Laboratory Equipment Services Market
The market for Laboratory Equipment Services was estimated at $25.4 billion in 2023; it is anticipated to increase to $59.1 billion by 2030, with projections indicating growth to around $108 billion by 2035.
Report Summary
Market Data
Methodology
Table of Contents
Global Laboratory Equipment Services Market Outlook
Revenue, 2023
$25.4B
Forecast, 2033
$84.9B
CAGR, 2024 - 2033
12.8%
The Laboratory Equipment Services industry revenue is expected to be around $32.4 billion in 2024 and expected to showcase growth with 12.8% CAGR between 2024 and 2033. The market for Laboratory Equipment Services is on the rise as laboratories worldwide focus on precision and compliance to ensure the longevity of their equipment. In 2023, the market was valued at around USD 25.4 billion and is expected to grow at a rate of 12.8% CAGR reaching $59 billion by 2030 and $108 billion by 2035. These services play a role, in maintaining the accuracy and regulatory adherence of laboratory equipment minimizing operational disruptions and optimizing overall efficiency.
The growth of research in pharmaceutical and biotechnology fields has increased the need for thorough equipment services ranging from calibration to installation in clinical labs and other facilities where scientific work is conducted. The provision of such services is vital, for maintaining operational excellence meeting regulatory standards and ensuring the integrity of research endeavors undertaken
Market Key Insights
- The Laboratory Equipment Services market is projected to grow from $25.4 billion in 2023 to $84.9 billion in 2033. This represents a CAGR of 12.8%, reflecting rising demand across Calibration, Validation and Repair and Maintenance.
- Thermo Fisher Scientific, Agilent Technologies, PerkinElmer are among the leading players in this market, shaping its competitive landscape.
- U.S. and Germany are the top markets within the Laboratory Equipment Services market and are expected to observe the growth CAGR of 11.5% to 15.4% between 2023 and 2030.
- Emerging markets including India, Brazil and South Korea are expected to observe highest growth with CAGR ranging between 9.0% to 13.4%.
- Transition like Transition to Digital Service Solutions is expected to add $4 billion to the Laboratory Equipment Services market growth by 2030.
- The Laboratory Equipment Services market is set to add $59.4 billion between 2023 and 2033, with service providers targeting Repair & Maintenance & Validation Service Type projected to gain a larger market share.
- With Regulatory compliance and quality standards, and Increasing equipment complexity, Laboratory Equipment Services market to expand 233% between 2023 and 2033.
Opportunities in the Laboratory Equipment Services
Practicing friendly and energy efficient maintenance methods supports the sustainability objectives of laboratory operations.
Growth Opportunities in North America and Asia-Pacific
The North America laboratory equipment services sector is at the forefront, driven by quality regulations and the thriving pharmaceutical and biotechnology industries in the region.Agilent Technologies and Thermo Fisher Scientific are among the companies providing service options, for laboratories in this area.
The Asia Pacific area is seeing a rise in the need for equipment services because of the rising investments in research and development activities There is an expansion of services by providers, both regional and global to cater to the requirements of the burgeoning pharmaceutical and biotechnology sectors, in this region.
Market Dynamics and Supply Chain
01
Driver: Regulatory Compliance and Quality Standards, and Expansion of Pharmaceutical and Biotech Industries
Strict rules in sectors lead to the requirement, for routine adjustment and upkeep of lab gear. The expansion, in these industries also drives the need for dependable and compliant equipment services to aid in research and development.
Maintaining and fixing high tech lab gear calls for expertise and specific services.
02
Restraint: High Service Costs, and Lack of Skilled Technicians
Cost can sometimes be a limiting factor, for laboratories that require comprehensive equipment services.
Having individuals to maintain specialized machinery presents a difficulty.
03
Opportunity: Expansion of Laboratory Services in Emerging Markets and Development of Remote Diagnostic and Support Services
The increasing pharmaceutical and research endeavors in developing countries are fuel for the rising need, for equipment services.
Remote diagnostics are facilitated by platforms which help lessen the necessity for, in person service visits.
04
Challenge: Frequent Service Intervals
Routine maintenance schedules to meet requirements may disrupt laboratory operations and lead to longer periods of inactivity.
Supply Chain Landscape
1
Component Supplier
SiemensSchneider Electric
2
Service Provider
Agilent TechnologiesThermo Fisher Scientific
3
Distributor
VWRFisher Scientific
4
End User
Pharmaceutical companiesBiotechnology firmsClinical research labs
1
Component Supplier
SiemensSchneider Electric
2
Service Provider
Agilent TechnologiesThermo Fisher Scientific
3
Distributor
VWRFisher Scientific
4
End User
Pharmaceutical companiesBiotechnology firmsClinical research labs
Use Cases of Laboratory Equipment Services in Calibration & Validation
Calibration : Laboratory equipment must undergo calibration services to ensure readings and compliance with regulations with companies such, as Thermo Fisher Scientific and Agilent Technologies offering top notch calibration solutions that prioritize precision.
Repair and Maintenance : Preventive and repair services help prolong the lifespan of equipment and minimize disruptions while enhancing the efficiency of laboratory operations provided by known companies, like Perkin Elmer and Beckman Coulter for a wide range of equipment categories.
Validation : Danaher and Sartorius offer validation services that ensure laboratory equipment meets the performance standards for regulatory compliance, in pharmaceutical and biotech labs.
Installation : Professional installation services are crucial for ensuring the setup and efficient operation of equipment especially in laboratory settings where precision is key. Top companies such as Eppendorff and VWR provide solutions, for installing new laboratory setups with confidence and reliability.
Recent Developments
Lab equipment services have evolved to prioritize assistance and sustainability while improving calibration standards. These advancements mirror the shift, towards digitalization and environmentally conscious practices.
September 2024 : Agilent Technologies launched a diagnostics platform, for laboratory equipment.
July 2024 : PerkinElmer introduced an environmentally friendly maintenance initiative that prioritizes sustainable practices.
March 2024 : Thermo Fisher Scientific broadened its range of calibration services by introducing precise standards tailored for biotechnology laboratories.
Impact of Industry Transitions on the Laboratory Equipment Services Market
As a core segment of the Services industry,
the Laboratory Equipment Services market develops in line with broader industry shifts.
Over recent years, transitions such as Transition to Digital Service Solutions and Adoption of Eco-Friendly Service Practices have redefined priorities
across the Services sector,
influencing how the Laboratory Equipment Services market evolves in terms of demand, applications and competitive dynamics.
These transitions highlight the structural changes shaping long-term growth opportunities.
01
Transition to Digital Service Solutions
Enhancing service efficiency is made possible by diagnostics and online support.
02
Adoption of Eco-Friendly Service Practices
Implementing maintenance strategies not only minimizes environmental harm but also attracts environmentally conscious laboratories.