Global laboratory equipment services market deals with the services that are being offered by companies for the management & maintenance, etc. of laboratory equipment used by clinical & diagnostics laboratories, academic research institutes, pharmaceuticals and biotechnology companies. There are various types of laboratory equipment services like calibration, validation, repair & maintenance and other forms of services. In academics, science lab equipment allows students to gather the required data by themselves. They get a first-hand learning experience by performing various experiments on their own.

Global laboratory equipment services market is anticipated to grow with 9.41% CAGR during the forecast period 2019-2027. The base year considered for the study is 2018 and the estimated period is between 2019 and 2027.

Key factors that are responsible for the market advancement are:

• Growth of research activities in the global biotech industry
• Rise in the requirement for the timely diagnosis of diseases
• Number of chronic diseases occurrences are rising steadily
• Growth of medical tourism in developing nations

However, the global laboratory equipment services market is driven by the growth of research activities in the biotech industry worldwide. Research area in biotechnology sporadically covers the fields of genomics, medical biotechnology, plant and animal biotechnology, biofuels, bio-instruments, bioinformatics, human resource planning and development, environment and biodiversity etc. These collective studies provide wider scope in the growing utilization of laboratory equipment in research activity of biotechnology. The biotechnology industry is on a continuous surge across the globe that is creating a promising adoption base for the laboratory instruments, thereby driving the laboratory equipment services. United States had been viewed as the world leader in biotechnological innovations, with over XX biotech companies employing almost XX workers in fields ranging from human product development to food and agriculture services.

In terms of service providers segment, original equipment manufacturers segment is the fastest growing market in terms of revenue with around XX% market share in 2018. Original equipment manufacturer service providers are expected to gain growth owing to increasing adoption of equipment services by the manufacturer of the products. Companies such as Thermo Fisher, Unity Lab Services, Agilent Technologies, Danaher Corporation, etc. are providing services for the maintenance, validation, calibration, performance verification, etc. of laboratory equipment that each of them is distributing. It is expected that the customers already adopting laboratory equipment of the brand would prefer OEMS services for the products, so the companies started engaging in providing services to the equipment.

As the global laboratory equipment services market is growing rapidly, there will also be some hindrances associated. Increase in focus on reducing the price of laboratory equipment, the high charge of service contracts, limited scope for innovation and the high diversification in the market are some of the basic restraining factors for its growth.

In the service-providing sector, various types of services are offered such as calibration, validation, maintenance and others. The calibration services include certain methods such as sampling, handling, storage, estimation of measurement uncertainty and static techniques. All the services are provided through certain techniques that include automatic calibration, manual calibration, full-scale validation, partial validation etc. All such methods are conventional and refrain from any of the innovations.

The report on global laboratory equipment services market includes segmentation on the basis of service type, equipment type, end user, service providers, service contracts & applications.

By service type

• Calibration services
• Validation services
• Repair & maintenance services
• Other services

By equipment type

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

By end user

• Pharmaceuticals and biotechnology companies
• Clinical & diagnostics laboratories
• Academic research and institution

By service providers

• Third party service providers
• Original equipment manufacturers
• Other service providers

By service contracts

• Standardized service contract
• Customized service contracts

By applications

• Clinical chemistry
• Medical microbiology & cytology
• Human & tumor genetics
• Other esoteric tests

This report covers the present market conditions and the growth prospects of the global laboratory equipment services market for the forecast period of 2019-2027. The report considers the revenue generated through the offering of global laboratory equipment services for types, as to calculate the market size by considering 2018 as the base year.

