Global Life Science Tools and Services Market is set to witness a CAGR of 8% by 2027 - An Increasing Demand for Biologics and Biosimilars

Life science' is a popular term which studies all the organisms and microorganisms. There are different segments which come under the life science segment such as cell biology, biotechnology, genetics, molecular biology, biomedicine, and biochemistry. The global life science tools and services market is classified on the basis of technique, products & services and key applications.

Technological Innovations and Developments in Life Science Tools and Services Market to trigger its Global Demand

Rapid developments and innovations in life science tools and services market have enabled to develop efficient market products with reliable capabilities and wider applications, along with cost effectiveness. Such technological innovations tend to offer a competitive edge to all leading manufacturers and hence, all key players are focusing on investing in their research activities for new product development and increasing their geographic reach to boost their position in the global life science tools and services market.

Some of the technological innovations and developments 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 launched its benchtop sequencer - Element AVITI System, that offers combination of performance, cost, and flexibility in an unprecedented way. This system consists of a benchtop NGS instrument and related consumables.

COVID-19 has positively affected the Life Science Tools and Services Market

A 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 robotic technologies had played a major role in expediting manual and redundant tasks in pharmaceutical businesses and laboratories as all the leading players across the world were working to stop the spread of COVID-19 virus. Leading pharma companies were attempting to develop advanced vaccinations and other medical treatments to counter the COVID-19 virus. Key biopharmaceutical companies had launched a various safety measures to gain a competitive edge in the cell therapy market. All the leading players had employed various market entry techniques, such as rise in the number of biopharmaceutical facilities, partnerships with other stakeholders and the development of CMOs.

Irrespective of the upcoming challenges such as high costs of advanced technologies, unfavorable reimbursement policies, and shortage of experienced technicians and professionals, the life science tools and services market is growing strong and is poised to gain a consistent momentum in the upcoming years due to a strong focus on new product development, wider acceptance of genomic sequencing, and emphasis on food and environmental testing.

For instance, the global next-generation sequencing (NGS) market was valued at $6.3 billion in 2021 and is expected to witness a healthy CAGR of 16% from 2022 to 2026, due to recent developments in sequencing platforms, growing applications of NGS, development of advanced bioinformatics tools, and an increasing incidence of cancer and infectious diseases.

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 and emerging market players such as listed below: -
• Agilent Technologies
• Thermo Fisher Scientific, Inc.
• Becton, Dickinson and Company
• F. Hoffmann-La Roche AG
• Bio-Rad Laboratories, Inc.
• Illumina, Inc.

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

Ruta Halde
Associate, Medi-Tech Insights
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Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.

This release was published on openPR.