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Major Players in the Laboratory Equipment Services Market Pursued Agreements, Collaborations, and Partnerships as Their Key Growth Strategies
Prominent players in the laboratory equipment services market include Agilent Technologies (U.S.), Thermo Fisher Scientific Inc. (U.S.), Waters Corporation (U.S.), Danaher Corporation (U.S.), Mindray Bio-Medical Electronics Co., Ltd. (China), and Hitachi High-Technologies Corporation (Japan).
Companies are focused on various organic and inorganic growth strategies to strengthen their positions in the market, meet the increasing demands of customers, and expand their presence. The overall growth strategies mapped from 2013 to 2016 include acquisition, agreements, collaborations, contracts, expansion, products launches, and partnerships.
Agreements, partnerships, and collaborations were the most-preferred strategies for key players in the laboratory equipment services market. Companies adopted these strategies to offer its services to various end-user laboratories and strengthen their market shares. Major players that adopted these growth strategies include Danaher Corporation (U.S.) and Waters Corporation (U.S.).
Agilent Technologies (U.S.) was the leading player in the global laboratory equipment services market; it accounted for the largest share of 35% in 2016. The leading position of the company is attributed to its robust product offerings in the fields of life sciences, diagnostics, and chemical analysis. These products are majorly applied in liquid chromatography, mass spectrometry, software and informatics, lab automation and robotics, automated electrophoresis, NMR systems, and life sciences consumables and services. The company has expanded its services portfolio through new services such as ongoing instrument and software enhancements. Its major focus on life science research enables it to be a major contributor to the laboratory equipment services market.
Thermo Fisher Scientific (U.S.) was the second-largest player in the laboratory equipment services market with a share of 25% in 2016. The company offers integrated lab services through Unity Lab Services. It focuses on collaborations and investments to expand its customer base in the market. For instance, in June 2016, Thermo Fisher Scientific collaborated with the National Institute for Bioprocessing Research and Training (Dublin) to develop analytical solutions for the characterization of complex biopharmaceuticals. In 2015, the company acquired Alfa Aesar (U.S.) and ventured into the laboratory chemicals market.
Waters Corporation accounted for a share of 15% of the laboratory equipment services market in 2016. The company offers a wide range of services for biotechnology research. Its products are used in life sciences (including pharmaceutical), biochemical, industrial, nutritional safety, environmental, academic, and government organizations. Waters focuses on enhancing its research and development. It increased its R&D investment from USD 116.4 Million in 2014 to USD 119.9 Million in 2015. The company also focuses on partnerships and collaborations with academic and research institutions to strengthen its market position.
Laboratory Equipment Services Market by Service (Repair, Calibration, Validation), Equipment (Analytical, Specialty), Service Provider (OEM, Third Party), Service Contracts (Standardized, and Customized), End User - Global Forecast to 2021
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