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Increasing research and development (R&D) activities
Rising demand for specific test types in R&D activities and increasing adoption of outsourcing laboratory testing services can drive the market growth. As companies expand their market presence by offering a diverse range of services and solutions, major players are pursuing various strategies such as mergers, acquisitions, and other developments. For instance, in August 2021, Eurofins Scientific, life sciences entered into an agreement with Noritsu Koki Co. Ltd to acquire GeneTech Inc., a prominent Japan-based player in genetic analysis, thus, expanding Eurofins' testing portfolio in Japan.
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