Laboratory Equipment Services Market Size & Share to Surpass USD 22.8 Billion by 2031, at a CAGR 8.4% - Transparency Market Research, Inc.

Continual Launch of Technologically Advanced Laboratory Instruments to Create Greater Strides for Laboratory Equipment Services Market. Laboratory equipment services encompass a range of activities aimed at maintaining, repairing, and ensuring the optimal performance of laboratory instruments and devices. These services are crucial for the smooth operation of labs in various fields, including research, clinical diagnostics, and education.

/EIN News/ -- Wilmington, Delaware, United States, Transparency Market Research Inc. -, Aug. 22, 2024 (GLOBE NEWSWIRE) -- As per the report published by Transparency Market Research, the global laboratory equipment services market (실험실 장비 서비스 시장) was worth USD 10.9 Bn in 2022 and is expected to reach USD 22.8 Bn by the year 2031 at a CAGR of 8.4 % between 2023 and 2031.

These services are provided by specialized companies and professionals who understand the unique needs of laboratory environments. They help labs maintain high standards of accuracy, reliability, and efficiency in their operations.

How Equipped is Laboratory Equipment Services Market?

The laboratory equipment services market is experiencing a growing trend in multi-vendor services, also referred to as Laboratory Asset Management (LAM) or Single Source Services. This approach involves a single provider offering maintenance services for equipment from various vendors. The popularity of multi-vendor services is on the rise, especially as the number of laboratories and advanced products in the market increases. This service model provides laboratories with a streamlined, all-inclusive solution, thereby eliminating the need to coordinate with multiple third-party service providers.

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Additionally, to manage costs effectively, pharmaceutical, biotech, and medical device companies, along with healthcare facilities like hospitals and clinics, are increasingly turning to outsourced laboratory equipment services. These organizations view equipment maintenance as essential for their cost-saving strategies. By outsourcing these services, they can achieve cost efficiency while maintaining compliance, ensuring high-quality results, and maximizing equipment uptime. This trend has accelerated in recent years, as companies in these industries become more open to reducing risks and actively pursue cost-saving opportunities through external service providers.

For instance, in February 2022, Integra Biosciences introduced the D-one single-channel pipetting module that enables hands-free transfers from tubes or wells through the Assist Plus pipetting robot. Similarly, Tecan launched the Air Restriction Pipettor (ARP) technology in January 2022.

Additionally, the demand for laboratory equipment services is also being driven by the introduction of technologically advanced laboratory instruments. As cutting-edge products such as high-resolution spectrophotometers, robotics-enabled pipetting systems, and precision analyzers are launched, there is an increasing need for specialized maintenance, calibration, and repair services.

For instance, BYK-Gardner USA introduced the color2view benchtop spectrophotometers in April 2022, marking a significant advancement in color measurement technology. Similarly, Eppendorf's launch of the Centrifuge 5910 Ri in April 2021, designed to improve laboratory efficiency, highlights how these innovative products are fueling market growth.

Laboratory Equipment Services Market (سوق خدمات معدات المختبرات)  Regional Insights

• North America ruled the roost in 2023 And is expected to continue with the dominating streak during the forecast period as well

Growing adoption of advanced laboratory technologies including high-tech instruments like spectrophotometers, robotics-enabled systems, and precision analyzers, strong emphasis on research and development in the pharmaceutical, biotechnology, and healthcare sectors, ongoing expansion and modernization of healthcare facilities, including hospitals, diagnostic labs, and clinics, growing trend among pharmaceutical, biotech, and healthcare companies to outsource laboratory equipment services to control costs and enhance operational efficiency and continuous introduction of new and advanced laboratory instruments are some of the factors driving laboratory equipment services market share in the region.

Laboratory Equipment Services Market Report Scope:

Report Coverage	Details
Forecast Period	2023-2031
Base Year	2017-2021
Size in 2022	US$ 10.9 Bn
Forecast (Value) in 2031	More than US$ 22.8 Bn
Growth Rate (CAGR)	8.4%
No. of Pages	207 Pages
Segments covered	By Equipment Type, By Service Type, By Service Provider, By Contract Type, By End-user

Key Players

Agilent Technologies, Thermo Fisher Scientific Inc., Waters Corporation, Danaher Corporation, Siemens Heathineers, Eppendorf AG, PerkinElmer, Inc., Pace Analytical Services, Inc., Bio-Rad Laboratories, Inc., and Becton, Dickinson, and Company are some of the leading key players operating in the global industry.

Latest Developments Shaping Future of Laboratory Equipment Services Industry

In January 2023, Calibre Scientific announced the acquisition of TechniVal Group Limited (the “Company”), a Scotland-based service provider and distributor of laboratory equipment serving life science, R&D, pharmaceutical, and biotechnology companies throughout the United Kingdom. TechniVal represents Calibre Scientific’s entry into the laboratory equipment services industry which adds a complementary capability to Calibre Scientific’s existing portfolio of manufacturing and distribution businesses in the British Isles.

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Laboratory Equipment Services Market Segmentation

• Equipment Type

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

• Service Type

• Repair and Maintenance
• Calibration
• Validation
• Others (Compliance Services, Asset Management, etc.)

• Service Provider

• OEMS
• Third-party Service Providers

• Contract Type

• Standard Service Contract
• Customized Service Contract

• End-user

• Academic Institutes
• Clinical & Diagnostic Laboratories
• Pharmaceutical & Biotechnology Companies

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