(MENAFN- Market Press Release) February 2, 2023 2:44 am - Increasing demand for biologics and biosimilars, government fundings for advanced life science technologies and an increasing focus on food testing and environmental health are driving the growth of the life science tools and services market.
Life science' is a popular medical term which studies organisms and microorganisms. There are various segments that fall under the life science category 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 and services and key applications.
Technological Innovations in Life Science Tools and Services Market to trigger its Universal Demand
Consistent innovations and developments in the life science tools and services market have enabled the life science companies to develop effective products with advanced functionalities and major applications, along with its cost effectiveness. Such technological innovations tend to provide a competitive and healthy edge to all the top manufacturers and hence, all key market players are primarily focusing on investing their resources in research activities for new product development and expanding their regional reach to strengthen their current position in the global life science tools and services market.
Some of the recent technological 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, thus leading to early diagnosis and treatment.
. In June 2022, Waters Corporation introduced New Xevo G3 quadrupole time-of-flight mass spectrometer, a more sensitive spectrometer to drive the drug discovery and development.
COVID-19 Impact on the Life Science Tools and Services Market
Significant increase in the COVID-19 cases in 2020 and 2021 had led to the adoption of life science tools and technologies. Automation and other robotic technologies had played a very crucial role in expediting manual and redundant tasks in pharma businesses and laboratories as the leading companies across the world were working to stop the spread of COVID-19 virus. Leading drug companies were attempting to develop cost effective vaccinations and other medical treatments to counter the COVID-19 virus. Top biopharma companies had launched a number of safety measures to gain a competitive edge in the global cell therapy market. The leading market players had employed various market entry techniques, such as rise in the number of biopharmaceutical facilities, partnerships with other leading stakeholders and the development of CMOs.
Irrespective of the upcoming challenges such as high costs of advanced life science technologies, unfavorable reimbursement policies and lack of experienced and skilled professionals, the global life science tools and services market is growing at a steady rate and is poised to gain consistent momentum in the upcoming years due to a healthy focus on new product development, wide acceptance of genomic sequencing and focus on food and environmental testing.
For instance, the global next-generation sequencing (NGS) market was valued at US$ 6.3 billion in 2021 and is estimated to witness a lucrative CAGR of 16% from 2022 to 2026, due to recent developments in sequencing platforms, growing applications of NGS, development of advanced bioinformatics tools and rising cases of cancer and other 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 leading and established market players such as below: -
. Agilent Technologies
. Thermo Fisher Scientific, Inc.
. Becton, Dickinson and Company
. F. Hoffmann-La Roche AG
. Bio-Rad Laboratories, Inc.
. Illumina, Inc. among others
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