The global laboratory equipment services market, valued at USD 10.9 billion in 2022, is projected to reach USD 22.8 billion by 2031, exhibiting a CAGR of 8.4% between 2023 and 2031. This growth is driven by a confluence of factors, including the adoption of advanced laboratory technologies, the rising trend of outsourcing laboratory equipment services, and the increasing demand for specialized maintenance services.
One of the key driving forces behind the market’s expansion is the shift towards multi-vendor services, also known as Laboratory Asset Management (LAM) or Single Source Services. This approach involves a single provider offering maintenance services for equipment from various vendors, providing laboratories with a streamlined and comprehensive solution. This model is gaining traction as the number of laboratories and advanced products in the market increases, eliminating the need for labs to coordinate with multiple third-party service providers.
Furthermore, pharmaceutical, biotech, and medical device companies, along with healthcare facilities like hospitals and clinics, are increasingly opting for outsourced laboratory equipment services to manage costs effectively. These organizations recognize the critical role of equipment maintenance in their cost-saving strategies. By outsourcing these services, they can achieve cost efficiency while ensuring compliance, maintaining high-quality results, and maximizing equipment uptime. This trend has accelerated in recent years as companies in these industries become more risk-averse and seek cost-saving opportunities through external service providers.
The introduction of technologically advanced laboratory instruments is also fueling demand for laboratory equipment services. As cutting-edge products such as high-resolution spectrophotometers, robotics-enabled pipetting systems, and precision analyzers enter the market, there is a growing need for specialized maintenance, calibration, and repair services. Examples of these innovations include Integra Biosciences’ D-one single-channel pipetting module, Tecan’s Air Restriction Pipettor (ARP) technology, BYK-Gardner USA’s color2view benchtop spectrophotometers, and Eppendorf’s Centrifuge 5910 Ri.
North America is expected to maintain its dominant position in the laboratory equipment services market throughout the forecast period. This dominance is driven by factors such as the growing adoption of advanced laboratory technologies, strong emphasis on research and development in the pharmaceutical, biotechnology, and healthcare sectors, ongoing expansion and modernization of healthcare facilities, and a growing trend among pharmaceutical, biotech, and healthcare companies to outsource laboratory equipment services to control costs and enhance operational efficiency.
The laboratory equipment services market is segmented by equipment type, service type, service provider, contract type, and end-user. Key players in the global industry include Agilent Technologies, Thermo Fisher Scientific Inc., Waters Corporation, Danaher Corporation, Siemens Heathineers, Eppendorf AG, PerkinElmer, Inc., Pace Analytical Services, Inc., Bio-Rad Laboratories, Inc., and Becton, Dickinson, and Company. Recent developments in the industry, such as Calibre Scientific’s acquisition of TechniVal Group Limited, further solidify the growing importance of laboratory equipment services.
