DUBLIN–(BUSINESS WIRE)–The “Bioinformatics Services Market by Type (Sequencing, Data Analysis, Discovery, Gene Expression, Database Management), Specialty (Medical, Plant, Forensics), Application (Genomics, Metabolomics), Enduser (Academia, Pharma-biotech) – Global Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
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.
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.
In terms Application, the genomics segment is expected to account for the largest share of the bioinformatics services market in 2020.
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 the genomics segment due to the increasing use of pharmacogenomic research for the development of precision medicine, favorable funding scenarios for genomic research, and partnerships and collaborations between various life sciences and informatics companies for the development of advanced bioinformatics solutions and services.
In terms of type segment, the sequencing services segment is expected to account for the largest share during the forecast period.
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 enjoys the major share of the market.
In terms of specialty segment, the medical biotechnology segment is expected to account for the largest share during the forecast period.
Based on specialty, the bioinformatics services market is segmented into medical biotechnology, plant biotechnology, animal biotechnology, environment biotechnology, and forensic biotechnology. Medical biotechnology holds the largest share due to the development of new databases for drug discovery, the use of bioinformatics for clinical diagnostics, and increasing funding for the development of bioinformatics solutions for clinical diagnostics.
The academic institutes and research centers segment is expected to register the highest CAGR during the forecast period `
Based on end-users, the bioinformatics services market has been segmented as -academic institutes 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.
Asia Pacific market is expected to grow at the highest CAGR during the forecast period.
The bioinformatics services market covers five key geographies-North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2020, the Asia Pacific region offered significant opportunities for the growth of the bioinformatics services market. The market growth in the Asia Pacific can be attributed to the increasing incidence of genetic diseases, rising number of bioinformatics-based research studies, and the growing demand for bioinformatics services from various end-users.
Market Dynamics
Drivers
- Growing Applications of Bioinformatics in Various Industries
- Increasing Public-Private Sector Funding for Bioinformatics Services
- Shortage of Skilled Bioinformatics Professionals Leading to Increased Outsourcing of Bioinformatics Projects
- Increasing Pharmaceutical and Biotech R&D Expenditure
Restraints
- In-House Development of Bioinformatics Solutions and Publicly Available Bioinformatics Tools
Opportunities
- Reducing Cost of Sequencing and Growing Volume of Data Generated During Sequencing
- Growing Focus on Outsourcing for the Management of Large Volumes of Data
- Growth Potential in Emerging Economies
Challenges
- Complexity of Data
- Lack of Well-Defined Standards and Interoperability Issues for Bioinformatics Analysis
- Ethical Issues
Companies Mentioned
- Baseclear
- BGI Group
- Bionivid
- Cd Genomics
- Dnanexus, Inc
- Eurofins Scientific
- Fios Genomics
- Genewiz (A Brooks Life Sciences Company)
- Genome
- Illumina
- Medgenome Labs
- Microsynth
- Neogenomics
- Nucleome Bioinformatics
- Nxt-Dx (A Diagenode Company)
- PerkinElmer
- Psomagen, Inc (Formerly Known as Macrogen)
- Qiagen NV
- Source Bioscience
- Thermo Fisher Scientific
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