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Bioinformatics Services Market is segmented by Drug Development, Molecular Medicine, Microbial Genome Applications
The primary services offered by market players operating in the global bioinformatics services market 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. The Global Bioinformatics Services market is expected to witness a CAGR of 14.7% from USD 3,227.8 Million in 2022 to USD 8,442.9 Million in 2029.
| Attribute | Key Insights |
|---|---|
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Bioinformatics Services Market Size (2022) |
US$ 3,227.8 Mn |
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Projected Market Value (2028) |
US$ 8,442.9 Mn |
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Global Market Growth Rate (2022 - 2029) |
14.7% CAGR |
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The growing implementations of bioinformatics services across innumerable end-use industries such as bioremediation, forensics, consumer products, food and beverages, and agriculture along with the increasing financial support for bioinformatics services from both - private and public sources are driving the growth of the global bioinformatics services market. Apart from this, the development of improved methods for predicting putative protein sequences and gene function has resulted in bioinformatics services gaining remarkable popularity in the world of science. The increasing uses of integrated bioinformatics systems in proteomics and genomics are also expanding the opportunities for service providers to address the demand by offering precise and cost-effective solutions. In the near future, the demand for precise and high-quality data analysis tools is likely to stay strong, which will eventually drive the growth of the market.
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Get a Customized VersionFood, 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.
The cost of genome sequencing has decreased significantly over the last few years, mostly due to technological advancements in this sector. The availability of modern, efficient, and accurate systems at a cheaper cost, along with lower sequencing costs, has considerably increased global usage of the newest sequencing technologies, which is eventually fuelling the growth of the Bioinformatics Services Market.
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.
The increasing adoption of collaborations such as between information technology (IT) corporations and pharma companies, is likely to boost the growth of the bioinformatics services 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 bioinformatics services market.
“Data complexity”
Because of the data explosion caused by the increasing number of biological experiments, it has become mandatory for bioinformatics service providers to provide a data-driven approach rather than the traditional hypothesis-driven approach. Handling this 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.
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During the COVID-19 outbreak, it was essential to discover and understand ways to stop the virus' spread. Decoding the coronavirus's genome was important to making vaccines, hence, several studies were conducted to better comprehend the virus's genetic combination, and these studies were supported by bioinformatics. Because of the superior bioinformatics capabilities of the service providers, researchers were able to find several characteristics of SARS-CoV-2, right from its diagnosis to its genesis.
The Bioinformatics Services Market is highly competitive due to presence of big players. The major players in the Bioinformatics Services market are reducing drug development expenses by shifting their focus from software outsourcing to building in-house solutions, enabling them to modify their necessary applications to meet their demands and boost workflow efficiency.
| Attribute | Details |
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Forecast Period |
2022 - 2029 |
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Historical Data Available for |
2014-2021 |
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Market Analysis |
US$ Mn/Bn for Value |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
By End User |
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Key Companies Profiled |
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Customization & Pricing |
Available upon Request |
Bioinformatics Services Market by Service Type
Bioinformatics Services Market by Application
Bioinformatics Services Market by End User
Bioinformatics Services Market by Region
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.
