Life Science Industry Instrumentation Services Market Increasing demand for Research and Academic Services

According to Precision Business Insights (PBI) latest report, the life science industry instrumentation services market is expected to be worth USD 62,507.2 million in 2022, growing at a 4.7% CAGR from 2022 to 2028. The surge in R&D investments in the biotechnology sector across the globe is anticipated to fuel the life science industry instrumentation services market over the forecast period. The life sciences sector is considered an emerging sector, which is expected to offer an unprecedented opportunity to the market shortly. Robust investments from public & private organizations in the life science sectors are primarily driving the growth of the global life science instrumentation services market.

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Research & Academic Services Segment to Dominate the Life Science Industry Instrumentation Services, Market:
The research & academic services segment is expected to account for a larger revenue share in the global life science industry instrumentation services market, with a value share worldwide. It is projected to grow at a 4.9% CAGR between 2022 and 2028. The growing number of research studies increased public-private investment in the field of genomic research, and the continuing trend of laboratory automation and robotics all contribute to the research applications segment's significant share.

Asia Pacific Life Science Industry Instrumentation Services Market:
The Asia Pacific market is expected to increase in the global life science industry instrumentation services market over the forecast period. It is projected to grow at a CAGR of 5.6% in the coming years. The emerging Asia-Pacific countries have become major destinations for biotech investments. For instance, Chinese medical start-ups, with over 100 companies, are receiving US$ 4.0 Bn in investments in past years.

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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global life science industry instrumentation services market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.

The life science industry instrumentation services market is segmented based on service type, end-user, professional services, and geography.
Based on the service type, the market is segmented into the following:
• Installation Services
• Inspection/Preventive Maintenance Services
• Repairs & Upgrades
• Application Training
• Validation Support Services
• Others

Based on the end-user, the market is segmented into the following:
• Diagnostic Centers
• Research & Academic Services
• Pharmaceutical & Biotech Companies
• Others

Based on the professional services, the market is segmented into the following:
• IO/IQ Product
• PQ Products
• Lab Consultancy Services
• LEAN/Six Sigma Services
• Educational Services
• Accreditational Support Services

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key players' profiles in the Life Science Industry Instrumentation Services Market report are Agilent, BD Biosciences, Beckman Coulter (Danaher), Bruker, Eppendorf, Hamilton, Hitachi High Technologies, Illumina, JEOL, Leica Microsystems (Danaher), Malvern Panalytical (Spectris), Mettler Toledo, and PerkinElmer.

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