Global Laboratory Equipment Service Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024

Industry : Healthcare Date : July 19th, 2018
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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. The years used for the assessment are as follows;

Historical year: 2014, 2015, and 2016

Base year: 2017

Forecast period: 2018 – 2024

RESEARCH METHODOLOGY

The research and analysis is based on the data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of the concerned domain. The steps involved in the research methodology are;

  • Obtaining historical data of the market based on news, articles, publications, annual reports, white papers, surveys, and other secondary sources
  • Interacting with key opinion leaders of the market and developing data points based on interaction with them
  • Study of past trends in the market and their year on year Impact on the market size and share
  • Analyzing the collected data points
  • Bridging the data points to calculate the total laboratory equipment service market and its various segments
  • Anticipating potential risks
  • Analyzing market forces such as drivers, restraints, and opportunities to assess new growth areas for the global laboratory equipment service market
  • Finalizing the overall size and share of the global laboratory equipment service market

OBJECTIVES:

  • To analyze market trends, opportunities, drivers, and restraints associated with the laboratory equipment service market
  • To study market response with respect to the mergers and acquisitions in the industry
  • To profile key companies operating in the laboratory equipment service market and provide their competitive landscape 

MARKET SCOPE

The research scope for laboratory equipment service market is as follows:

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

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. However, stringent government regulations associated with laboratory equipment may hamper the market growth to some extent.

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.

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.

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.

TABLE OF CONTENTS

CHAPTER 1. Market Scope and Methodology

1.1. Research methodology

1.2. Research scope & assumptions

1.3. List of data sources

CHAPTER 2. Executive Summary

2.1. Laboratory Equipment Services- Market Snapshot

CHAPTER 3. Industry Analysis

3.1. Market definition

3.2. Market segmentation

3.3. Key findings of the global laboratory equipment services market

3.4. Value chain analysis

3.5. Market opportunities & trends

3.6. Market dynamics

3.6.1. Market driver analysis

  3.6.1.1. Increasing research and development activities

  3.6.1.2. Growing number of applications in end-use industries

  3.6.1.3. Technological advancements in laboratory equipment

  3.6.1.4. Growing demand for pharmaceutical and biotechnological laboratories in Asia-Pacific region

  3.6.1.5. Increasing investments by government and private players on pharmaceutical R&D and novel drug discovery

3.6.2. Market restraint analysis

           3.6.2.1. Stringent government regulations

3.6.3. Industry Analysis-Porters five forces of analysis

CHAPTER 4. Competitive Outlook

4.1. Competitive analysis

4.2. Competitive factors

4.3. Strategies adopted

CHAPTER 5. Global Laboratory Equipment Services Market Size and Forecast (2014 – 2024)

5.1. Global Laboratory Equipment Services Market, By Service (USD Million)

5.1.1. Validation Services

5.1.2. Calibration Services

5.1.3. Repair and Maintenance Services

5.1.4. Other Services

5.2. Global Laboratory Equipment Services Market, By Equipment (USD Million)

5.2.1. General equipment

5.2.2. Specialty equipment

5.2.3. Analytical equipment

5.2.4. Support equipment

5.3. Global Laboratory Equipment Services Market, By Service Provider (USD Million)

5.3.1. Third-party Service Agencies

5.3.2. Original Equipment Manufacturers (OEM)

5.4. Global Laboratory Equipment Services Market, By End-user (USD Million)

5.4.1. Healthcare

5.4.2. Life Sciences

5.4.3. Chemical Industries

5.4.4. Government Agencies

5.4.5. Others

CHAPTER 6. Global Laboratory Equipment Services Market Size and Forecast, By Geography (2014-2024)

