Laboratory may refer to a type of facility where controlled conditions are provided to carry out technological or scientific research, measurements, and different experiments.
San Francisco, CA -- (SBWIRE) -- 06/24/2020 -- Global Laboratory Equipment Services Market: Snapshot
Laboratory may refer to a type of facility where controlled conditions are provided to carry out technological or scientific research, measurements, and different experiments. The several equipment and tools that are used by researchers or scientists who are working in a laboratory are referred to as laboratory equipment. Laboratory equipment are of several types such as glassware such as reagent bottle, beaker, spectrophotometers, autoclave, microscope, centrifuges, mixers and shakers, pipette, thermal cyclers, freezers, refrigerators, universal testing machine, humidifier, incubators, bioreactor, and weighing scale, among several others.
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The growing number of companies in the field of asset management is making way for substantial growth opportunities for the progress of the laboratory equipment services market. These equipment have applications in research institutes, diagnostic laboratories, biotechnology companies, and pharmaceutical companies. The rising funding and investment in research and development activities in the field of biotechnology and pharmaceutical is expected to push the adoption of laboratory equipment services in the near future. The market is thus expected to rise at a steady rate in the years ahead. Owing to the continuous and stable supply of laboratory equipment, the market is expected to have a fruitful future in the coming years.
However, the market may face few challenges from the growing pressure on pharmaceutical companies to reduce costs and cut down further on the marketing and publicity costs as well. The competition in the market is expected to rise with time as companies are expected to gain technological expertise and bring out novel products.
Global Laboratory Equipment Services Market: Overview
The rising number of asset management companies is creating considerable growth opportunities for the global laboratory equipment services market, which as per the report is likely to exhibit a strong CAGR between 2017 and 2025. Besides this growth in the pharmaceutical sector and the demand for precise diagnosis are aiding the market's expansion. Based on end user, pharmaceutical companies, biotechnology companies, diagnostic laboratories, and research institutes could be the key market segments. Factors influencing the demand for laboratory equipment services across these segments are discussed at length in the report.
The study provides a comprehensive market overview covering growth drivers and restraints influencing its trajectory. The effect of the latest government policies and strategies adopted by the leading players to gain stronger footprint are studied in the report in detail. It encompasses other analysis such as manufacture cost analysis and supply chain analysis. The report also gauges the investment feasibility for new players. It therefore compiles exhaustive information, intended at providing key market insights to readers, especially the market stakeholders.
Global Laboratory Equipment Services Market: Trends and Opportunities
According to studies, increase in funding for research and development in pharmaceutical and biotechnology will fuel the dependence of buyers on advanced laboratory equipment services. The persistently rising demand for high-end technologies across industries will also enable the global laboratory equipment services market report higher CAGR. The market is also expected to gain from the continuous demand for consistent supply of key laboratory devices and equipment among procurement managers in the healthcare and pharmaceutical sectors.
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Growth witnessed in this market is chiefly bolstered by the increasing research and development activities in biotechnology and pharmaceutical sectors. The rising need for timely and accurate diagnoses to start time treatment of diseases is also a key market driver. The market is currently witnessing lucrative opportunities in India and China, as a rising number of management enterprises provide considerable growth opportunities for companies offering laboratory equipment services. Contrary to this, the increasing focus on reducing cost of treatments, rising pressure to cut down marketing costs on pharmaceutical companies, and the rising prices of service contracts are a few of the factors restraining the market.
Global Laboratory Equipment Services Market: Regional Outlook
Among the key regional markets, North America is currently exhibiting highly lucrative opportunities, which have catapulted it to the forefront of the global laboratory equipment services market. Besides boasting a sophisticated healthcare infrastructure, North America is also one of the earliest adopters of the latest technologies. These factors have created an environment conducive to the growth of the laboratory equipment services market in North America.
As per the report, leading players are also focusing on emerging economies, especially Asian economies to conduct their clinical trial. The region provides significant cost-advantages and has abundant skilled workforce, which is why it is gaining traction over the past few years.
Global Laboratory Equipment Services Market: Vendor Landscape
A key trend observed in the laboratory equipment services market is the willingness of category managers to partner with service providers with technological expertise. Their primary focus is one enhancing laboratory processes and efficiently implement sustainability measures to help minimize energy consumption across laboratories. As a result not many suppliers are looking to ensure differentiation between their product portfolios. Given the scenario, strategic collaborations are observed to be the key strategy adopted by prominent companies to remain competitive in the global laboratory equipment services market.
A few prominent players to have already participated in the trend are Danaher Corporation, Agilent Technologies, Waters Corporation, Mindray Medical International Limited, and Thermo Fisher Scientific Inc.
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