Geographically, the Global Laboratory Equipment Services market has been segmented on the basis of four major regions, which includes:

• Laboratory Equipment Services  North America Market: the United States & Canada
• Laboratory Equipment Services  Europe Market: the United Kingdom, France, Italy, Russia, Spain, Germany & Rest of Europe
• Laboratory Equipment Services  Asia Pacific Market: China, India, Japan, Australia, South Korea & Rest of Asia Pacific
• Rest of World: Latin America, Middle East & Africa

The North America region dominates the regional structure of global laboratory equipment services market as it captured the largest market share in terms of revenue of XX% in the year 2018. The dominance of North America is attributed to the fact that there is a presence of a majority of the key market players, coupled with high chances of chronic diseases occurrence and research and development activities across the region. The key players include Abbott Laboratories (U.S.), Agilent Technologies (U.S.), Danaher Corporation (U.S.), Hettich Instruments, LP (U.S.), PerkinElmer, Inc (U.S.), Thermo Fisher Scientific Inc. (U.S.) and others.

Further, according to the American Cancer Society, in 2018, it is expected that there would be more than XX million new cases of cancer diagnosed and XX cancer deaths in the United States. Also, as per the Pharmaceutical Research and Manufacturers of America report of 2018, biopharmaceutical research companies in the U.S. are developing XX medicines for heart diseases, XX medicines for neurological disorders and XX numbers of vaccines that are expected to enrich the research and development activities.

On the flip side, Asia Pacific region is expected to surge with the fastest growth rate during the forecasted period. The highest growth rate of the Asian market is attributed to facts like the increasing prevalence of chronic diseases, investments in the biotechnology sector coupled with the inclination towards medical tourism across the region. During the Vibrant Gujarat Global Summit-2017, XX companies signed an investment agreement totaling to $XX million for creating new opportunities within the biotechnology sector. Also, in 2017, Seventure Partners (venture capitalist) participated in financing worth $XX million on a Japan-based biotech company Anaeropharma Science. An increase in the prevalence of chronic diseases across the APAC region like cancer, cardiovascular diseases, diabetes, etc. is also driving its regional market growth.

The global laboratory equipment services market is segmented by service type, equipment type, end user, service providers, service contracts and by applications. The service type is further subdivided into calibration services, validation services, repair & maintenance services & other types of services. Equipment type is subdivided into general equipment, analytical equipment, specialty equipment and support equipment. End user segment is subdivided into pharmaceuticals and biotechnology companies, clinical & diagnostics laboratories & academic research and institutions. Service providers are subdivided into third party service providers, original equipment manufacturers & other service providers. Service contracts are subdivided into standardized service contract & customized service contracts. Lastly, applications are subdivided into clinical chemistry, medical microbiology & cytology, human & tumor genetics & other esoteric tests.

The market has some players, and some of the key players involved in global laboratory equipment services market are:

• Thermo Fisher Scientific Inc.
• Abbott Laboratories
• Milliporesigma (Merck)
• Mindray Medical International Limited
• Siemens Healthcare GmBH

Company profiles of the prominent market players are discussed in detail. In October 2018, Thermo Fisher Scientific Inc., the world leader in serving science, opened its new business center and biorepository in Frederick, Md. with a ribbon-cutting ceremony. The Frederick campus houses an expanded East Coast Distribution Center, new Cryo-Innovation Center and the National Cancer Institute Central Repository for Clinical Trials. The site will help the company meet growing global demand for diagnostic instruments and cell and gene therapies that support patients participating in clinical trials around the world. In August, Siemens Healthineers inaugurated the new diagnostics manufacturing facility at Vadodara, Gujarat. The new state-of-the-art facility, licensed as per Medical Device Regulation 2017 (MDR-17); is spread across 3150 square meters area, and is equipped with a benchmarked manufacturing facility that is helping to carry out globally renowned processes and systems for the Indian healthcare industry sector. As a part of skill development initiative, the facility also serves as Centre of Excellence for training in laboratory diagnostics, point-of-care testing and diagnostic imaging, across the South Asia region.

Key findings of the global laboratory equipment services market:

• The patients suffering from chronic diseases need high quality and standardized equipment for disease diagnosis and treatment.
• The fastest growth rate of pharmaceutical & biotechnology companies is attributed to the fact that the increase in research and development investments made in the pharmaceutical sector across the globe.
• Global spending on life science research and development is growing rapidly.
• Global healthcare expenditure is rising steadily worldwide.
• Investments are growing in pharmaceutical & biotechnology companies.