Bioinformatics Services Market Worth USD 3.53 Billion : Growing Applications Of Bioinformatics In Various Industries

 What This Report Will Provide?

The bioinformatics services market, by application, is segmented into genomics, chemoinformatics & drug design, proteomics, transcriptomics, metabolomics, and other applications. The significant growth of the segment is attributed to the rising demand for more efficient data management facilities and the increasing number of research studies for the treatment of cancer using transcriptomics.

Expected Revenue Growth:

The global bioinformatics services market is expected to reach USD 3.53 billion by 2023 from USD 1.70 billion in 2018, at a CAGR of 15.7% during the forecast period.

Major Growth Boosters:

Growth in the global bioinformatics services market is mainly driven by the growing applications of bioinformatics in various industries, increasing public-private sector funding for bioinformatics services, and the shortage of skilled bioinformatics professionals leading to increased outsourcing of bioinformatics projects. The reducing cost of sequencing and growing volume of data generated during sequencing, growing focus on outsourcing for the management of large volumes of data, and the emerging markets are also expected to present growth opportunities for players in the market.

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Study Objectives:

• In 2017, QIAGEN and Centogene (Germany) collaborated to integrate Centogene’s CentoMD rare disease variant database with Qiagen Clinical Insight bioinformatics solution
• In 2017, NeoGenomics established its first European laboratory in Rolle, Switzerland to expand its geographical presence and increase its sales in Europe.
• In 2017, QIAGEN acquired OmicSoft Corporation (US) to enhance its multi-omics data analysis bioinformatics services offerings
• In 2016, Eurofins partnered with Institute of Genomics and Integrative Biology (IGIB, India) to launch their MitoSure-Human mitochondrial DNA sequencing and analysis pipeline to support research and genetic screening. The service includes automated bioinformatics analysis using IGIB proprietary Mit-O-Matic pipelineIn 2017, ConvaTec launched its Natura Convex Accordion Flange
• In 2015, PerkinElmer launched the PerkinElmer Signals Translational—a cloud-based data analysis platform

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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Growing applications of bioinformatics in various industries

In comparison with other conventional methods, bioinformatics services provide a wide range of advantages in terms of cost and time efficiency. Owing to these advantages, the applications of bioinformatics services are increasing in a number of fields such as toxicology, survival analysis, drug discovery and development, clinical diagnostics, disease prediction, and personalized medicine.

Regional Growth Analysis:

This report covers the bioinformatics services market data across four major geographies, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America accounted for the largest share of the global bioinformatics services market in 2017, followed by Europe. The large share of the North American region is mainly attributed to the presence of leading bioinformatics service providers in the region, decreasing cost of sequencing, increasing number of genomic research activities in the region, high incidence of target diseases (such as cancer and genetic diseases), and favorable funding scenario for bioinformatics-based research.

Bioinformatics market COVID – 19 Updated Analysis By Top Key Players – Thermo Fisher Scientific, Eurofins Scientific, Illumina, Perkinelmer

 Bioinformatics is the application of computer technology for the management and analysis of biological data. It includes collection, storage, retrieval, manipulation, and modelling of data for analysis, visualization, or prediction through algorithms and software. The global bioinformatics market is expected to account for USD 7,063.7 billion in 2018. It is expected to reach USD 13,901.5 billion by 2023, at a CAGR of 14.5% during the forecast period.

Bioinformatics Market by Product & Service (Knowledge Management Tools, Data Analysis Platforms (Structural & Functional), Services), Applications (Genomics, Proteomics & Metabolomics), & Sectors (Medical, Academics, Agriculture) - Global Forecast to 2023

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By Product and Services, bioinformatics platforms segment is expected to be the fastest-growing segment in the forecast period

Knowledge management tools commanded the largest market share in the global bioinformatics market in 2018, while the bioinformatics platforms segment is expected to be the fastest-growing segment in the forecast period. The major factor driving growth of bioinformatics platforms is their growing use in various genomic applications.

