Growing applications of bioinformatics across industries, increasing public-private sector funding for bioinformatics services, and the shortage of skilled bioinformatics professionals (leading to increased outsourcing of bioinformatics projects) are the major factors that are expected to drive the growth of the bioinformatics services market during the forecast period. However, the in-house development of bioinformatics solutions and publicly available bioinformatics tools are expected to limit market are expected to restrain market growth in the coming years.
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[238 Pages Report] The bioinformatics services market is projected to reach USD 5.3 Billion by 2026 from USD 2.5 Billion in 2021, at a CAGR of 15.8% during the forecast period.
The bioinformatics services market, by application, is segmented into genomics, chemoinformatics & drug design, proteomics, transcriptomics, metabolomics, and other applications. The genomics segment is expected to account for the largest share of the bioinformatics services market in 2018. The increasing use of pharmacogenomic research for the development of precision medicine, favorable funding scenario for genomic research, and partnerships & collaborations between various life sciences and informatics companies for the development of advanced bioinformatics solutions and services are the major factors contributing to the growth of the bioinformatics services market for the genomics segment.
Based on application, the bioinformatics services market is segmented into genomics, chemoinformatics and drug design, proteomics, transcriptomics, metabolomics and other applications. Large share is attributed to genomics segment due to increasing use of pharmacogenomic research for the development of precision medicine, favorable funding scenario for genomic research, and partnerships and collaborations between various life sciences and informatics companies for the development of advanced bioinformatics solutions and services.
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Based on type, the bioinformatics services market is segmented into sequencing services, data analysis, drug discovery services, differential gene expression analysis, database and management services, and other bioinformatics services. Due to reduced cost of sequencing the sequencing services segment enjoy the major share of the market.
Based on end-users, the bioinformatics services market has been segmented as —academic institiutes and research centers, hospitals and clinics, pharma and biotech companies, CROs and other end users. The large share of academic institutes and research centers segment can be attributed to the growing number of bioinformatics-based research studies, increasing scale of genomics research, rising number of collaborations between academic research institutes and players in the bioinformatics market, and the growing number of government funding programs for genomics research.
North America dominated the global bioinformatics services market in 2020
The North American market dominated the bioinformatics services market. The market growth in North America can be attributed to government initiatives for the reimbursement of genomic testing and favorable funding scenario for research activities.
Prominent players in the bioinformatics services market include Illumina (US), Thermo Fisher Scientific (US), Eurofins Scientific (Luxembourg), BGI Group (China), NeoGenomics (US), PerkinElmer (US), CD Genomics (US), Psomagen, Inc. (South Korea), QIAGEN (Germany), GENEWIZ (US), Source BioScience (UK), Microsynth (Switzerland), MedGenome (India), Fios Genomics (UK), and BaseClear (Netherlands), among others.
• QIAGEN and Centogene (Germany) collaborated to integrate Centogene’s CentoMD rare disease variant database with Qiagen Clinical Insight bioinformatics solution
• NeoGenomics established its first European laboratory in Rolle, Switzerland to expand its geographical presence and increase its sales in Europe.
• QIAGEN acquired OmicSoft Corporation (US) to enhance its multi-omics data analysis bioinformatics services offerings
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Key questions addressed in the report:
What are the growth opportunities related to bioinformatics service market across major regions in the future?
Emerging countries have immense opportunities for the growth and adoption of bioinformatics service. Will this scenario continue in the next five years?
What are the various bioinformatics service segments and their market share in the overall market?
What are the new trends and advancements in the bioinformatics service market?
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