Bioinformatics Services Market accounted 9734.2 billion USD in 2020 and is expected to reach 33043.3 billion USD by 2030 with a CAGR of 13% approximately during the forecast period. Bioinformatics is used for the management, storage, and standardisation of information acquired from research and development in pharmaceutical, biotechnology, and medical industries. Bioinformatics services is a combination of computer science, statistics, and life sciences together, in order to develop algorithms and professional software tools for mining and interpreting the high volume biological data generated through various biomedical devices. The continuous development of the application areas of biotechnology in the fields such as disease diagnosis, forensic research is attracting the attention of healthcare professionals, thus having a positive impact on the bioinformatics services market. With the development of genomics, transcriptomics, proteomics and metabolomics, the bioinformatics field has become much more important and is been widely applied in the data mining processes. When compared to other conventional processes, bioinformatics services provide various advantages in terms of cost and time efficiency. Hence, bioinformatics services are widely used in fields such as toxicology, survival analysis, drug discovery & development, clinical diagnostics, disease prediction, and customised medicine.

Market Segmentation:

On the basis of service, the bioinformatics services market can be classified into sequencing services, database & management services, data analysis services, drug discovery, and others. Based on application type, the market is segmented into preventive medicine, molecular medicine, gene therapy, drug development, and others. According to end-users, the bioinformatics services market can be segregated into academic & research institutes, pharmaceutical & biotechnology companies, hospitals, clinics, and others. Geographically, the global bioinformatics services market can be broadly divided into five regions mainly North America, Europe, Asia Pacific, and ROW.

Market Dynamics and Factors:

The growing application of information technology in healthcare, increasing demand for data management tools in life science and biotechnology research, and rapid advancements in technology are the major factors driving the bioinformatics services market across the globe. Additionally, many industries like food, bioremediation, agriculture, forensic, and consumer industries are using bioinformatics services to improve the quality of their products and supply chain processes. Bioinformatics services like data integration, manipulation, lead discovery, data management, in silico analysis, and advanced knowledge discovery are increasingly being implemented by companies across various industries. Increasing government and private investments for bioinformatics services, and the lack of skilled professionals is leading to increased outsourcing of bioinformatics projects. The reducing cost of sequencing and growing volume of data generated during sequencing; rising focus on outsourcing for the management of large volumes of data, and the emerging markets are also anticipated to present more opportunities for the market to grow in the future. However, the in-house development of bioinformatics solutions and publically available bioinformatics tools is expected to restrain the market growth during the forecast period. Furthermore, data complexity issues and lack of well-defined standards for bioinformatics analysis are expected to challenge the market growth in the near future.

Geographic Analysis:

North America is expected to dominate the global bioinformatics services market in terms of market share during the forecast period, followed by Europe. The presence of key bioinformatics service providers; high incidences of targeted diseases; decreasing cost of sequencing; increasing number of genomic research activities; and favourable government policies regarding bioinformatics are the major factors attributing towards the market dominance of the regions. The Asia Pacific region is expected to witness maximum growth during the forecast period. The increasing incidence of genetic diseases; rising number of bioinformatics-based research studies; and the increasing demand for bioinformatics services from various end users are the major factors attributing towards the market growth of bioinformatics services in the APAC region.

Competitive Scenario:

The key players operating in the global bioinformatics services market are –

Agilent Technologies, IBM Life Sciences, Thermo Fisher Scientific, Macrogen, MedGenome, BGI, Geneva Bioinformatics, Neogenomics, Microsynth, Illumina, GVK Biosciences, Qiagen Bioinformatics. 

Bioinformatics Services Market Report Scope