Global Laboratory Equipment Service Market to Witness a CAGR of 9.5% during 2018-2024

NEW YORK, July 19, 2018 (GLOBE NEWSWIRE) -- Global laboratory equipment service market was valued at USD 8,061 million in 2017 and is expected to reach USD 13,872 million by 2024, at a CAGR of 9.5%. Factors driving the market growth are; increasing research and development activities in biotechnological and pharmaceutical industries, and technological advancements in laboratory equipment. Moreover, increasing incidence of healthcare complications and growing demand for safe and accurate testing is further propelling the market growth.   

Laboratory equipment plays important role in clinical trials and research and development activities in pharma and biotech sector. Laboratory equipment is used in drug development for biomarker testing, API (active pharmaceutical ingredients) formulation, preclinical development such as pharmacology services, among others. Moreover, laboratory equipment plays a major role in diagnosing various types of diseases and monitoring their treatment. There is a growing demand for laboratory equipment service in scientific research and development activities conducted by government agencies. The technological advancement in lab equipment and adoption of new technology provides advantages such as rapid detection and identification of drug components. Additionally, high quality testing in pharmaceuticals allows for achieving regulatory approval in shorter time period and reduces the cost. The validation service reduces the risk of non-compliance with government agencies and improves final product quality.

Global Laboratory Equipment Services Market Regional Insight

Geographically, North America held the largest share of the global market in 2017. The growth in the region is attributed to the growing demand from end-user industries, owing to increasing investment in scientific research and development activities by government and major key players. Moreover, technological advancements in laboratories equipment and effective supply chain in the region is further boosting the market growth. Growth of laboratory equipment service in Asia-Pacific is primarily due to increasing demand for pharmaceutical and biotech laboratories and growing number of clinical trials in the region. Moreover, huge demand for laboratory equipment service in the developing countries such as India, China, and Singapore due to growing number of diseases has led to increased R&D activities the region.

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Key findings from the report:

• On the basis of service, the repair and maintenance service segment held major share of the global market in 2017
• On the basis of end-user, the Life sciences segment held the major share of the market in 2017, and is expected to continue its dominance over the forecast period. This is mainly attributed to increasing demand for laboratory equipment in different stages of drug development such as production, detection, and R&D activities.
• Geographically, North America held the largest share of the global market in 2017
• Some of the key companies operating in the market include Sartorius AG, Thermo Fisher Scientific, Agilent Technologies, Eppendorf AG., Hitachi High-Technologies Corporation, PerkinElmer Inc, Siemens AG, Leec Ltd, Eurofins Scientific, Inc., and among others

This report segments global laboratory equipment services market by service, equipment, service provides, end-user, and region.

By Service

• Validation Services
• Calibration Services
• Repair and Maintenance Services
• Other Services

By Equipment

• General equipment
• Specialty equipment
• Analytical equipment
• Support equipment

By Service Provider

• Third-party Service Agencies
• Original Equipment Manufacturers

By End-user

• Healthcare
• Life sciences
• Chemical Industries
• Government Agencies
• Others 

By Region

• North America
• Europe
• Asia-Pacific
• Central & South America
• Middle East and Africa

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