Key players in laboratory equipment services market include Agilent Technologies (U.S.), Danaher Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), Waters Corporation (U.S.), and Mindray Medical International Limited (China). Other players include Eppendorf AG (Germany), Pace Analytical Services, Inc. (U.S.), Hettich Instruments, LP. (U.S.), and Merck Millipore (Germany).
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Global laboratory equipment services market, in terms of value, is projected to reach USD 11.51 Billion by 2021 from USD 6.50 Billion in 2016, at a CAGR of 10.0% during forecast period. Repair and maintenance services segment is expected to account for largest market share in 2016.
They key factor driving growth of this segment is rising use of laboratory equipment for diagnosis purposes and research activities.
- Equipment Manufacturing Companies
- Pharmaceutical and Biotech Companies
- Healthcare Institutions (Hospitals and Clinics)
- Research Institutes
- Laboratory Equipment Insurance Providers
- Market Research and Consulting Firms
Growth in this market is mainly driven by the increasing research in the pharmaceutical and biotechnology industries and the growing need for the timely and effective diagnosis of diseases. Furthermore, developing markets such as India and China and the increasing number of asset management companies provides significant growth opportunities for the laboratory equipment services market.
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The laboratory equipment services market is segmented based on service type, equipment type, service contracts, service provider, end user, and region. This market is expected to grow faster in terms of volume than value.
Growth in this market is mainly driven by increasing research in pharmaceutical and biotechnology industries and the growing need for the timely and effective diagnosis of diseases.
Laboratory Equipment Services Market, by Service Type
- Repair and Maintenance
- Other Services
Laboratory Equipment Services Market, by Equipment Type
- Analytical Equipment
- General Equipment
- Support Equipment
- Specialty Equipment
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Asia is expected to grow at the highest CAGR during the forecast period, due to the rising focus of pharmaceutical and biotechnology industries on developing Asian countries for conducting clinical trials. This is because these markets offer a significant cost advantage and have a skilled workforce.
North America is expected to dominate laboratory equipment services market in 2016, with the U.S. accounting for a major share.
The above-mentioned market research data, current market sizes, and forecast of future trends will help key players and new entrants make informed decisions regarding product offerings, geographical focus, and changes in strategic approach, R&D investments, and levels of output in order to remain successful.
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