Laboratory equipment services provide different apparatus or tools that are essential for the research and study in clinical & diagnostics laboratories, academic research institutes and pharmaceuticals and biotechnology companies. The usual set of services provided by most of the diagnostic companies include calibration, validation, repair & maintenance, etc. In the academic front, the utility of such apparatus is beneficial for understanding and carrying out experiments for the experienced as well as the emerging workforce. The global market for laboratory equipment services deals with such services and support efficiently and has seen enormous growth in recent times. According to our report, the market is expected to grow at a CAGR of 9.41% during the forecast period of 2019-2027.
The global market for laboratory equipment services has been fragmented by service type, equipment type, end user, service providers, service contracts & their applications. The key buying criteria for this particular set of services are based on application, price, durability, security and type of the required service. Rising growth in bioscience and biotechnology industry along with the huge investments that were made is mainly driving the global laboratory equipment services market. Although, the high charges of the service contracts and the limited scope for innovation in this industry is mainly restraining the market growth globally.
The global laboratory equipment services market is geographically bifurcated into several regions, namely, North America, Europe, Asia Pacific and the countries from the Rest of the World. The North America region is found to hold the largest market share by revenue of XX% in the year 2018. The dominance of this region in the global market can be attributed to the massive presence of a large number of pharmaceutical giants who provide these services and the higher frequency of chronic diseases manifestations.
The market has competing companies involved in global laboratory equipment services market like Hettich Instruments LP, Thermo Fisher Scientific Inc., Abbott Laboratories, Milliporesigma (Merck), Mindray Medical International Limited, Perkinelmer Inc., Siemens Healthcare GmBH, Eppendorf AG, Hitachi High-Technologies Corporation, Pace Analytical Services, Inc., Waters Corporation, Transcat, Agilent Technologies Inc., Danaher Corporation and C&M Scientific Ltd.