Laboratory Equipment Services Market | Growing at a CAGR of 12.9% by 2028 | Industry Trends & Forecast Report by Zion Market Research
NEW YORK, April 20, 2022 /PRNewswire/ --As per Zion Market Research study, The global laboratory equipment services market was worth around USD 13275.10 million in 2021 and is estimated to grow to about USD 27491.70 million by 2028, with a compound annual growth rate (CAGR) of approximately 12.9 percent over the forecast period. The report analyzes the Laboratory Equipment Services market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Laboratory Equipment Services market.
Key Industry Insights & Finding of the Laboratory Equipment Services Market Reports:
· As per the analysis shared by our research analyst, the Laboratory Equipment Services Market is expected to grow annually at a CAGR of around 12.9% (2022-2028).
- Through the primary research, it was established that the Laboratory Equipment Services Market was valued approximately USD 13275.10 Million in 2021 and is projected to reach to roughly USD 27491.70 Million by 2028.
- North America is expected to hold a dominant outlook over the forecast period.
- 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.
Zion Market Research published the latest report titled as "Laboratory Equipment Services Market By Equipment Type (Analytical Equipment, General Equipment, Specialty Equipment, Support Equipment), By Type (Repair And Maintenance, Calibration, Validation, Other Services), By Service Providers (OEMs, Third-Party Service Providers, Other Service Providers), By Contract Type (Standard Service Contract, Customized Service Contract), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028." into their research database.
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.
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Industry Dynamics:
Laboratory Equipment Services Market: Growth Dynamics
- 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.
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.
Laboratory Equipment Services Market: Segmentation
- The global Laboratory Equipment Services market is segregated based on equipment type, type, service providers, contract type, and region.
By Product 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.
By contract type, the Laboratory Equipment Services market is segmented into Standard Service Contract and Customized Service Contract. The standard service contract segment is expected to have a bright outlook over the forecast period.
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Recent Developments
- In 2018 – Agilent an analytical instrumentation manufacturing organization announced the opening of its new logistics hub in Shanghai that is aimed at increasing the speed of delivery for its products in China.
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List of Key Players of Laboratory Equipment Services Market:
- Agilent Technologies (US)
- Thermo Fisher Scientific Inc. (US)
- Waters Corporation (US)
- Danaher Corporation (US)
- and Siemens Heathineers (Germany)
- Eppendorf AG (Germany)
- PerkinElmer Inc. (US)
- Pace Analytical ServicesInc. (US)
- Bio-Rad Laboratories Inc. (US)
- Becton Dickinson and Company (US).
Key questions answered in this report:
- What are the growth rate forecast and market size for Laboratory Equipment Services Market?
- What are the key driving factors propelling the Laboratory Equipment Services Market forward?
- What are the most important companies in the Laboratory Equipment Services Market Industry?
- What segments does the Laboratory Equipment Services Market cover?
- How can I receive a free copy of the Laboratory Equipment Services Market sample report and company profiles?
Report Scope:
Free Brochure: https://www.zionmarketresearch.com/requestbrochure/laboratory-equipment-services-market
Regional Dominance:
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.
Global Laboratory Equipment Services Market is segmented as follows:
Laboratory Equipment Services Market: By Equipment Type Outlook (2022-2028)
- Analytical Equipment
- General Equipment
- Specialty Equipment
- Support Equipment
Laboratory Equipment Services Market: By Type Outlook (2022-2028)
- Repair and Maintenance
- Calibration
- Validation
- Other Services
Laboratory Equipment Services Market: By Service Providers Outlook (2022-2028)
- OEMs
- Third-party Service Providers
- Other Service Providers
Laboratory Equipment Services Market: By Contract Type Outlook (2022-2028)
- Standard Service Contract
- Customized Service Contract
Laboratory Equipment Services Market: By Region Outlook (2022-2028)
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
Press Release For Laboratory Equipment Services Market: https://www.zionmarketresearch.com/news/global-laboratory-equipment-services-market
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