The latest report on Laboratory Equipment Services Market’s segment market shares in each geographic region are mentioned in the report, along with the historic and forecast growth rates. Each segment represented visually with supporting reasons to justify the growth rates. IGR’s report also covers drivers and restraints in the laboratory equipment services market. The report also includes a SWOT analysis to present the indicators of strength, weakness, prospects, and risk of the market until the completion of the projection period in 2024.
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Laboratory equipment is used for research as well as to store research materials. All laboratory equipment that may potentially be contaminated by hazardous, radiological, or biological material must be prepared for service safely and properly.
Growing Research in Pharmaceutical Industries Drives the Growth of Laboratory Equipment Services Market
Growing research in pharmaceutical industries drives the growth of laboratory equipment services market. Research in pharmaceutical industries is increasing owing to concerns regarding escalating drug prices as well as increasing healthcare spending. Low cost of production, as well as rising expenditure on research and development, government initiatives, and private sector investments in research and development, boost the growth of laboratory equipment services market in the pharmaceutical industry. Furthermore, the rising number of asset management companies provides beneficial opportunities for the laboratory equipment services market.
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Laboratory Equipment Services Market: Segmentation
Laboratory equipment services market is segmented into equipment type, service type, service providers, and end user. Based on, equipment type it is categorized into support equipment, analytical equipment, specialty equipment, and general equipment.On the basis of service type, laboratory equipment services market segmented into the installation, validation, and repair & maintenance.
Based on service providers, the laboratory equipment services market divided into original equipment manufacturers, third-party suppliers, and others. On the basis of the end user, the laboratory equipment services market segmented into pharmaceutical & biotechnology industries, academic institutes, research institutions, and clinical & diagnostic laboratories. In the pharmaceutical industry, the demand for laboratory equipment services has been increased.
North America is Expected to Dominate the Laboratory Equipment Services Market
North America is expected to dominate the laboratory equipment services market. Advance healthcare infrastructure, huge availability of pharmaceutical industries, as well as clinical & diagnostic laboratories, drives the growth of laboratory equipment services market in the North America region. The AsiaPacific is the fastest growing region for laboratory equipment services market.
Growing research in pharmaceutical industries drives the growth of laboratory equipment services market in the region. Low cost of production and increasing expenditure on research and development drives the growth of laboratory equipment services market in the region. According to the India brand equity foundation, India’s pharmaceutical exports was USD 17.27 billion in 2018 and have reached USD 10.80 billion in 2019. That, in turn,fuels the growth of laboratory equipment services market in the region.
Laboratory Equipment Services Market: Competitive Analysis
The prominent players in the laboratory equipment services marketare Agilent Technologies, Waters Corporation, Mindray Medical International Limited, Eppendorf AG, Perkinelmer, Inc., Merck Millipore, Thermo Fisher Scientific Inc., Hettich Instruments, LP, LTE Scientific, and Danaher Corporation and among others.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the laboratory equipment services.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2024.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.