Increasing investments in research and development activities, growing demand for bioinformatics in various application sector, and rising demand for data integration of huge data are key factors fueling global market growth
Market Size – USD 2.67 Billion in 2020, Market Growth – CAGR of 11.7%, Market Trends- Rising demand for personalized medicine
The global bioinformatics services market size is expected to reach USD 6.44 Billion in 2028 and register a CAGR of 11.7%, according to the latest report by Reports and Data. Key factors such as increasing collaborations among companies and research institutes, and ongoing research activities in proteomics, metabolomics are boosting global market revenue growth.
Bioinformatics services are gaining traction over the last few years. These services are widely used for storing, retrieving, and analyzing data. Rapid revenue growth is attributed to factors such as technological advancements in bioinformatics, increasing awareness about the benefits of bioinformatics services, increasing adoption of these services, demand for integrated data solutions to manage large data, and increasing adoption of bioinformatics services in clinical diagnosis. In addition, rising demand for combined data services and high adoption of bioinformatics services in drug discovery, drug development, and research purposes, rising adoption of customized data, and rising prevalence of rare and chronic disorders is further fueling market growth.
However, lack of skilled professionals to carry out the processes, high cost of sequencing and unavailability of funds in several countries for R&D activities are key restraints expected to hamper global market growth in the coming years.
Top Companies Profiled in the Report Include:
Qiagen Inc., IBM Life Sciences, Illumina Inc., GVK Biosciences, Nxt-Dx, Biovia (Accelrys Inc), Non Linear Dynamics, Biomax Informatics AG., DNAnexus Inc., Affymretrix Inc., Geneva bioinformatics, Bruker Daltonics, and Life Technologies Corporation
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The pharma and healthcare industry has undergone a revolutionary change owing to the COVID-19 pandemic with individuals increasing their focus on health and wellness. Companies operating in the industry have invested heavily in clinical trials and research studies to develop medications to cater to the growing unmet clinical demand on a global level. Implementation of cutting-edge technology in healthcare sector and increasing investment in research and development have contributed significantly to revenue growth of the market in the recent past. In addition, availability of favorable health insurance and reimbursement policies have also positively impacted the healthcare sector with more and more individuals opting to get treatment at hospital and clinical facilities. Rapid development of novel drugs and pharmaceuticals, increasing incidence of lifestyle and chronic diseases, establishment of state-of-the-art healthcare facilities, and rising availability of over-the-counter medications have significantly contributed to the revenue growth of the market.
The report has gather vital information about recent mergers and acquisitions, joint ventures, collaborations, partnerships, brand promotions, R&D activities, and government and corporate deals, among others through extensive primary and secondary research. The report also offers detailed analysis of each competitor along with their financial standing, global market position, product portfolio, manufacturing and production capacity, and business expansion plans.
The report offers a comprehensive overview of the regional bifurcation of the market with respect to market share, market size, revenue growth, import/export, production and consumption patterns, macro and micro economic growth factors, regulatory framework, investment and funding opportunities, and presence of key players in each region including North America, Asia Pacific, Latin America, Europe, and Middle East & Africa. The report offers a country-wise analysis to further discuss the revenue growth and lucrative growth opportunities for the Bioinformatics Services market in these key regions.
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Additionally, the report consists a detailed analysis of the segmentation of the Bioinformatics Services market based on product types and end-use/application offered in the Bioinformatics Services market.
Bioinformatics Services Market Segmentation based on Types:
Service Type Outlook (Revenue, USD Billion, 2020 – 2028)
- Sequencing Services
- Data Analysis Services
- Drug Discovery Services
- Differential Gene Expression Analysis
- Database Management Services
Application Outlook ((Revenue, USD Billion, 2020 – 2028)
- Drug Discovery
End Use Outlook (Revenue, USD Billion, 2020 – 2028)
- Academic Users
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Country-wise regional analysis covers:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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