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

BRUSSELS - Jan. 31, 2023 - PRLog -- Life science is a term which studies organisms and microorganisms. There are multiple segments which fall under the life science vertical 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 major applications.

Technological Developments in the Life Science Tools and Services Market

Consistent developments and innovations in the life science tools and services market have enabled to develop efficient life science products with advanced capabilities and multiple applications, along with its cost effectiveness. Such technological developments offers a competitive edge to all manufacturers and therefore, all leading players are primarily focusing on investing in research activities for new product development and expanding their global reach to strengthen their position in the global life science tools and services market.

COVID-19 Impact on the Global Life Science Tools and Services Market

An exponential rise in the COVID-19 cases in 2020 and 2021 had led to a wide adoption of life science tools and technologies. Automation and other robotic technologies played an important role in expediting manual and redundant tasks in pharmaceutical businesses and laboratories as all the key companies across the world were working continuously to stop the spread of the COVID-19 virus. All leading pharmaceutical companies were attempting to develop vaccinations and other medical treatments to counter the COVID-19 virus. Many biopharmaceutical companies had launched a number of safety measures to obtain a competitive edge in the cell therapy market. The leading market players had employed multiple and efficient market entry techniques, such as growth in the number of biopharmaceutical facilities, partnerships with other top stakeholders and the development of CMOs.

Irrespective of the market challenges such as high costs of advanced life science technologies, unfavorable reimbursement scenario and lack of experienced professionals, the global life science tools and services market is growing at a decent rate and is poised to gain a consistent momentum in the upcoming years due to a strong focus on new product developments.

Competitive Landscape Analysis: Life Science Tools and Services Market

The global life science tools and services market is marked by the presence of key industry players such as below:-

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

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