment Services Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the Laboratory Equipment Services Market.
By Product Type: Sonicators And Homogenizers, Incubators, Spectro photometers, Others.
By Service Type: Repair And Maintenance, Calibration, Validation, Others.
By Equipment Type: Analytical Equipment, General Equipment, Specialty Equipment, Support Equipment.
By End User: Clinical And Diagnostic laboratories, Research And Academic Institutions, Pharmaceutical And Biotechnological Companies, Others.
By Geography: North America (U.S, Canada and Mexico), Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, Rest of South America) and Rest Of The World (Middle East, Africa).
- Geographically, North America Laboratory Equipment Services Market accounted for the highest revenue share in 2021 and it is poised to dominate the market over the period 2022-2027 owing to the surging grants for schools and private organizations for laboratory equipment installation which may involve analytical equipment in the U.S. in the North American region.
- Laboratory Equipment Services Market growth is being driven by the increasing count of efficient techniques on time, public initiatives, and private financing in conjunction with utilization of equipment like analytical equipment. However, the proliferating attention on minimizing the cost of treatments, increasing pressure on pharmaceutical firms to reduce marketing costs, and the surging prices of service contracts are some of the major factors hampering the growth of the Laboratory Equipment Services Market.
- Laboratory Equipment Services Market Detailed Analysis on the Strength,
Weakness, and Opportunities of the prominent players operating in the market
will be provided in the Laboratory Equipment Services Market report.
Laboratory Equipment Services Market: Market Share (%) by Region, 2021
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Laboratory Equipment Services Market Segment Analysis – By Service Type:
The Laboratory Equipment Services Market based on service type can be further segmented into Repair And Maintenance, Calibration, Validation and Others. The Repair And Maintenance Services Segment held the largest market share in 2021. This growth is owing to accelerated proliferation in the application of laboratory equipment like specialty equipment for research activities. Agilent offers quick and on-demand repair options for instrument service repair. Agilent CrossLab provides the correct expertise to “fix it right the first time”. There is an instinctive online interface permitting rapid order submission. The soaring financing by the public and private firms is further propelling the growth of this segment.
Furthermore, the Calibration Services segment is estimated to grow with the fastest CAGR of 11.8% during the forecast period 2022-2027 owing to the heightening requirement for precise information, rising consciousness among customers and government regulations.
Laboratory Equipment Services Market Segment Analysis – By End User:
The Laboratory Equipment Services Market based on end user can be further segmented into Clinical And Diagnostic laboratories, Research And Academic Institutions, Pharmaceutical And Biotechnological Companies and Others. The Clinical And Diagnostic laboratories Segment held the largest market share in 2021. This growth is owing to an accelerated surge in research in drug discovery by dominant firms, increasing the predominance of ailments, and expanding consciousness about health. The extensive series of applications and the boost in the count of clinical scientists involved in clinical trials and added experiments targeted are further propelling the growth of this segment.
Furthermore, the Pharmaceutical And Biotechnological Companies segment is estimated to grow with the fastest CAGR of 12.1% during the forecast period 2022-2027 owing to the surging pharmaceutical and biotechnological R&D actions, novel drug discovery, and development programs, and increasing financing in healthcare research activities in conjunction with the expanding application of Laboratory Equipment Services like analytical equipment.
Laboratory Equipment Services Market Segment Analysis – By Geography:
The Laboratory Equipment Services Market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America (Laboratory Equipment Services Market) held the largest share with 33% of the overall market in 2021. The growth of this region is owing to the increasing acceptance of the most-recent technologies and the well-entrenched healthcare infrastructure with laboratory equipment services including analytical equipment in the region. The great lucrative opportunities displayed in the region are further propelling the growth of the Laboratory Equipment Services Market in the North American region.
Furthermore, the Asia-Pacific region is estimated to be the region with the fastest CAGR rate over the forecast period 2022-2027. This growth is owing to factors like increased clinical trials by key players in the developing economies of the Asia-Pacific region. The cost benefits and skilled workforce in conjunction with the accelerated application of Laboratory Equipment Services like analytical equipment are fuelling the progress of the Laboratory Equipment Services Market in the Asia-Pacific region.
