Laboratory Equipment Services Market Trend, Share, Growth, Size, Analysis and Forecast 2030

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Laboratory equipment services provide different types of equipment and apparatus that are vital for the study & research in the pharmaceutical and biological industry. Furthermore, laboratory equipment services have their applications in commercial sectors and industrial services. Growing research in pharmaceutical and biological industry, the global laboratory equipment services market is anticipated to touch new heights of growth in the upcoming years.

As per the World Health Organization, cardiovascular diseases are one of the causes of death worldwide. About 17.5 million people died because of cardiovascular disease in 2015 representing 31% of all global deaths. Additionally, as per the World Health Organization estimates, worldwide, there were 14 million new cancer cases recorded in 2012 and 8.8 million deaths resulted due to cancer in 2015. Globally, approximately 1 in 6 deaths is because of cancer. Also, the global burden of these disorders is increasing owing to the increasing geriatric population base across the world. According to the World Health Organization, the number of people who are aged 60 or above are expected to be doubled by 2050 and will reach 2.1 billion in 2050 from 962 million globally. Thus, laboratory equipment services market has vast potential in terms of large patient pool and upsurge need for analysis. This is estimated to drive the laboratory equipment services market services in the estimated period.

The global laboratory equipment services market is divided into its service types, equipment, service contract, service provider, and end-user. On the basis of the service types, the market is divided into validation, repair & maintenance, calibration, and other services.

Based on equipment, the laboratory equipment services market is categorized into general equipment, support equipment, specialty equipment, analytical equipment, and others. 
By service contract, laboratory equipment services market is bifurcated into customized and standardized.
Based on the service provider, the laboratory equipment services market is categorized into original equipment manufacturers, third-party service agencies, and others.
On the basis of the end-user, the laboratory equipment services market is segregated as academic institutes, clinical & diagnostic laboratories, pharmaceutical & biotechnology companies, and others. 

North America is anticipated to be the dominant region in the laboratory equipment services market over the forecast period. Favorable government policies supporting the invasion of new and advanced services, development in the healthcare infrastructure, and research grant by the government and ruling authorities are expected to propel the growth of the market in this region. Europe is the second largest market followed by the Asia Pacific. Large healthcare industry due to the large population base in the Asia Pacific region, especially India, China, and Japan is the significant accelerating factor for the growth of the laboratory equipment services market in this region. Therefore, Asia Pacific is anticipated to show the fastest CAGR growth during the forecast period whereas Latin America market is estimated to grow at a slow to moderate rate during the forecast period. The Middle East and Africa are also expected to hold a limited market value share in the laboratory equipment services market.

Some of the key players in laboratory equipment services market include Thermo Fisher Scientific Inc., Waters Corporation, Agilent Technologies, Danaher Corporation, LP, Merck Millipore, Pace Analytical Services, Inc., Hettich Instruments, Mindray Medical International Limited, Eppendorf AG, and others.