The global laboratory equipment services market, in terms of value, is projected to reach USD 11.51 Billion by 2021 from USD 6.50 Billion in 2016, at a CAGR of 10.0% during the forecast period.

This market is expected to grow faster in terms of volume than value. Growth in this market is mainly driven by increasing research in pharmaceutical and biotechnology industries and the growing need for the timely and effective diagnosis of diseases.

The laboratory equipment services market is segmented based on service type, equipment type, service contracts, service provider, end user, and region. Based on service type, the market is segmented into repair and maintenance, calibration, validation, and other services. The repair and maintenance services segment is expected to account for the largest market share in 2016. They key factor driving the growth of this segment is the rising use of laboratory equipment for diagnosis purposes and research activities.

North America is expected to dominate the market in 2016, with the U.S. accounting for a major share. However, Asia is expected to grow at the highest CAGR during the forecast period, due to the rising focus of pharmaceutical and biotechnology industries on developing Asian countries for conducting clinical trials. This is because these markets offer a significant cost advantage and have a skilled workforce.

Download PDF Brochure : https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=171213101

Key players in this market include Agilent Technologies (U.S.), Danaher Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), Waters Corporation (U.S.), and Mindray Medical International Limited (China). Other players include Eppendorf AG (Germany), Pace Analytical Services, Inc. (U.S.), Hettich Instruments, LP. (U.S.), and Merck Millipore (Germany).