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.
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The rapid adoption of AI, ML, and IoT and robust data management processes has made the hospitals and clinical settings smarter. New technologies and solutions have improved the normal medical processes such as clinical diagnosis, treatment, diseases management, and monitoring patient recovery after discharge. Rapid digitalization and increasing adoption of virtual care and telemedicine is further expected to positively impact the revenue growth of the market going ahead.
Emergence of new healthcare and telemedicine startups, increasing number of collaborations among healthcare facilities and research institutions, and rising focus on patient engagement solutions has further fueled revenue growth of the market. Key companies are forming strategic alliances and collaborative ventures such as mergers and acquisitions, joint ventures, partnerships, manufacturing and licensing agreements, and product launches among others.
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Leading Players Analyzed in the Report:
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
Furthermore, to offer a better understanding of the competitive landscape, an extensive SWOT analysis and Porter’s Five Forces analysis are included in the report. Along with this, feasibility analysis and investment return analysis are also covered in the report.
The report further discusses in detail the regional spread of the global Bioinformatics Services market along with analysis of production and consumption patterns, import/export analysis, supply and demand ratio, market share and size based on volume and value, trends and demands, revenue share, and presence of the key players of the market.
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Key Regions Studied in the Report:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of Europe)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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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