Laboratory Equipment Services Market to reach USD 31.33 billion by 2029, registering a CAGR of 12.4%,Industry Trends and Challenges

Laboratory equipment services basically encompass a wide range of services such as repair and maintenance, calibration, and validation that help labs run more efficiently, increase machine uptime, and improve testing and production results. Equipment servicing, user training, installation & modification, maintenance services, and equipment validation and calibration are just a few of the services available.

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Global Laboratory equipment services Market was valued at USD 10.86 billion in 2021 and is expected to reach USD 31.33 billion by 2029, registering a CAGR of 12.4% during the forecast period of 2022-2029. The "bacterial" accounts for the largest pathogen segment in the laboratory equipment services market within the forecasted period owing to the rise in the bacterial laboratory equipment services cases and the rising prevalence of HAIs. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Laboratory Equipment Services Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Opportunities

Research Activities Within The Market Will Generate Growth Opportunities

The increasing number of investments in the research activities in pharmaceutical and biotechnology industries are also projected to offer numerous growth opportunities the growth of the market. Moreover, the rising investments and government research funding to support biomedical research activities and increased government funding for research organizations and academic institutions are also estimated to generate lucrative opportunities for the market.

Drivers

Growing Requirement of Laboratory Equipment

The growing requirement of laboratory equipment is directly proportional to laboratory equipment services' growth. Therefore, the growing need of laboratory equipment for the effective and timely diagnosis of diseases will drive the growth for this market. Additionally, the increased prevalence of acute and chronic diseases across the globe, which might require laboratory equipment, is expected to accelerate the market's overall growth.

Furthermore, the rapid growth in pharmaceutical and biotechnology industries along with the expanding healthcare sector are also expected to fuel market growth. Moreover, the increasing demand for effective diagnosis of diseases will further expand the future growth of the laboratory equipment services market.

Global Laboratory Equipment Services Market Scope

The laboratory equipment services market is segmented on the basis of equipment type, product, service type, service providers, contract type and end-users. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Equipment Type

Analytical Equipment

General Equipment

Specialty Equipment

Support Equipment

On the basis of equipment type, the laboratory equipment services market is segmented into analytical equipment, general equipment, specialty equipment and support equipment.

Product

Sonicators and Homogenizers

Incubators

Spectro photometers

Others

On the basis of product, the laboratory equipment services market is segmented into sonicators and homogenizers, incubators, spectro photometers and others.

North America is expected to witness significant growth during the forecast period of 2022 to 2029 due to the surging grants for schools and private organizations for laboratory equipment installation which may involve analytical equipment along with the developing healthcare infrastructure within the region.

Some of the major players operating in the laboratory equipment services market are Agilent Technologies Inc., (U.S), Thermo Fisher Scientific. (U.S.), Waters Corporation (U.S), Abbott (U.S), Hettich Instruments (Germany), Merck KGaA (Germany), Shimadzu Corporation (Japan), Danaher (U.S), Siemens (Germany), Eppendorf Corporate (Germany), PerkinElmer, Inc. (U.S.), Pace Labs (U.S), Bio-Rad Laboratories, Inc. (U.S.), and B.D. (U.S.) among others.

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