Growth of Laboratory Equipment Services Market rides upon the growth in Research and Development by Pharmaceutical Industry

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.

Global Laboratory Equipment Services Market to Expand with the Advent of Improved Research Laboratories

The demand within the global market for laboratory equipment services has been rising on account of advancements in the field of research and development. The research facilities available across the globe are being improved in order to meet the stellar need for better research. Moreover, several high-end researches require advanced laboratory equipments and services which has created commendable demand within the global market. The presence of dedicated labs for conducting research across a wide purview of industries has also provided an impetus to market growth in recent times. Therefore, the revenue index of the global laboratory equipment services market is expected to improve in the years to come.

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Advent of New Research Facilities

All industries and sectors are making rapid advancements in recent times. This essentially owes to groundbreaking researches that have lately offset across these industries. Hence, it is safe to expect that the demand within the global laboratory equipment services market would increase at a stellar rate in the years to come. The healthcare industry has been an important consumer within the global laboratory equipment market. This industry has created new opportunities for growth across the global laboratory equipment services market.

North America to Lead Other Regional Segments

The market for laboratory equipment services in North America has been rising at a starry rate in recent times. This majorly owes to the presence of premium research facilities across the US and Canada. Moreover several universities in the region provide commendable research facilities which has in turn propelled market demand.

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Laboratory Equipment Services Market to be Driven by Heavy Funding

San Francisco, California, October 11, 2017:Laboratory Equipment Services Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025” is the latest report added by TMR Research which talks about the global market landscape of the laboratory equipment services. The research report is the compilation of extensive primary as well as secondary research methodologies. The study report makes use of inputs from industry experts, surveys, and personal interviews to provide an in-depth qualitative as well as quantitative evaluation of the global laboratory equipment services market. The report also consists of crucial information gathered from the prominent companies that are playing their trade in the global market. A separate evaluation of the macro as well as micro-economic indicators, driving factors of the market, current trends, mandates, and regulation that govern the overall development of the market are also given out in the report.

Laboratory may indicate to a specific facility where controlled environment is offered to perform scientific or technological research, experiments, or different measurements. The numerous tools and equipment that are utilized by the scientists or researchers who are performing these experiments are of multiple types of glassware and other materials and includes pipette, beaker, reagent bottle, autoclave, spectrophotometers, mixers and shakers, thermal cyclers, centrifuges, bioreactors, weighing scales, incubators, universal testing machine, freezers, refrigerators, and humidifiers among many others.

The increasing number of companies in the area of asset management are making pathway for considerable growth opportunities for the development of the global laboratory equipment services market. These furnishings find their application in diagnostic laboratories, research institutes, pharmaceutical companies, and biotechnology companies. The increasing investment and funding is projected to augment the widespread adoption of the laboratory equipment services over the coming years of the given forecast period of 2017 to 2025. This is because this increased investment and funding will compel the buyers to heavily rely on the laboratory equipment services and thus will augment the growth of the market. The market is thus projected to develop at a steady pace in the near future. The consistently increasing demand for top-end technologies across different sectors is also projected to drive the overall growth of the global laboratory equipment services market. The market is expected to have a consistent demand and continuous supply of important laboratory equipment and devices from the pharmaceutical and healthcare industry. Owing to this stable and continuous supply of laboratory equipment, the global market is projected to have very lucrative opportunities to flourish over the next few years.

However, there are some challenges and restraints that may negatively affect the growth of the global laboratory equipment services market over the given period of forecast. The increasing pressure on the biotechnology and pharmaceutical companies to cut down costs and reduce it further on publicity and marketing expenses as well. The intense competition in the global market for laboratory equipment services market is projected to grow even more with time and the global players are expected to have a technological expertise and launch more innovative and newer products in the market.

Among the important regional market, the market in North America is expected to show highly lucrative opportunities which will considerably help in the overall development of the global laboratory equipment services market. This growth is projected mainly due to the strong healthcare and pharmaceutical sectors and early adoption of the latest technologies.

The key players in the global laboratory equipment services market are also expected focus on emerging nations, especially in Asia to carry out their medical and clinical trials.

Some of the key market players in the global laboratory equipment services market include names such as Agilent Technologies, Mindray Medical International Limited, Waters Corporation, and Thermo Fisher Scientific Inc. among others.

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