The global market for laboratory equipment services is anticipated to grow at an impressive CAGR of more than 10% between 2016 and 2020.
Procurement market intelligence analysts have announced the top five leading suppliers for the laboratory equipment services in their latest research report. The global demand for laboratory equipment is increasing significantly due to the surge in investments in scientific and medical R&D especially in emerging markets such as India, China and South Korea.
This category spend intelligence report is based on the synthesis, analysis, and interpretation of information about the global laboratory equipment services market collected from specialized sources. The analysts have derived insights using a mix of primary and secondary research with an aim to provide a holistic picture of the market.
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Competitive vendor landscape
Several category managers are collaborating with service providers who have high levels of technological innovations to improve laboratory processes and are adopting sustainability measures to reduce energy consumption in laboratories. Suppliers in the laboratory equipment market are distinguishing their services by constantly introducing new products and providing proprietary offerings for analytical equipment. Suppliers are also coming up with innovative services to enhance the speed of sample processing and improve process efficiency. The market is witnessing the entry of several new brands which are competing with large global brands in terms of service offerings and regulatory expertise.
According to Angad Singh, a category specialist at Technavio, “The growing demand from clinical laboratories and increasing requirement for high-quality pharmaceuticals have pushed several pharmaceutical and biopharmaceutical firms to implement technologically advanced laboratory equipment. More than 20% of the instrumentation and equipment in research laboratories is likely to be replaced over the next five years. Moreover, the growing need for automation systems, data acquisition systems, detectors, and sensors will positively influence the growth of this market in the coming years.”
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Top five suppliers in the laboratory equipment services market space
Hitachi High Technologies
Hitachi High Technologies provides laboratory equipment and analytical instruments that are used in applications like chromatography, spectrometry, and laboratory automation. The company actively invests in R&D with the objective to offer better services to the pharmaceutical and biopharmaceutical sectors. As part of its business continuity plan, the company has recently established Hitachi High-Tech Kyushu to extend its medical products and biotechnology portfolios.
Key services of Hitachi High Technologies include high-performance liquid chromatographs, electron microscopes/atomic force microscopes industrial and IT systems, focused ion beam systems, amino acid analyzers, and thermal analyzers.
Danaher
Danaher provides laboratory equipment and instrumentation to several end-user segments such as pharmaceuticals, bio-pharmaceuticals, chemicals, healthcare, industrial, and diagnostics. The major development strategy of this company is indulging in M&A. It has acquired more than 400 companies since its inception. In December 2015, Danaher introduced a new company, Fortive, which consists of industrial technology and professional instrumentation segments.
Key services of Danaher include environmental, test and measurement, life sciences and diagnostics, industrial technologies, and dental.
Thermo Fisher Scientific
Thermo Fisher Scientific provides a wide range of laboratory equipment and instrumentation products and services. The pharmaceutical and biopharmaceutical companies occupy around 27% of the company’s total clientele. The firm’s products are primarily sold under brand names like Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, and Unity Lab Services. In 2015, the company has come up with a four-channel, high-performance liquid chromatography system that is assisting pharmaceutical and biopharmaceutical organizations to enhance their efficiency in clinical sample separations and other laboratory processes.
Key services of Thermo Fisher Scientific include laboratory analytical instruments, laboratory products and services, biopharma services, life science solutions, specialty diagnostics, and lab automation and software.
Agilent Technologies
Agilent Technologies offers a huge and diverse portfolio of solutions to address global pharmaceutical requirements. It provides solutions ranging from sample preparations to data interpretation and management. The pharmaceutical sector is the largest client for this company and accounted for around 27% of the overall company’s revenue in 2015. Recently, Agilent Technologies has announced its collaboration with 10x Genomics to develop a premium exome.
Key services of Agilent Technologies include liquid and gas chromatography, mass spectrometry, spectroscopy, genomics and diagnostics, and consumables.
Waters
The company provides laboratory equipment to end-user industries including pharmaceuticals, bio-pharmaceuticals, health science diagnostics, and health science research. It specializes in servicing specific areas such as laboratory informatics, mass spectrometry, and separation and analytical science. Recently, Waters has introduced the Cortecs C8 and Phenyl 1.6 and 2.7 Micro Columns, which allows laboratories to enhance resolution, speed, and sensitivity of separations.
Key services of Waters include laboratory analytics, instrument services, software services, asset management, and performance maintenance.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Laboratory Equipment Services – Procurement Market Intelligence 2016’.