Equipment Services Market Drivers
Application Of Laboratory Equipment Services In Biotechnology Sector Is Projected To Drive The Growth Of Market:
Laboratory Equipment Services include different kinds of equipment like analytical equipment and specialty equipment. Bio-Rad's Life Science Group builds, produces and markets an extensive series of biotechnology equipment like laboratory instruments, reagents, and software for research in functional genomics, proteomics, cell biology, and food security. Bio-Rad's life science products are based on chief technologies for the segregation, recognition, investigation, augmentation, purification, quantification, and characterization of biological materials. Biotechnology equipment is accessible for all important research laboratory procedures inclusive of the following:
- Electrophoresis and blotting
- Imaging and quantitation
- Real-time PCR and digital PCR
- Flow cytometry, cell sorting, and cell counting
- Preparative and analytical chromatography
- Spectrophotometry and fluorometry
- Multiplex immunoassays
- Protein functional and interaction analysis
The increased utilization of laboratory equipment
for biotechnology is therefore fuelling the growth of the Laboratory Equipment
Services Market during the forecast period 2022-2027.
Increasing Acquisitions Are Expected To Boost The Demand Of Laboratory Equipment Services:
Increasing acquisitions are driving the growth of the Laboratory Equipment Services market. Laboratory Equipment Services include analytical equipment. In October 2021, Pace Analytical® Services, LLC, favored provider of in-lab, mobile, and emergency onsite specialty-contaminant and regulatory experiment and investigation services, declared that it has acquired ProScience Analytical Services, Inc, a provider of environmental analytical services in north eastern U.S. This acquisition offers progressive Transmission Electron Microscopy (TEM) capacities to the Pace laboratory network. ProScience presents consultants, businesses, and government agencies in the New England area with analytical testing of air, water, soil, sediment, sludge, paint, and more. These services are carried out backing remediation, investigation, underground storage tank elimination, and lead and asbestos abatement and supervision projects. Surging acquisitions are therefore driving the growth of the Laboratory Equipment Services Market during the forecast period 2022-2027.
Equipment Services Market Challenges
Proliferating Shift To Home-Based Testing Is Challenging The Growth Of The Laboratory Equipment Services Market:
An increasing shift towards home-based testing is being witnessed especially in the wake of the COVID-19 Pandemic. Home-based testing has offered significant advantages over laboratory-based testing amidst stay-at-home restrictions and global lockdowns. Standard medical tests like urine tests and blood analysis are customarily the earliest indicators that something is not quite right. However, booking an appointment to have these diagnostic tests performed can be for many. This is where home testing kits solve the issue. Patients may presently get their medical tests performed in the comfort of their homes. These tests can be affordable and more useful. The need to wait in long queues is eliminated and time is thereby saved. Further benefits of home-based testing include increased convenience, greater cost-effectiveness, better hygiene, and resulting in superior health and precise results. These advantages of home-based testing are causing a soaring inclination among patients towards home-based testing rather than laboratory-based testing. These issues are hampering the growth of the Laboratory Equipment Services Market.
Laboratory Equipment Services Market - Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Laboratory Equipment Services Market. Key companies of this market include:
- Agilent Technologies
- Pace Analytical Services
- Thermo Fisher Scientific Inc
- PerkinElmer Inc
- Waters Corporation
- Eppendorf AG
- Siemens Healthineers
- Abbott Laboratories
- Bio-Rad Laboratories Inc
- In May 2021, Waters' introduced pump with the role of mass spectrometry research in the combat against SARS-CoV-2. Scientists can presently directly measure particular viral NCAP peptides in a greatly re-creatable manner with the Waters SARS-CoV-2 LC-MS Kit (RUO), permitting breakthrough research of the SARS-CoV-2 virus.
- In February 2021, Waters Corporation has launched the Waters™ ACQUITY™ PREMIER Solution, the next generation in fluid chromatographs highlighting Waters’ breakthrough MaxPeak™ High-Performance Surface (HPS) technology. The solution influences HPS to immensely enhance analytical data quality and remove the requirement for time-consuming and expensive passivation.
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