Laboratory Equipment Services Market Size, Share, Industry Trends and Forecast to 2030

Laboratory Equipment Services Market Size & CAGR in 2021

The global laboratory equipment services market is anticipated to witness a steady growth rate with a Compound Annual Growth Rate (CAGR) of 4.5% in 2021. The market size is projected to reach USD 12.3 billion by the end of the year. This growth can be attributed to the increasing demand for laboratory equipment maintenance and repair services worldwide.

COVID-19 Impact on the Laboratory Equipment Services Market

The COVID-19 pandemic has significantly impacted the laboratory equipment services market. Due to the global health crisis, many laboratories faced challenges in maintaining and servicing their equipment. The restrictions on movement and reduced workforce availability affected the timely maintenance and repair of laboratory equipment, leading to a decrease in service demand during the initial phases of the pandemic.

However, as the world adjusted to the new normal and laboratories began to operate at full capacity, the demand for equipment services started to pick up. The focus on ensuring the proper functioning of laboratory equipment for COVID-19 testing and research further drove the market growth, with many service providers offering specialized services tailored to the needs of pandemic response.

Laboratory Equipment Services Dynamics

The laboratory equipment services market is driven by several key factors, including the increasing adoption of advanced laboratory equipment, the need for regular maintenance to ensure accurate results, and the rise in research and development activities in various sectors such as healthcare, pharmaceuticals, biotechnology, and academia.

Moreover, the trend towards outsourcing equipment maintenance and repair services to specialized providers is gaining traction among laboratories looking to enhance operational efficiency and reduce downtime. This shift towards outsourcing is expected to drive the growth of the laboratory equipment services market in the coming years.

Segments and Related Analysis

The laboratory equipment services market can be segmented based on the type of services offered, including calibration, repair, maintenance, validation, and others. Calibration services held the largest market share in 2021, driven by the need for accurate measurements and compliance with regulatory standards.

In terms of end-users, the pharmaceutical and biotechnology sector accounted for the highest share of the market, followed by academic and research institutions. The increasing demand for precision and reliability in laboratory equipment in these sectors is fueling the growth of equipment services.

By Region Analysis

The laboratory equipment services market is geographically segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America dominated the market in 2021, attributed to the presence of a well-established healthcare infrastructure and a high concentration of pharmaceutical and biotechnology companies in the region.

Asia Pacific is expected to witness significant growth in the laboratory equipment services market due to the increasing investments in healthcare infrastructure, rising research activities, and the growing adoption of advanced laboratory technologies in countries like China, India, and Japan.

Key Market Players and Competitive Landscape

Some of the key players in the laboratory equipment services market include Thermo Fisher Scientific, Agilent Technologies, Waters Corporation, PerkinElmer, Inc., and Bruker Corporation. These companies are focusing on expanding their service offerings, enhancing customer experience, and adopting advanced technologies to maintain a competitive edge in the market.

The competitive landscape of the laboratory equipment services market is characterized by strategic collaborations, acquisitions, and partnerships to strengthen service capabilities and expand market presence. Service providers are also investing in training programs for technicians and engineers to ensure high-quality service delivery to customers.

Recent Happenings in the Laboratory Equipment Services Market

- In January 2021, Thermo Fisher Scientific acquired Pharma Test, a leading provider of pharmaceutical testing equipment and services, to enhance its laboratory equipment service portfolio.

- In March 2021, Waters Corporation announced the launch of Waters Connect, a cloud-based platform that offers remote monitoring and diagnostics for laboratory equipment, providing real-time insights to customers.

- In May 2021, Agilent Technologies collaborated with Horizon Discovery to develop a cell line-derived quality control material for next-generation sequencing applications, further expanding its service offerings in the genomics sector.

- In September 2021, PerkinElmer, Inc. introduced the Helix Elite Advanced Liquid Handling System, a high-throughput liquid handling solution for laboratories, catering to the growing demand for automation in sample preparation processes.