The global laboratory equipment services market size is expected to grow from USD 11.58 billion in 2020 to USD 22.82 billion by 2026 at a CAGR of 12.0%.
The growth in the laboratory equipment services market is largely driven by increasing research activities in the pharmaceutical and biotechnology industry, the growing need for effective and timely diagnosis, and increased investment and government funding for research to support biomedical research activities. However, from labor-based diagnostics to home-based/POC testing and the high cost of service contracts are the main factors hindering the growth of this market.
By end user, the market for laboratory equipment services is divided into pharmaceutical & biotechnology companies, clinical & diagnostic laboratories, and academic & research institutions. In 2020, the pharmaceutical & biotechnology companies segment is expected to dominate the market. The significant share of this component is mainly due to the growing volume of drug discovery research in these companies.
North America is expected to dominate the market in 2020. On the other hand, the Asia Pacific region is expected to grow with the highest CAGR during the forecast period. The growing number of CROs, the growing number of health science R&D activities, the increasing import of laboratory equipment, and the growing presence of major market players in developing countries such as India and China are some of the factors contributing to market growth in the Asia Pacific region.
The major players in the laboratory equipment services market are Thermo Fisher Scientific, Inc. (US), Agilent Technologies (US), Waters Corporation (US), Bio-Rad Laboratories, Inc. (US), PerkinElmer, Inc. (US), Eppendorf (Germany), Danaher Corporation (US), Pace Analytical Services, Inc. (US), Becton, Dickinson, and Company (US), and Siemens Healthineers (Germany).