Report ID: PMRREP29629
Number of Pages: 200
Format: PPT*, PDF, EXCEL
Industry: Healthcare
Published Date: May-2024
The global market is projected to increase from US$ 3.3 billion in 2024 to US$ 8.8 billion in 2031. The market is estimated to record a CAGR of 14.9% in the forthcoming years from 2024 to 2031.
|
Bioinformatics Services Market Size (2024E) |
US$ 3.3 Bn |
|
Projected Market Value (2031F) |
US$ 8.8 Bn |
|
Global Market Growth Rate (CAGR 2024 to 2031) |
14.9% |
|
Historical Market Growth Rate (CAGR 2019 to 2024) |
9.7% |
Report Sample is Available
In-depth report coverage is now just a few seconds away
Get Report Sample
One of the key factors contributing significantly to the growth of the bioinformatics services market is the increasing adoption of bioinformatics tools as well as services across different sectors. Also, the increasing focus on precision medicine is influencing demand for bioinformatics solutions to help in analysing and interpreting individual genetic information. Another significant growth driver for the market growth is the increasing complexity and volume of biological data generated by advanced sequencing technologies.
The market is benefiting from advancements in data analytics, machine learning, and AI algorithms. These technologies enable more accurate interpretation of complex biological data, leading to insights that drive drug discovery, biomarker identification, and diagnostic development.
Bioinformatics services market report proceeds with the importance of bioinformatics. There is a growing need for bioinformatics services to analyze large-scale biological data and derive insights for personalized medicine approaches with advancements in genomics, proteomics, and other omics technologies. Bioinformatics plays a crucial role in identifying biomarkers, understanding disease mechanisms, and developing targeted therapies.
Bioinformatics services are crucial to develop clinical decision support systems (CDSS) that integrate patient-specific clinical data with genomic information to support personalized treatment decisions. CDSS utilize bioinformatics algorithms and predictive models to analyze patient data, predict treatment responses, and recommend personalized treatment options based on individual characteristics and genetic profiles.
The development of cloud-based bioinformatics platforms and the incorporation of artificial intelligence techniques are the major trends in the market. The market is accounted for notable growth with rising demand for precision agriculture, advancements in omics technologies and personalized medicine.
Increasing integration of AI and machine learning techniques enhances the predictive power and efficiency of bioinformatics tools for data analysis, pattern recognition, and decision-making. For sustainable agriculture practices, crop improvement and pest resistance, bioinformatics services are hugely applied in agri-genomics. Global food security challenges can be also addressed with bioinformatics services.
Make This Report Your Own
Take Advantage of Intelligence Tailored to your Business Objective
Get a Customized Version
Increasing Application of Bioinformatics Across Different Industries
Food, bioremediation, agriculture, forensics, and consumer industries are all employing bioinformatics services to improve the quality of their goods and supply chain activities. Companies in a variety of sectors are rapidly utilizing bioinformatics services such as data integration, manipulation, lead generation, data management, in silico analysis, and advanced knowledge discovery. This expansion in the application areas of bioinformatics services is likely to drive the overall market growth.
Increasing Prevalence of Chronic Diseases and Aging Population
The growing incidence of chronic diseases, as well as the global older population, are among the reasons likely to drive the growth of the bioinformatics services market. The rising rate of chronic diseases along with the aging population is likely to boost the demand for therapeutic drugs, contributing to the growth of the bioinformatics services industry.
Increased Collaboration Between IT and Pharmaceuticals
The increasing adoption of collaborations between information technology (IT) corporations and pharma companies, is likely to boost the growth of the market over the forecast period. Many organizations are forming numerous partnerships and collaborations in order to innovate and improve essential healthcare technologies related to cloud computing. Hence, the increasing collaboration between IT and pharma companies are anticipated to drive the market.
Increasing Demand for Personalized Medicine
There is a surge in demand for bioinformatics services to analyse individual genetic variations, allowing tailored treatments. This demand is driven by advancements in genomic sequencing technologies and a deep understanding of the genetic basis of diseases. Personalized medicine relies on analysing an individual's genetic makeup to tailor medical treatments to their specific genetic profile. This involves the interpretation of vast amounts of genomic data to identify genetic variations associated with diseases, drug responses, and treatment outcomes.
Biomarkers are indicators of biological processes or disease states, which can be used for diagnosis, prognosis, and treatment monitoring. Personalized medicine often involves the identification of biomarkers associated with specific diseases or treatment responses to guide personalized treatment strategies. Bioinformatics services contribute to biomarker discovery by analyzing omics data to identify molecular signatures associated with disease phenotypes or treatment outcomes.
The Complexity of Data
It has become mandatory for bioinformatics service providers to provide a data-driven approach rather than the traditional hypothesis-driven approach because of the data explosion caused by the increasing number of biological experiments.
Handling complicated data needs a well-equipped infrastructure for high-dimension data processing, storage, retrieval, and analysis which adds additional costs to the service providers. Hence the complexity of data is a significant challenge and can hinder the growth of the bioinformatics services market.
Development of Open-Source Bioinformatics Tools
There are several pharmaceutical companies and biotechnology companies develop in-house bioinformatics expertise with the rising need for constant input from bioinformatics experts. The in-house development of bioinformatics solutions helps companies customize the applications of the developed tools for their specific requirements for research projects.
