“The global bioinformatics services market projected to grow at a CAGR of 15.7%.”
The global bioinformatics services market is projected to reach USD 3.53 billion by 2023 from USD 1.70 million in 2018, at a CAGR of 15.7%. Factors such as increasing applications of bioinformatics in various industries, the shortage of skilled bioinformatics professionals leading to increased outsourcing of bioinformatics projects, and rising public-private sector funding for bioinformatics services are expected to propel the growth of this market. However, the in-house development of bioinformatics solutions and publically available bioinformatics tools are expected to restrain the growth of the bioinformatics services market in the forecast period.
“The medical biotechnology segment is expected to dominate the market in 2018.”
The bioinformatics services market, by specialty, is segmented into medical biotechnology, animal biotechnology, plant biotechnology, environmental biotechnology, and forensic biotechnology. The medical biotechnology segment is expected to command the largest share of the bioinformatics services market in 2018. The largest share of this segment can be attributed 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 to grow at the highest CAGR during 2018 to 2023.”
On the basis of end user, the bioinformatics services market is segmented into academic institutes and research centers, hospitals and clinics, pharmaceutical and biotechnology companies, and other end users. The academic institutes and research centers segment is estimated to witness the highest growth during 2018–2023. Increasing scale of genomics research, rising number of collaborations between academic research institutes and players in the bioinformatics market, growing number of government funding programs for genomics research, and the increasing focus of market players on providing efficient bioinformatics services that suit the requirements of researchers are some of the major factors driving the growth of this segment.
“APAC is projected to witness the highest growth during the forecast period.”
The Asia Pacific bioinformatics services market is expected to grow at the highest CAGR from 2018 to 2023. Factors such as increasing incidence of target diseases (such as cancer and genetic diseases), rising awareness about the clinical applications of bioinformatics and its advantages over conventional methods, and growing genomic and drug discovery research activities are driving the growth of the Asia Pacific bioinformatics services market.
Breakdown of supply-side primary interviews: by company type, designation, and region:
• By Company Type - Tier 1 –26%, Tier 2 –33% and Tier 3 –41%
• By Designation – C-level – 43%, Director-level – 36%, Others – 22%
• By Region – North America – 33%, Europe – 21%, APAC – 37%, RoW – 9%
As of 2017, the key players in the bioinformatics services market include Illumina (US), Thermo Fisher Scientific (US), Eurofins Scientific (Luxembourg), BGI (China), NeoGenomics (US), PerkinElmer (US), CD Genomics (US), Macrogen (South Korea), QIAGEN (Germany), GENEWIZ (US), Source BioScience (UK), Microsynth (Switzerland), MedGenome (India), Fios Genomics (UK), and BaseClear (Netherlands), among others.
This report studies the bioinformatics services market based on type, specialty, application, end user, and region. The report also analyzes factors (such as drivers, restraints, opportunities, and challenges) affecting market growth. It evaluates opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders. The report also studies micromarkets with respect to their growth trends, prospects, and contributions to the total market. The report forecasts the revenue of the market segments with respect to four main regions.
Reasons to Buy the Report:
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on business strategies adopted by the major players in the bioinformatics services market. The report analyzes the bioinformatics services market based on type, specialty, application, end user, and region
• Service Launches: Insights on R&D activities and service launches in the bioinformatics services market
• Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various bioinformatics services across geographies
• Market Diversification: Exhaustive information about recent developments and investments in the bioinformatics services market
• Competitive Assessment: In-depth assessment of market ranking, strategies, and services of leading players in the bioinformatics services market