Laboratory Equipment Services Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

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Laboratory Equipment Services Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

Status : February, 2023 | Medical Devices

Report Digest


Global Laboratory Equipment Services Market: Snapshot

Laboratory may refer to a type of facility where controlled conditions are provided to carry out technological or scientific research, measurements, and different experiments. The several equipment and tools that are used by researchers or scientists who are working in a laboratory are referred to as laboratory equipment. Laboratory equipment are of several types such as glassware such as reagent bottle, beaker, spectrophotometers, autoclave, microscope, centrifuges, mixers and shakers, pipette, thermal cyclers, freezers, refrigerators, universal testing machine, humidifier, incubators, bioreactor, and weighing scale, among several others.

The growing number of companies in the field of asset management is making way for substantial growth opportunities for the progress of the laboratory equipment services market. These equipment have applications in research institutes, diagnostic laboratories, biotechnology companies, and pharmaceutical companies. The rising funding and investment in research and development activities in the field of biotechnology and pharmaceutical is expected to push the adoption of laboratory equipment services in the near future. The market is thus expected to rise at a steady rate in the years ahead. Owing to the continuous and stable supply of laboratory equipment, the market is expected to have a fruitful future in the coming years.

However, the market may face few challenges from the growing pressure on pharmaceutical companies to reduce costs and cut down further on the marketing and publicity costs as well. The competition in the market is expected to rise with time as companies are expected to gain technological expertise and bring out novel products. 

Global Laboratory Equipment Services Market: Overview

The rising number of asset management companies is creating considerable growth opportunities for the global laboratory equipment services market, which as per the report is likely to exhibit a strong CAGR between 2017 and 2025. Besides this growth in the pharmaceutical sector and the demand for precise diagnosis are aiding the market’s expansion. Based on end user, pharmaceutical companies, biotechnology companies, diagnostic laboratories, and research institutes could be the key market segments. Factors influencing the demand for laboratory equipment services across these segments are discussed at length in the report.

The study provides a comprehensive market overview covering growth drivers and restraints influencing its trajectory. The effect of the latest government policies and strategies adopted by the leading players to gain stronger footprint are studied in the report in detail. It encompasses other analysis such as manufacture cost analysis and supply chain analysis. The report also gauges the investment feasibility for new players. It therefore compiles exhaustive information, intended at providing key market insights to readers, especially the market stakeholders.

Global Laboratory Equipment Services Market: Trends and Opportunities

According to studies, increase in funding for research and development in pharmaceutical and biotechnology will fuel the dependence of buyers on advanced laboratory equipment services. The persistently rising demand for high-end technologies across industries will also enable the global laboratory equipment services market report higher CAGR. The market is also expected to gain from the continuous demand for consistent supply of key laboratory devices and equipment among procurement managers in the healthcare and pharmaceutical sectors.

Growth witnessed in this market is chiefly bolstered by the increasing research and development activities in biotechnology and pharmaceutical sectors. The rising need for timely and accurate diagnoses to start time treatment of diseases is also a key market driver. The market is currently witnessing lucrative opportunities in India and China, as a rising number of management enterprises provide considerable growth opportunities for companies offering laboratory equipment services. Contrary to this, the increasing focus on reducing cost of treatments, rising pressure to cut down marketing costs on pharmaceutical companies, and the rising prices of service contracts are a few of the factors restraining the market.

Global Laboratory Equipment Services Market: Regional Outlook

Among the key regional markets, North America is currently exhibiting highly lucrative opportunities, which have catapulted it to the forefront of the global laboratory equipment services market. Besides boasting a sophisticated healthcare infrastructure, North America is also one of the earliest adopters of the latest technologies. These factors have created an environment conducive to the growth of the laboratory equipment services market in North America.

As per the report, leading players are also focusing on emerging economies, especially Asian economies to conduct their clinical trial. The region provides significant cost-advantages and has abundant skilled workforce, which is why it is gaining traction over the past few years.

Global Laboratory Equipment Services Market: Vendor Landscape

A key trend observed in the laboratory equipment services market is the willingness of category managers to partner with service providers with technological expertise. Their primary focus is one enhancing laboratory processes and efficiently implement sustainability measures to help minimize energy consumption across laboratories. As a result not many suppliers are looking to ensure differentiation between their product portfolios. Given the scenario, strategic collaborations are observed to be the key strategy adopted by prominent companies to remain competitive in the global laboratory equipment services market.

A few prominent players to have already participated in the trend are Danaher Corporation, Agilent Technologies, Waters Corporation, Mindray Medical International Limited, and Thermo Fisher Scientific Inc.

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.

TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?