Global Life Science Tools and Services Market is forecasted to witness a CAGR of 8% by 2027

Life science’ is a universal term which studies all the organisms and microorganisms. There are various segments which fall under the life science category such as cell biology, biotechnology, genetics, molecular biology, biomedicine, and biochemistry. The life science tools and services market is classified on the basis of products & services and applications.

Recent Developments and Innovations in Life Science Tools and Services Market 

Recent developments and advancements in the global life science tools and services market have enabled companies to develop efficient life science products with advanced solutions and growing applications, along with its cost effectiveness. Such technological innovations and developments tend to provide a healthy edge to all the established manufacturers and hence, all leading companies are focusing on investing in their research activities for new product development and expanding their geographic reach across the world to strengthen their current position in the global life science tools and services market. 

Some of the recent technological advancements are listed below:-

  • In August 2022, Roche launched its Digital LightCycler System, a next-generation digital PCR system to assist clinical researchers in better understanding the nature of a patient’s infection, genetic disease or cancer, leading to early diagnosis.
  • In June 2022, Waters Corporation introduced New Xevo G3 quadrupole time-of-flight mass spectrometer, a more sensitive spectrometer than its predecessor to drive drug discovery and development.
  • In March 2022, Element Biosciences Inc. launched its benchtop sequencer - Element AVITI System, which offers combination of performance, cost, and flexibility in an unprecedented way.

COVID-19 has impacted the Growth of the Life Science Tools and Services Market in a Positive Manner

Rapid growth in the COVID-19 cases in 2020 and 2021 had led to a global adoption of life science tools and technologies. Automation and other robotic technologies had played a major role in expediting all the manual and redundant tasks in pharmaceutical businesses and laboratories as all the leading companies operating across the world were working to prevent the spread of COVID-19. All drug and pharma companies were attempting to develop cost effective vaccinations and other medical treatments to counter COVID-19 virus. Biopharma companies had launched various safety measures to gain a competitive edge in the COVID-19 cell therapy market. The established companies had employed many market entry techniques, such as growth in the number of biopharmaceutical facilities, partnerships with other leading stakeholders and the development of CMOs.

Irrespective of the upcoming challenges such as inflated costs of life science technologies, unfavorable reimbursement situations and shortage of experienced professionals, the global life science tools and services market is growing at a lucrative rate and is set to gain a consistent momentum in the upcoming years due to a strong focus on new product development, acceptance of genomic sequencing, and emphasis on food and environmental testing, etc. 

Competitive Landscape Analysis: Life Science Tools and Services Market

The global life science tools and services market is marked by the presence of well-established market companies such as follows: 

  • Agilent Technologies
  • Thermo Fisher Scientific, Inc.
  • Becton, Dickinson and Company
  • F. Hoffmann-La Roche AG
  • Bio-Rad Laboratories, Inc.
  • Illumina, Inc.

GET Detailed Insights on Life Science Tools and Services Market Report @  https://meditechinsights.com/life-science-tools-and-services-market/

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