Laboratory Equipment Services Market set to hit $108.0 billion by 2035, as transition to digital service solutions propels transformation

Industry revenue for Laboratory Equipment Services is estimated to rise to $108.0 billion by 2035 from $25.4 billion of 2023. The revenue growth of market players is expected to average at 12.8% annually for period 2023 to 2035. Laboratory equipment services is critical across several key applications. The report unwind growth & revenue expansion opportunities at Service Type, Equipment Type and End-Use with industry revenue Forecast.

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The Laboratory equipment services market is characterized by intense competition, with a number of leading players such as Thermo Fisher Scientific, Agilent Technologies, PerkinElmer, Danaher and Beckman Coulter. These players are pushing the boundaries of innovation & technological advancements and forging strategic partnerships to expand the existing reach of the market, thereby shaping its growth trajectory and future prospects by enlarging the total addressable market.

The Laboratory equipment services market is projected to expand substantially, driven by the Regulatory Compliance and Quality Standards and Increasing Equipment Complexity. This growth is expected to be further supported by Industry trends like Expansion of Pharmaceutical and Biotech Industries; and position the market's continued expansion to reach $59.1 billion by 2030. Moreover, the key opportunities, such as Expansion of Laboratory Services in Emerging Markets, Development of Remote Diagnostic and Support Services and increasing focus on sustainable equipment maintenance, are anticipated to create opportunistic revenue pockets in major demand hubs including U.S., Germany and Japan.

The U.S., Germany, Japan, China and UK are leading the market, driving a significant share of global demand. Businesses in these countries can expect steady revenue growth of 11.5% to 15.4% annually from 2023 to 2035. At the same time, India, Brazil and South Korea are emerging as exciting new opportunities, with fast-growing markets and evolving industry landscapes creating fresh avenues for expansion.

North America and Asia-Pacific are the two most active and leading regions in the market. With challenges like High Service Costs, Lack of Skilled Technicians and frequent service intervals, market Supply Chains from Component Supplier / Service Provider / Distributor and to End User is expected to evolve & expand further; and industry player’s will be pushed to make strategic shifts towards emerging markets including India, Brazil and South Korea for expansion of the total addressable market (TAM).

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