Life Science Tools Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)


Life Science Tools Market Analysis:

During the forecast period, the life science tools market is projected to achieve a compound annual growth rate (CAGR) of 7.5%. The COVID-19 pandemic has had a positive impact on the market’s growth globally. This can be attributed to the rapid development of diagnostics, expedited regulatory clearances, and increased distribution in various countries to combat the spread of the virus. Diagnostic procedures have always played a crucial role in detecting infectious diseases, and currently, there are several molecular assays and immunoassays available for COVID-19 detection. However, the aftermath of the pandemic has prompted increased research in the life sciences industry to better prepare for future global health crises. In September 2022, the World Health Organization (WHO) issued a guidance framework for the responsible use of life science tools, emphasizing the need to mitigate risks and govern dual-use research. With the growing focus on life science, the market is expected to experience significant growth in the coming years.

The market’s growth is further fueled by the increasing utilization of genomic technologies worldwide. These technologies are instrumental in understanding diseases and contributing to the development of new diagnostic tests and procedures. In September 2022, Becton, Dickinson, and Company (BD) and CerTest Biotec introduced a new molecular polymerase chain reaction (PCR) assay for the monkeypox virus in the US and global markets. However, this PCR assay is exclusively intended for research purposes. Such advancements and product launches are anticipated to drive strong growth in the market throughout the forecast period.

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