A number of numerous research institutions are developing tools for their specific requirements for research projects. Many research institutions are developing freely available bioinformatics tools and advanced bioinformatics concepts. This development of open-source bioinformatics tools and freely accessible information is supporting the overall market growth but is restricting the market growth.
Reduction in the Genome Sequencing Cost
There has been a prominent reduction in the genome sequencing cost, mainly because of the technological developments in this field. The accessibility of efficient and accurate systems at low costs, along with the reduced price of sequencing has greatly boosted the adoption of the current sequencing technologies globally.
Precision Medicine Advancements
Precision medicine depends completely on genomic data to understand the genetic basis of diseases and identify potential treatment targets. Specialized tools and expertise have been offered by bioinformatics service providers to analyze as well as interpret genomic data, including such as variant calling, DNA sequencing, and genome-wide association studies.
Bioinformatics companies enable healthcare providers and researchers to identify genetic variations associated with disease susceptibility, drug response, and prognosis by providing accurate and comprehensive genomic analysis services.
The Genomics Segment Recorded Notable Revenue Share in the Market
The genomics application segment recorded notable revenue share based on application type. Genomic data analysis becomes important with the expanding focus on personalized medicine. Prominent factors contribute to the large share of this market are the introduction of technological developments, favourable funding scenario for genomic research and increasing demand for pharmacogenomics in sequence screening.
Sequencing Segment Leads the Bioinformatics Services Market
The sequencing segment in the market is exhibiting notable growth in the market. This segment growth is owing to the factors such as advances in sequencing technologies, such as next-generation sequencing (NGS) and single-cell sequencing, have made sequencing services efficient, accessible and cost-effective.
A wide range of areas such as forensic science, agriculture and livestock breeding, clinical diagnostics are using sequencing services. The demand for these services is increasing with the number of applications for sequencing services continues to expand.
Asia Pacific is Emerging as a Leader in the Bioinformatics Services Market
A few crucial factors fueling the demand for bioinformatics services in Asia Pacific include the increasing prevalence of chronic diseases, growing consciousness about personalized medicine and the presence of skilled and trained bioinformaticians. Personalized medicine relies on genetic and genomic information to tailor medical treatments to individual patients.
Bioinformatics tools and services contribute significantly in analyzing patients' genetic data, predicting treatment outcomes, and identifying personalized treatment options. It results into the adoption of bioinformatics services in the region.
Researchers and companies in the region are developing innovative bioinformatics tools and algorithms to analyze biological data more efficiently and accurately. These advancements are enhancing the capabilities of bioinformatics services and driving their adoption across various sectors.
India stands out as a prominent hub for bioinformatics services because of its strong IT infrastructure and increasing pool of skilled experts in both computer science and biology. Bioinformatics services in India encompasses a huge range of offerings such as genome analysis, transcriptomic analysis, proteomic analysis, data mining and machine learning and systems biology.
The market is highly competitive, with companies constantly innovating to differentiate their offerings and meet the evolving needs of customers. Leading players in the market include both specialized service providers and companies providing a variety of solutions tailored to the requirements of academic research, and biotechnology.
Collaborations and partnerships between bioinformatics service providers, research institutions, pharmaceutical companies, and healthcare organizations ease knowledge sharing, and innovation. These strategic alliances drive market growth by expanding market reach, accessing complementary expertise, and accelerating product development.
The primary services offered by market players operating in the global bimarket are data analysis, gene expression, sequencing, database administration, and discovery. These solutions in the bioinformatics services market are employed in different specialty areas in healthcare and life sciences, including plant, medical, and forensics, among others.
Emerging markets are witnessing increasing consciousness and adoption of bioinformatics services due to increased government initiatives, investments in healthcare infrastructure, and rising research and development activities. As these markets mature, they contribute significantly to the overall growth of the market.
The market players include both large companies and specialized service providers offering a variety of solutions tailored to the needs of academic research institutions, healthcare providers in the life sciences industry. Genomic data analysis, protein structure prediction, drug target identification, and pathway analysis are the services.
|
Attributes |
Details |
|
Forecast Period |
2024 to 2031 |
|
Historical Data Available for |
2018 to 2023 |
|
Market Analysis |
US$ Billion for Value |
|
Key Regions Covered |
|
|
Key Market Segments Covered |
|
|
Key Companies Profiled |
|
|
Report Coverage |
|
|
Customization & Pricing |
Available upon request |
By Service Type
By Application
By End User
By Region
For report customisation and delivery information contact our sales representative.
In 2022, the Bioinformatics Services Market stands at USD 8,442.9 million, and it is expected to reach USD 3,227.8 million by 2029 at a CAGR of 14.7%.
Bioinformatics Services Market exhibited a CAGR of 13% between 2014 and 2021.
Complexity of data is the key restraints in the Bioinformatics Services Market.
Growing applications of bioinformatics and reduced sequencing costs along with increasing prevalence of chronic diseases are the key factors driving the growth of the market.
Illumina Inc., Thermo Fisher Scientific, Strand Life Sciences, Biomax Informatics AG, DNANEXUS, INC., and Agilent Technologies are among the top players in the market.
