The Bioinformatics Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Bioinformatics Services Global Market Report 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
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.
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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
Technological advancements are a key trend gaining popularity in the bioinformatics services market. Companies operating in the bioinformatics services market are adopting new technologies to sustain their position in the market. For instance, in July 2022, bitBiome Inc., a Japan-based microbiome analysis company, launched the Enzyme Discovery service. Enzyme Discovery Service is based on the globe’s largest microbial genome database (MMGDB) and unique bioinformatics technologies. To create the MMGDB, bitBiome employs its fundamental technology, bit-MAP, a microbial single-cell genome analysis technique, to analyze the human microbiome as well as the environmental bacteria living in soil, the ocean, and hot springs. With its unique bioinformatics and 3D structural modeling technologies, BitBiome provides enzyme discovery services such as searching for optimal sequences from the MMGDB.
The bioinformatics services market report table of contents includes:
1. Executive Summary
2. Bioinformatics Services Market Characteristics
3. Bioinformatics Services Market Trends And Strategies
4. Bioinformatics Services Market – Macro Economic Scenario
5. Global Bioinformatics Services Market Size and Growth
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26. South America Bioinformatics Services Market
27. Brazil Bioinformatics Services Market
28. Middle East Bioinformatics Services Market
29. Africa Bioinformatics Services Market
30. Bioinformatics Services Market Competitive Landscape And Company Profiles
Top Major Players:
- QIAGEN Digital Insights
- Thermo Fisher Scientific Inc
- Illumina Inc
- DNAnexus Inc
- PerkinElmer Inc
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