The global laboratory equipment services market was valued at over USD 18 billion in 2015 and is expected to surpass USD 29 billion by 2020.
Procurement market intelligence analysts have announced its latest market research report on laboratory equipment services for the period 2016-2020. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the public relations services market during the forecast period. Some of the top vendors listed in this industry analysis include Hitachi High-Technologies, Danaher, Thermo Fisher Scientific, Agilent Technologies, and Waters.
In terms of geographical analysis, the Americas are the largest shareholder in the global market, with a market share of around 42%. The American market is driven by the increasing investments in scientific research and upgradation of systems across various laboratories in the region.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “The increasing focus on developing energy-efficient laboratory equipment, particularly electrical instruments such as freezers, autoclaves, and centrifuges will drive the growth in the laboratory equipment services market. These steps to adhere to sustainability goals will also result in cost savings for various research labs across the globe. Leading vendors are designing laboratories that consume around 39% less energy than traditional labs.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Rise in demand for pharmaceutical laboratories in APAC
The rise in demand for pharmaceutical laboratories in APAC will lead to an increasing demand for laboratory equipment services in the global market. Emerging countries like India and China, are witnessing huge demand for pharmaceutical, CRO, and biopharmaceutical facilities, thus resulting in the growth of the market.
Need for high-quality pharmaceutical products
The global market is witnessing a surge in demand for high-quality pharmaceutical products. This high requirement for good quality products will prompt research laboratories to adopt advanced laboratory equipment and instruments and thereby to increase the demand for equipment services. Furthermore, it is estimated that more than 20% of the instrumentation and equipment in research laboratories is likely to be replaced over the next five years.
Rise in R&D activities of pharmaceutical companies
The laboratory equipment services market is driven by the increasing investment in R&D activities by pharmaceutical and biopharmaceutical companies has encouraging vendors to upgrade the existing laboratories and establishment of new laboratories. The global biopharmaceutical spends on research and development activities is expected to increase from around USD 125 billion in 2014 to USD 148 billion by 2020.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Laboratory Equipment Services – Procurement Market Intelligence Report 2016-2020.’
