Pharmaceutical companies are investing fortunes in developing new drugs that can treat diseases like cancer. The industry is focusing its resources in research and development to develop a cost-effective, efficient, and safer drugs. These research and development are calling for laboratory equipment and services for successful conduction. Based on these developments, the laboratories are offering their equipment as a service to the several pharmaceutical companies generating great revenue in return. Based on this model of business, the global laboratory equipment services market is experiencing a consistent growth in present time. Moreover, the growth of the global laboratory equipment services market is also fueled by the rising demand for precise and swift diagnosis by various pathology labs.
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What are the Recent Trends in Global Laboratory Equipment Services Market?
Limited Skilled Staff
The major trend of laboratory equipment services market that is fueling the growth of the market is the lack of skilled in-house staff. The equipment are becoming complex and delicate and require high degree of skills to operate them. However, not every laboratory is well funded so that it can afford a well trained personnel to operate these equipment. Moreover, the equipment are expensive and can cost a huge amount to laboratory if broken. It is therefore beneficial for the laboratories to hire third party services for operations. This is the major cause boosting the growth of global laboratory equipment services market currently.
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Demand for Analytics to Have Better Diagnosis
Analytics are the new fuel that drives every industry these days. Healthcare and diagnosis industry are also using analytics to provide detailed insights about the patients’ body. However, decoding the data and generating insight is again a daunting task for people working on conventional equipment. It for this reason, laboratories hire services for analytics businesses to generate analytical insights of patient and their own equipment. With the growth in the demand for analytics, the global laboratory equipment services market experiences a consistent growth these days.