By Application, the metabolomics segment is expected to grow at the highest CAGR during the forecast period

Factors such as the availability of research funding and government support are fueling market growth. However, metabolomes cannot be easily identified or figured from reconstructed biochemical pathways due to enzymatic diversity, substrate ambiguity, and difference in regulatory mechanisms. Hence, the annotation of unknown metabolic signals is the main hindrance to growth of the metabolomics segment.

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In 2018, The APAC market is expected to grow at the highest CAGR during the forecast period

The market in the Asia Pacific region is expected to offer significant opportunities for players to offset revenue losses incurred in mature markets. Emerging countries in this region are witnessing growth in their GDPs and a significant rise in disposable income levels. This has led to increased healthcare spending by a larger population base, healthcare infrastructure modernization, and rising penetration of cutting-edge research and clinical laboratory technologies, including bioinformatics, in Asia Pacific countries.

Key Market Players

Thermo Fisher Scientific, Eurofins Scientific, Illumina, Perkinelmer, Inc., Qiagen Bioinformatics, Agilent Technologies, Dnastar, Waters Corporation, Sophia Genetics, Partek, Biomax Informatics AG, Wuxi Nextcode, Beijing Genomics Institute (BGI).

Critical questions the report answers:

⏩ Who are the major market players in the bioinformatics market?

⏩ What are the growth trends and the largest revenue-generating region for bioinformatics?

⏩ How are bioinformatics products and services sold to customers?

⏩ What are the major segments in bioinformatics market?

⏩ What are the driving, restraining, opportunistic, and challenging factors for this market?

 

Bioinformatics Market | Growing Demand for Nucleic Acid and Protein Sequencing

Bioinformatics is the application of computer technology for the management and analysis of biological data. It includes collection, storage, retrieval, manipulation, and modelling of data for analysis, visualization, or prediction through algorithms and software.

The global bioinformatics market is expected to account for USD 7,063.7 billion in 2018. It is expected to reach USD 13,901.5 billion by 2023, at a CAGR of 14.5% during the forecast period. Growth of the bioinformatics market is driven by the growing demand for nucleic acid and protein sequencing, increasing government initiatives and funding, and increasing use of bioinformatics in drug discovery and biomarker development processes.

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The Bioinformatics Market is Segmented on:

1. Product & Service
2. Applications
3. Sectors

By Product and Services, bioinformatics platforms segment is expected to be the fastest-growing segment in the forecast period
Knowledge management tools commanded the largest market share in the global bioinformatics market in 2018, while the bioinformatics platforms segment is expected to be the fastest-growing segment in the forecast period. The major factor driving growth of bioinformatics platforms is their growing use in various genomic applications.

By Application, the metabolomics segment is expected to grow at the highest CAGR during the forecast period
Factors such as the availability of research funding and government support are fueling market growth. However, metabolomes cannot be easily identified or figured from reconstructed biochemical pathways due to enzymatic diversity, substrate ambiguity, and difference in regulatory mechanisms.

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By Sector, medical biotechnology segment is expected to grow at the highest CAGR during the forecast period
Various pharmaceutical companies are increasingly adopting bioinformatics tools to decrease the cost and time involved in drug discovery.

Bioinformatics approaches for target discovery and validation are proving more efficient than traditional methods. With the help of bioinformatics tools, much of the information regarding drug candidates is validated at a molecular level, which tends to reduce drug attrition rate in the later stages of drug development.

Regional Analysis:

The market in the Asia Pacific region is expected to offer significant opportunities for players to offset revenue losses incurred in mature markets. Emerging countries in this region are witnessing growth in their GDPs and a significant rise in disposable income levels.

Key Players:
Thermo Fisher Scientific, Eurofins Scientific, Illumina, Perkinelmer, Inc., Qiagen Bioinformatics, Agilent Technologies, Dnastar, Waters Corporation, Sophia Genetics, Partek, Biomax Informatics AG, Wuxi Nextcode, Beijing Genomics Institute (BGI).