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% between 2019 and 2024. The growth of this market is driven majorly by the increasing number of research activities in 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.
Thermo Fisher Scientific (US), Agilent Technologies (US), Danaher Corporation (US), and Waters Corporation (US) are the key players operating in this market. Other prominent players in the market include Siemens Healthcare (Germany), Eppendorf AG (Germany), PerkinElmer, Inc. (US), Pace Analytical Services, Inc. (US), Bio-Rad Laboratories, Inc. (US), Becton, Dickinson and Company (US), Shimadzu Corporation (Japan), F. Hoffmann-La Roche Ltd (US), Beckman Coulter, Inc (US), Sartorius AG (Germany), Ortho Clinical Diagnostics (US), Hettich Instruments, LP (Germany), Hitachi High-Technologies Corporation (Japan), GMI (US), Rainin (US), and Scientific Calibration (US).
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Thermo Fisher Scientific was the leading player in the laboratory equipment services market in 2018. The leading position of the company can be attributed to its strong brand recognition and extensive service portfolio in this market. The company majorly offers single-vendor services and standard service contracts to its customers. The company focuses on leveraging scale in high growth and emerging markets, such as China, India, and the Middle East. Thermo Fisher has a strong presence in high growth and emerging markets, which is represented by 21% of its total revenue in 2018. For instance, in the Middle East, the company is collaborating with academic and government customers to broaden the use of its advanced technologies as well as services for life science research.
Agilent Technologies was another leading player in the laboratory equipment services market. The company’s leading position can be attributed to its strong geographical presence and robust services portfolio. The company focuses on adopting organic growth strategies to expand its presence in the laboratory equipment services market. For instance, in 2018, the company acquired Young In Scientific Co. Ltd. ("YI Scientific") (South Korea), a long-time distributor of Agilent instruments & lab equipment services. This acquisition strengthened Agilents presence in the South Korean market.
Laboratory Equipment Services Market by Type (Repair & Maintenance, Calibration, Validation), Contract (Standard, Custom), Equipment (Analytical, Equipment, General, Support), Service Provider (OEM), and End User (Pharmaceutical) - Global Forecast to 2024
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