Global Laboratory Equipment Services Market Outlook
Revenue, 2023
Forecast, 2033
CAGR, 2023 - 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 $8.5 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
North America Outlook
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.
Asia-Pacific Outlook
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
Driver: Regulatory Compliance and Quality Standards, and Expansion of Pharmaceutical and Biotech Industries
Maintaining and fixing high tech lab gear calls for expertise and specific services.
Restraint: High Service Costs, and Lack of Skilled Technicians
Having individuals to maintain specialized machinery presents a difficulty.
Opportunity: Expansion of Laboratory Services in Emerging Markets and Development of Remote Diagnostic and Support Services
Remote diagnostics are facilitated by platforms which help lessen the necessity for, in person service visits.
Challenge: Frequent Service Intervals
Supply Chain Landscape
Siemens
Schneider Electric
Agilent Technologies
Thermo Fisher Scientific
VWR
Fisher Scientific
Pharmaceutical companies
Biotechnology firms
Clinical research labs
Siemens
Schneider Electric
Agilent Technologies
Thermo Fisher Scientific
VWR
Fisher Scientific
Pharmaceutical companies
Biotechnology firms
Clinical research labs
Applications of Laboratory Equipment Services in Calibration, Validation & Repair & Maintenance
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.
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.
Danaher and Sartorius offer validation services that ensure laboratory equipment meets the performance standards for regulatory compliance, in pharmaceutical and biotech labs.
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
Agilent Technologies launched a diagnostics platform, for laboratory equipment.
PerkinElmer introduced an environmentally friendly maintenance initiative that prioritizes sustainable practices.
Thermo Fisher Scientific broadened its range of calibration services by introducing precise standards tailored for biotechnology laboratories.