DUBLIN, Aug. 15, 2019 /PRNewswire/ -- 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.
Laboratory equipment includes the systems and consumables used in research laboratories, hospitals, universities, and schools for routine testing, monitoring, and quality control. Generally, equipment services comprise repair, calibration, and preventive maintenance, which are aimed to prevent equipment failure.
The growth of this market is majorly driven by the increasing number of research activities in the pharmaceutical and biotechnology industries, growing need for the effective and timely diagnosis of diseases, 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 laboratory equipment services market is highly competitive, with several big and small players operating in it.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
5.2 Market Dynamics
5.2.1 Market Drivers
220.127.116.11 Increasing Research Activity in the Pharmaceutical and Biotechnology Industries
18.104.22.168 Growing Need for Timely and Effective Diagnosis of Diseases
22.214.171.124 Growing Investment and Government Funding to Support Biomedical Research Activities
126.96.36.199 Shift From Lab-Based Diagnosis to Home-Based/Poc Testing
188.8.131.52 High Cost of Service Contracts
184.108.40.206 Increasing Demand for Laboratory Automation
220.127.116.11 Growth in Asset Management Companies
18.104.22.168 Limited Scope for Innovation
6 Market, By Equipment Type
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
7.2 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
8.2 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
9.2 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
10.2 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
Company Profiles: Business Overview, Services Offered, Recent Developments
- Agilent Technologies
- Becton, Dickinson and Company
- Bio-Rad Laboratories, Inc.
- Danaher Corporation
- Eppendorf AG
- Pace Analytical Services, LLC.
- PerkinElmer, Inc.
- Siemens Healthineers
- Thermo Fisher Scientific, Inc.
- Waters Corporation
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