Bioinformatics Services Market is estimated to reach US$ 8,442.9 Million at a CAGR of 14.7% by the year 2029. With remote monitoring comes remote surgery. With digital twinning, this surgery becomes feasible. This could help in saving on prices of development of complex medical products, thereby improvising on time-to-market metric. This would be the thing with the healthcare vertical in the upcoming period.
In 2018, the global market for bioinformatics services registered the revenues worth US$ 1.9 Bn. Spectacular growth in the deployment of bioinformatics services is likely to offer a strong impetus to the global market value in 2019, at an estimated 14.7% Y-o-Y growth rate. A new Persistence Market Research (PMR) study has projected robust growth prospects for the bioinformatics services industry over the course of next few years.
Factors such as the increasing prevalence of diabetes & other chronic diseases, increasing geriatric population, and increasing collaborations & partnerships between various IT companies and pharmaceutical companies are expected to boost the revenue generation of the bioinformatics services market during the forecast period. The adoption of IT solutions in various academic sectors is also expected to increase the growth of the bioinformatics services market.
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Apart from factors driving the growth of the bioinformatics services market, there are some of the factors that are likely to restrain the growth of the bioinformatics services market. For instance, the high cost of bioinformatics tools is one of the major factors that is expected to hinder the growth of the bioinformatics services market. Certain other factors, such as a regulatory landscape that is not well-defined, a shortage of skilled personal, etc., are expected to hinder the growth of bioinformatics services market.
- Illumina, Inc.
- Thermo Fisher Scientific
- Strand Life Sciences, Inc.
- CD Genomics
- Biomax Informatics AG
- DNANEXUS, INC.
- Agilent Technologies, Inc.
- QIAGEN N.V.
- Gene Codes Corporation
- BGI Group
- Gene Code Corporation
- PerkinElmer Inc.
- Premier Biosoft
- Biomatters Geneious
- GSL Biotech LLC (SnapGene)
- FIOS Genomics
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Increasing per capita healthcare expenditure is an important macro-economic factor that is likely to affect the growth of the bioinformatics services market. Changes in the structure of the economy and the availability of technologically advanced bioinformatics tools is also contributing to the growth of the bioinformatics services market.
Various ongoing trends in the bioinformatics services market, such as increasing initiatives by governments & private organizations and increasing consolidations among the key players, is expected to boost the overall growth of the bioinformatics services market. Technological advancements are also among the important ongoing trends in the bioinformatics services market, which can lead to the introduction of various technologically advanced bioinformatics tools, and hence, boost the growth of the bioinformatics services market.
Increase in product consolidation activities, which include sales & service agreements, collaborations, rising research & development activities, new product launches, joint ventures, partnerships, patent transfers, and mergers & acquisitions among global and regional players, are characteristic of the overall competition in the global bioinformatics services market.
Several key manufacturers are focusing on mergers & collaborations, the settlement of new services centers, and increasing their footprints in emerging markets. For example, Illumina Inc. emphasizes on the setting up of new service centers and sales units. Strand Life Sciences is focusing on increasing its footprint in emerging markets.
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North America and Europe Continue to Lead the Way in Global Market
Based on the service type, the global bioinformatics services market has been segmented into data storage and management, sequencing, data analysis, drug discovery and other types of services. Based on the application, the bioinformatics services market has been segmented into molecular development, drug development microbial genome application, veterinary science, gene therapy, forensic analysis and other applications associated with bioinformatics services market.
Based on the end user, the bioinformatics services market has been segmented into academic and research center, pharmaceutical and biotechnology industries, forensic laboratories and other end users. Geographically, North America, followed by Europe, is expected to hold a significant revenue share in the global bioinformatics services market. Companies operating in the global bioinformatics services market are focusing or merging with other IT companies to expand their bioinformatics services businesses. Key players of the bioinformatics services market are also focusing on increasing their footprints in various emerging regions.
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