The global Laboratory Equipment Services market size is expected to reach USD 29.8 billion by 2028 at a CAGR of 13.6%, according to a new report by Reports and Data. The rapidly expanding pharmaceutical and biotechnology industries, increased government funding for research organizations and academic institutions, and pharmaceutical and biotechnology companies’ increasing initiatives towards research & development activities are pivotal factors accountable for the global Laboratory Equipment Services market growth. The rising prevalence of acute and chronic ailments worldwide, augmented need for accurate disease diagnosis, growing adoption of safety testing measures across food & beverage and pharmaceutical industries, and increasing government support for biomedical research & development programs are the other vital aspects of the global market growth.
Laboratory Equipment Services are known to optimize laboratory operations, improve lab testing and production outcomes, and increase device uptime. These services are widely utilized by the pharmaceutical and biotechnology sectors, academic & research institutes, and clinical and diagnostic laboratories. Laboratory Equipment Services majorly include user training, equipment servicing, maintenance services, installation & modification, equipment validation, and calibration. Laboratory equipment calibration verifies the overall of measuring devices to make the device readings precise and error-free. Moreover, laboratory equipment validation ensures the smooth functioning of lab instruments, thereby improving lab operations’ quality and efficiency. The exponentially growing number of research, clinical, and diagnostic laboratories and the increasing export & import of advanced laboratory and hospital equipment create further prospects for the global Laboratory Equipment Services market growth over the estimated period. However, the rising costs of Laboratory Equipment Services are predicted to hamper the global market growth in the years to come.
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Key Highlights of the Report:
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For the purpose of this report, the global Laboratory Equipment Services market has been segmented based on service type, equipment type, service provider, contract type, end-user, and region:
By Service Type (Revenue, USD Billion; 2018-2028)
By Equipment Type (Revenue, USD Billion; 2018-2028)
By Service Provider (Revenue, USD Billion; 2018-2028)
By Contract Type (Revenue, USD Billion; 2018-2028)
By End-user (Revenue, USD Billion; 2018-2028)
By Region (Revenue, USD Billion; 2018-2028)
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