Laboratory Equipment Services Market Size, Trends, Growth | Forecast 2028

Laboratory Equipment Services Market: Industry Perspective

The global laboratory equipment services market size was worth around USD 13.27 billion in 2021 and is predicted to grow to around USD 27.49 billion by 2028 with a compound annual growth rate (CAGR) of roughly 12.9% between 2022 and 2028.

The report analyzes the drivers of the global laboratory equipment services market, restraints/challenges, and the effects they have on the demands during the projection period. In addition, the report explores emerging opportunities in the laboratory equipment services industry.

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Laboratory Equipment Services Market: Overview

Laboratory equipment services are anticipated to see an increase in demand over the forecast period as the focus on healthcare bolsters and there is an increase in research and development activities across the world. The increasing spending on healthcare research activity will spawn demand for Laboratory Equipment Services over the forecast period.

The increasing prevalence of chronic diseases has bolstered the demand for effective diagnostic and treatment services, and this is also expected to boost demand for Laboratory Equipment Services over the forecast period. Rising focus on healthcare, increasing healthcare expenditure, and spending are other factors that will influence Laboratory Equipment Services' market growth through 2028.

However, high service costs are expected to be a major restraining factor for the Laboratory Equipment Services market growth in the long run. The shift from lab-based diagnosis to home-based/POC testing is also anticipated to hamper the market potential.

COVID-19 Impact Analysis:

The COVID-19 pandemic restricted the Laboratory Equipment Services market potential in 2020 and the trend was prevalent in early 2021 as well as the world grappled to control the coronavirus pandemic on a global scale. Drop in research activities majorly hampered the Laboratory Equipment Services market growth and restrained the market in these adverse times. 

The shift in focus from other healthcare research prospects to focus on coronavirus also led to a drop in the Laboratory Equipment Services market growth curve.

The Laboratory Equipment Services market growth is expected to rise at a stellar pace over the forecast period, owing to rising research and increasing adoption of new treatments in the healthcare industries. Rising government support will also favor the Laboratory Equipment Services market potential.

Laboratory Equipment Services Market: Growth Drivers

Rising Research Activity to Boost Laboratory Equipment Services Market Growth

Focus on healthcare has bolstered across the world and this has increased research and development activity, which is majorly driving the Laboratory Equipment Services marketplace. The rising prevalence of chronic diseases and rising demand for diagnosis and treatment are other factors that will be influencing the Laboratory Equipment Services market growth over the forecast period.

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Laboratory Equipment Services Market: Restraints

High Cost of Service to Restrict Market Growth

Laboratory Equipment Services are costlier now that advanced technologies are being integrated to increase productivity and efficiency. Increasing costs of laboratory equipment are expected to hamper the global Laboratory Equipment Services market growth over the forecast period. This factor is anticipated to have a major adverse impact on the Laboratory Equipment Services market potential in the developing region.

Global Laboratory Equipment Services Market: Segmentation

The global laboratory equipment services market is segmented based on equipment type, type, service providers, contract type, and region.

By equipment type, the market is divided into analytical equipment, general equipment, specialty equipment, and support equipment. The analytical equipment segment is expected to hold a dominant outlook over the forecast period in the global Laboratory Equipment Services marketplace. The high cost of this sensitive equipment and rising demand are expected to be prominent trends driving Laboratory Equipment Services market potential through 2028.

Based on type, the global laboratory equipment services market is divided into repair and maintenance, calibration, validation, and others.

In terms of service providers, the global laboratory equipment services market is categorized into OEMs, third-party service providers, and others.

By contract type, the laboratory equipment services market is segmented into standard service contracts and customized service contracts. The standard service contract segment is expected to have a bright outlook over the forecast period.

Laboratory Equipment Services Market: Report Scope

Laboratory Equipment Services Market: Regional Analysis

Asia Pacific region leads the global Laboratory Equipment Services market in terms of growth and is estimated to rise at the fastest CAGR through 2028. Increasing focus on healthcare is anticipated to further foster demand for research and development activities and subsequently drive the Laboratory Equipment Services market potential over the forecast period. India and China are expected to be the most prominent markets in this region through 2028

The market for Laboratory Equipment Services in North America is expected to hold a dominant outlook over the forecast period. Owing to the presence of key pharmaceutical and biotechnology companies and increasing focus on research in the healthcare sector in this region is expected to further bolster the demand for Laboratory Equipment Services in this region through 2028. The United States is expected to be a highly lucrative market for Laboratory Equipment Services over the forecast period in this region.

Recent Developments

• In 2018 – Agilent an analytical instrumentation manufacturing organization announced the opening of its new logistics hub in Shanghai which is aimed at increasing the speed of delivery of its products in China.

Laboratory Equipment Services Market: Competitive Landscape

The global laboratory equipment services market is dominated by players like:

• Agilent Technologies (US)
• Thermo Fisher Scientific Inc. (US)
• Waters Corporation (US)
• Danaher Corporation (US)
• Siemens Heathineers (Germany)
• Eppendorf AG (Germany)
• PerkinElmer, Inc. (US)
• Pace Analytical Services, Inc. (US)
• Bio-Rad Laboratories, Inc. (US)
• Becton, Dickinson and Company (US)

The global laboratory equipment services market is segmented as follows;

By Equipment Type

• Analytical Equipment
• General Equipment
• Specialty Equipment
• Support Equipment

By Type

• Repair and Maintenance
• Calibration
• Validation
• Others

By Service Providers

• OEMs
• Third-party Service Providers
• Others

By Contract Type

• Standard Service Contract
• Customized Service Contract

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa