Global Bioinformatics Services Market Size 2024, Forecast To 2033
6 Mar, 2024
The bioinformatics services market size has grown rapidly in recent years. It will grow from $3.68 billion in 2023 to $4.24 billion in 2024 at a compound annual growth rate (CAGR) of 15.2%. The growth in the historic period can be attributed to genomic research advancements, rise in personalized medicine, pharmaceutical R&D investments, biological data explosion, government initiatives in healthcare, increasing adoption of next-generation sequencing (NGS). The bioinformatics services market size is expected to see rapid growth in the next few years. It will grow to $7.83 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. The growth in the forecast period can be attributed to expanding role in clinical diagnostics, growing importance in agriculture and environmental sciences, increasing collaboration in research, rising demand in drug repurposing. Major trends in the forecast period include digital health initiatives, technological advancements in sequencing, AI and machine learning integration, cloud-based solutions, personalized medicine and genomic analysis, integration of blockchain for data security.
Global Bioinformatics Services Market Key Driver
The increasing use of information technology in healthcare is expected to propel the growth of the bioinformatics services market going forward. The increased use of information technology in healthcare has assisted healthcare practitioners in improving the quality of treatment they provide to patients, improving patient safety, increasing efficiency, lowering costs, and improving communication among healthcare professionals. Bioinformatics services, which involve the use of computer science and statistics for analyzing biological data, depend heavily on information technology (IT). For instance, in August 2021, according to the Accenture Health and Life Sciences Experience Survey, a Europe-based company specializing in information technology consulting and services, only 7% of consumers had a virtual consultation with a provider in early 2020, compared to 32% this in 2021. There was also an increase in the use of electronic health records, with 31% of patient group using EHR in 2021. Remote patient monitoring also increased since the previous pre-pandemic assessment. Therefore, the increasing use of information technology in healthcare is driving the growth of the bioinformatics services market going forward. The bioinformatics services market exhibited significant potential for expansion in 2024, driven by the continued integration of IT solutions in healthcare systems.
Get A Free Sample Of The Global Bioinformatics Services Market ReportGlobal Bioinformatics Services Market Segments
The bioinformatics services market covered in this report is segmented –
1) By Service: Sequencing Services, Data Analysis, Drug Discovery Services, Differential Gene Expression Analysis, Database And Management Services, Other Services
2) By Specialty: Medical Biotechnology, Animal Biotechnology, Plant Biotechnology, Environmental Biotechnology, Forensic Biotechnology
3) By Application: Genomics, Chemoinformatics And Drug Design, Proteomics, Transcriptomics, Metabolomics, Other Applications
4) By End User: Academic Institute And Research Centers, Hospital And Clinics, Pharmaceutical And Biotechnology Companies, CROs, Other End Users
By Geography:The regions covered in the bioinformatics services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the bioinformatics services market in 2023. Europe is expected to be the fastest-growing region in the global bioinformatics services market report during the forecast period. The regions covered in the bioinformatics services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Bioinformatics Services Industry Players
QIAGEN Digital Insights, Thermo Fisher Scientific Inc., Illumina Inc., DNAnexus Inc., PerkinElmer Inc., Biomax Informatics AG, Life Technologies Corporation, BGI Group, Eurofins Scientific SE, NeoGenomics Laboratories Inc., CD Genomics Inc., MedGenome Labs Pvt. Ltd., Fios Genomics Ltd., Geneva Bioinformatics SA, GVK Biosciences Private Limited, Accelrys Inc., Macrogen Inc., GENEWIZ Inc., Source BioScience Limited, Microsynth AG, BaseClear B.V., DNASTAR Inc., GATC Biotech AG, Partek Incorporated, Seven Bridges Genomics Inc., Omixon Inc., BioTeam Inc., BioBam Bioinformatics S.L., Biomatters Limited, Genomatix GmbH, DNASTREAM Limited, Genalice B.V., Golden Helix Inc., Strand Life Sciences Private Limited
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Bioinformatics Services Market Overview
Bioinformatics services involve a wide range of computational tools, resources, and analyses utilized in bioinformatics. Bioinformatics services include the identification of connections between technical and biological variables in the study through the assessment of sample metadata, data quality control, and data normalization across samples.
Bioinformatics Services Global Market Report 2023 provides data on the global bioinformatics services market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The bioinformatics services market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.