BRUSSELS, Belgium, Jan. 17, 2023 (GLOBE NEWSWIRE) -- Life science’ is an umbrella term which studies organisms and microorganisms. There are different fields that fall under life science such as cell biology, biotechnology, genetics, molecular biology, biomedicine, and biochemistry. The life science tools and services market is segmented on the basis of technique, products & services and applications.
Technological Advancements in Life Science Tools and Services Market to fuel its Worldwide Demand
Continuous advancements and innovations in life science tools and services market have enabled to develop efficient products with advanced capabilities and increased applications, along with cost effectiveness. Such technological advancements tend to provide a competitive edge to all leading manufacturers and therefore, all major players are continuously focusing on investing in research activities for new product development and expanding their geographic reach to strengthen their positions in the global life science tools and services market. Some of the 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, that offers combination of performance, cost, and flexibility in an unprecedented way. This system consists of a benchtop NGS instrument and related consumables.
Emerging Growth Opportunities in Life Science Tools and Services Market
- Greater Acceptance of Genomics
- NCCN guideline adoption: The National Comprehensive Cancer Network (NCCN) has recommended adoption of genetic panel testing in ovarian and breast cancer testing, to help find mutations.
- Shift towards consumerism: Shift towards a more consumer-oriented model is expected to drive the demand for genomic technologies to understand future health outcomes.
- Bioproduction, a fast-growing area
- Growth within biosimilars: The biosimilars market exhibit a high CAGR due to low cost and increased demand which further drive the expansion for the bioproduction industry.
- Access to healthcare in emerging markets: Large molecule drugs have seen a high growth in emerging market and is expected that pharmerging economies will drive the medicine volume usage in next five years.
COVID-19 has positively impacted the Global Life Science Tools and Services Market
Exponential rise in COVID-19 cases in 2020 and 2021 had led to an increased adoption of life science tools and technologies. Automation and robotic technologies played a significant role in expediting manual and redundant tasks in pharmaceutical businesses and laboratories as the key players across the globe are working to stop the spread of COVID-19. Drug companies are constantly attempting to develop vaccinations and other treatments to combat the COVID-19 pandemic. Biopharma companies have launched a number of measures to obtain a competitive edge in the COVID-19 cell therapy market. The key players have employed a variety of market entry techniques, such as increase in the number of biopharmaceutical facilities, partnerships with other significant stakeholders and the development of CMOs.
Irrespective of the challenges such as high cost of advanced technologies, unfavorable reimbursement scenario, and lack of experienced technicians, the global life science tools and services market is growing and is expected to gain further momentum in the coming years due to a strong emphasis on new product development, greater acceptance of genomic sequencing, and focus on food and environmental testing, among others.
For instance, the next-generation sequencing (NGS) market was valued at US$ 6.3 billion in 2021 and is set to witness a significant CAGR of 16% from 2022 to 2026, due to rapid developments in sequencing platforms, increasing applications of NGS, development of advanced bioinformatics tools, and growing incidence of cancer and infectious disease.
Competitive Landscape Analysis: Life Science Tools and Services Market
The life science tools and services market is marked by the presence of established market players such as follows: -
- Agilent Technologies
- Thermo Fisher Scientific, Inc.
- Becton, Dickinson and Company
- F. Hoffmann-La Roche AG
- Bio-Rad Laboratories, Inc.
- Illumina, Inc. among others
Explore Detailed Insights on Global Life Science Tools and Services Market with TOC @ https://meditechinsights.com/life-science-tools-and-services-market/
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