6.1. North America Laboratory Equipment Services Market

6.1.1. North America Laboratory Equipment Services Market, By Service (USD Million)

6.1.2. North America Laboratory Equipment Services Market, By Equipment (USD Million)

6.1.3. North America Laboratory Equipment Services Market, By Service Provider (USD Million)

6.1.4. North America Laboratory Equipment Services Market, By End-user (USD Million)

6.1.5. North America Laboratory Equipment Services Market, By Country (USD Million)

  6.1.5.1. US

  6.1.5.2. Canada

  6.1.5.3. Mexico

6.2. Central & South America Laboratory Equipment Services Market

6.2.1. Central & South America Laboratory Equipment Services Market, By Service (USD Million)

6.2.2. Central & South America Laboratory Equipment Services Market, By Equipment (USD Million)

6.2.3. Central & South America Laboratory Equipment Services Market, By Service Provider (USD Million)

6.2.4. Central & South America Laboratory Equipment Services Market, By End-user (USD Million)

6.2.5. Central & South America Laboratory Equipment Services Market, By Country (USD Million)

   6.2.5.1. Brazil

   6.2.5.2. Rest of Central & South America

6.3. Europe Laboratory Equipment Services Market

6.3.1. Europe Laboratory Equipment Services Market, By Service (USD Million)

6.3.2. Europe Laboratory Equipment Services Market, By Equipment (USD Million)

6.3.3. Europe Laboratory Equipment Services Market, By Service Provider (USD Million)

6.3.4. Europe Laboratory Equipment Services Market, By End-user (USD Million)

6.3.5. Europe Laboratory Equipment Services Market, By Country (USD Million)

   6.3.5.1. Germany

   6.3.5.2. Russia

   6.3.5.3. Italy

   6.3.5.4. France

   6.3.5.5. U.K.

   6.3.5.6. Rest of Europe

6.4. Asia-Pacific Laboratory Equipment Services Market

6.4.1. Asia-Pacific Laboratory Equipment Services Market, By Service (USD Million)

6.4.2. Asia-Pacific Laboratory Equipment Services Market, By Equipment (USD Million)

6.4.3. Asia-Pacific Laboratory Equipment Services Market, By Service Provider (USD Million)

6.4.4. Asia-Pacific Laboratory Equipment Services Market, By End-user (USD Million)

6.4.5. Asia-Pacific Laboratory Equipment Services Market, By Country (USD Million)

   6.4.5.1. China

   6.4.5.2. India

   6.4.5.3. Japan

   6.4.5.4. Singapore

   6.4.5.5. Australia

   6.4.5.6. Rest of Asia-Pacific

6.5. Middle East and Africa (MEA) Laboratory Equipment Services Market

6.5.1. Middle East and Africa Laboratory Equipment Services Market, By Service (USD Million)

6.5.2. Middle East and Africa Laboratory Equipment Services Market, By Equipment (USD Million)

6.5.3. Middle East and Africa Laboratory Equipment Services Market, By Service Provider (USD Million)

6.5.4. Middle East and Africa Laboratory Equipment Services Market, By End-user (USD Million)

6.5.5. Middle East and Africa Laboratory Equipment Services Market, By Country (USD Million)

  6.5.5.1. Saudi Arabia

  6.5.5.2. Egypt

  6.5.5.3. UAE

  6.5.5.4. South Africa

  6.5.5.5. Rest of MEA

CHAPTER 7. Key Players and Strategic Developments

7.1. Sartorius AG

7.1.1. Business Overview

7.1.2. Product and Service Offering

7.1.3. Financial Overview

7.1.4. Strategic Developments

7.2. Thermo Fisher Scientific

7.2.1. Business Overview

7.2.2. Product and Service Offering

7.2.3. Financial Overview

7.2.4. Strategic Developments

7.3. Agilent Technologies

7.3.1. Business Overview

7.3.2. Product and Service Offering

7.3.3. Financial Overview

7.3.4. Strategic Developments

7.4. Eppendorf AG.

7.4.1. Business Overview

7.4.2. Product and Service Offering

7.4.3. Financial Overview

7.4.4. Strategic Developments

7.5. Hitachi High-Technologies Corporation

7.5.1. Business Overview

7.5.2. Product and Service Offering

7.5.3. Financial Overview

7.5.4. Strategic Developments

7.6. PerkinElmer Inc

7.6.1. Business Overview

7.6.2. Product and Service Offering

7.6.3. Financial Overview

7.6.4. Strategic Developments

7.7. Siemens AG

7.7.1. Business Overview

7.7.2. Product and Service Offering

7.7.3. Financial Overview

7.7.4. Strategic Developments

7.8. Leec Ltd

7.8.1. Business Overview

7.8.2. Product and Service Offering

7.8.3. Financial Overview

7.8.4. Strategic Developments

7.9. Eurofins Scientific, Inc.

7.9.1. Business Overview

7.9.2. Product and Service Offering

7.9.3. Financial Overview

7.9.4. Strategic Developments

Global Laboratory Equipment Service Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation and Forecast 2024