Reduced cost of DNA sequencing and expansive drug discovery applications of bioinformatics services is stimulating industry growth.
Market Size – USD 2.14 Billion in 2019
Market Growth – CAGR of 11.7%
Market Trends – Rise in government investment in genomics R&D
The Global Bioinformatics Services Market size was valued at USD 2.14 Billion in 2019 and is estimated to reach USD 5.71 Billion in revenue by 2027, delivering a CAGR of 11.7% through the forecast years. Demand for bioinformatics services is driven by the increased requirement for integrated data solutions to deal with a large amount of data generated by high throughput sequencing and associated technologies.
Bioinformatic services are widely used for analyzing, storing, and retrieving data, which, in turn, aids in forming biological information to efficiently manage large databases related to development and innovation in a drug. Progress in research and development in fields of transcriptomics, metabolomics, and proteomics are expected to benefit bioinformatics services market growth. A rise in the popularity of personalized medicines, increased collaborations between companies and research institutes will also offer lucrative opportunities for industry growth. However, lack of awareness, skilled professionals, and high cost of research and development may hinder bioinformatic services adoption in the upcoming years.
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Further key findings from the report suggest
- The Global Bioinformatics Services Market size was valued at USD 2.14 Billion in 2019 and is estimated to reach USD 5.71 Billion in revenue by 2027, delivering a CAGR of 11.7% through the forecast years. The demand for bioinformatics services is driven by the increased requirement for integrated data solutions to deal with a large amount of data generated by high throughput sequencing and associated technologies.
- Based on service type, the differential gene expression analysis segment accounted for around 16% of the market share in 2019. The database management services sub-segment is expected to showcase a notable CAGR of 11.7% over the analysis period.
- On the basis of application, the transcriptomics segment is expected to witness the highest growth rate of 12.7% during the analysis period on account of the introduction of new advanced technologies for the study of RNA transcripts with the help of bioinformatics technology, and a gradual increase in the number of research projects in this field.
- On the basis of end-use, the academic users sub-segment is forecast to hold the largest share of 30% over the analysis period. The segmental growth can be attributed to the increasing adoption of these technologies in genomics, metabolomics, and proteomics research programs, which are generally backed by either government or private funding.
- Bioinformatics services are extensively utilized in agriculture-based industries for better management of the environment. The agriculture segment accounted for about 23% of the bioinformatics services market revenue share in 2019 and is expected to garner massive gains over the projected timeframe.
- In the regional landscape, the Asia Pacific region is estimated to contribute significantly to the bioinformatics services market share, with a growth rate of 12.8% over the forecast period. The robust growth can be attributed to the presence of companies providing specialized bioinformatics services for data storage, genetic data and analysis tools in contract research life sciences facilities in the region.
- North America is forecast to dominate the global bioinformatics services market share due to major contribution from the U.S. with the development of state of the art technologies and well-defined regulatory framework. Early adoption of the latest technologies, increasing implementation of personalized medicine, and the development of chemical laboratories and next-generation sequencing techniques in the region are boosting the regional market growth.
- Key players in the global bioinformatics services market include IBM Life Sciences, Qiagen Inc., Illumina Inc., Nxt-Dx, Biovia (Accelrys Inc), GVK Biosciences, Non Linear Dynamics, DNAnexus Inc., Biomax Informatics AG., Affymretrix Inc., Bruker Daltonics, Life Technologies Corporation, and Geneva Bioinformatics, among others.
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Market Segmentation and Regional Analysis
For the purpose of this report, Reports and Data has segmented the Global Bioinformatics Services Market on the basis of service type, application, end-user, and region:
Service Type Outlook (Revenue, USD Billion; 2017-2027)
- Sequencing Services
- Data Analysis Services
- Drug Discovery Services
- Differential Gene Expression Analysis
- Database Management Services
- Others
Application Outlook (Revenue, USD Billion; 2017-2027)
- Genomics
- Transcriptomics
- Metabolomics
- Drug Discovery
End-User Outlook (Revenue, USD Billion; 2017-2027)
- Agriculture
- Medical
- Animal
- Academic Users
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- US
- Europe
- UK.
- France
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East & Africa
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Table of Contents:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018-2026
Chapter 3. Indicative Metrics
Chapter 4. Bioinformatics Services Market Segmentation & Impact Analysis
4.1. Bioinformatics Services Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Increasing application of technology in drug discovery
4.2.2.2. Decrease in cost of DNA sequencing
4.2.2.3. Increase investment by government and private organizations
4.2.2.4. Demand by manufacturers for large scale data management
Continued…….
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