Timely repair and maintenance services of lab equipment is crucial for laboratories to carry out analytical procedures quickly and thus obtain error-free test results. As per the recent research report from Markets and Markets, in terms of value, the laboratory equipment services market is estimated to reach USD 11.51 Billion by 2021 from USD 6.50 Billion in 2016, at a CAGR of 10.0% during 2016-2021. The report expects North America to dominate the market in 2016. However, due to the rising focus of pharmaceutical and biotechnology industries in developing Asian countries, Asia is expected to grow at the highest CAGR during the forecast period.
Certain factors that provide significant growth opportunities for the market include:
- Increasing research in pharmaceutical and biotechnology industries
- Growing need for timely and effective diagnosis of diseases
- Developing markets such as India and China
- The increasing number of asset management companies
Based on service type, the market is segmented into repair and maintenance, calibration, validation, and other services. The rising use of laboratory equipment is a key factor that drives growth in the repair and maintenance services segment, which is expected to account for the largest market share in 2016.
Geographically, North America will be dominating the market, followed by Asia in 2016. Rise in the number of clinical trials and increased spending by laboratories on equipment purchasing will help the North American market to grow by expanding the end-user base for associated services. Similarly with the increasing focus of the pharmaceutical and biotechnology industries on conducting clinical trialsin developing Asian countries, Asia will be the fastest-growing region in this market.
Key players in the laboratory equipment services market include Agilent Technologies (U.S.), Danaher Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), Waters Corporation (U.S.), Mindray Medical International Limited (China), Siemens Healthcare GmbHý (Germany), Eppendorf AG (Germany), Hettich Instruments, LP (U.S.) and Hitachi High-Technologies Corporation (Japan).
Established lab equipment suppliers in NY offeron-site annual service contracts, professional installation, and in-house repair solutions for most clinical laboratory equipment. Reputable vendors can provide economical, customized service contracts on a wide variety of instrumentation in the areas of chemistry, immunoassay, hematology, coagulation, and urinalysis.