Bioinformatics Services Market to Reach USD 6.38 Billion by 2028 – Reports and Data
Increasing investments in research and development activities, growing demand for bioinformatics in various application sector, and rising demand for data integration of huge data are key factors fueling global market growth
The global bioinformatics services market size is expected to reach USD 6.38 Billion in 2028 and register a CAGR of 11.7%, according to the latest report by Reports and Data. Key factors such as increasing collaborations among companies and research institutes, and ongoing research activities in proteomics, metabolomics are boosting global market revenue growth.
Bioinformatics services are gaining traction over the last few years. These services are widely used for storing, retrieving, and analyzing data. Rapid revenue growth is attributed to factors such as technological advancements in bioinformatics, increasing awareness about the benefits of bioinformatics services, increasing adoption of these services, demand for integrated data solutions to manage large data, and increasing adoption of bioinformatics services in clinical diagnosis. In addition, rising demand for combined data services and high adoption of bioinformatics services in drug discovery, drug development, and research purposes, rising adoption of customized data, and rising prevalence of rare and chronic disorders is further fueling market growth.
However, lack of skilled professionals to carry out the processes, high cost of sequencing and unavailability of funds in several countries for R&D activities are key restraints expected to hamper global market growth in the coming years.
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Key highlights in the report:
- Based on end-use segment, the medical segment is expected to register highest CAGR owing to high demand for bioinformatics services in various drug discovery and drug development processes.
- Among the application segments, the transcriptomics segment is expected to account for significant revenue growth throughout the forecast period owing to increasing research projects in transcriptomics.
- The academic segment is expected to register fastest revenue growth during the forecast period due to high adoption of bioinformatics services and techniques in genomics and proteomics for research purposes in universities and research institutes and availability of considerable funds for research and development purposes.
- North America is projected to account for largest revenue share in the global bioinformatics services market between 2021 and 2028. Increasing investments in research and development activities, well-defined frameworks, and growing adoption of personalized medicine are some key factors boosting growth of the bioinformatics services in this region.
- The bioinformatics services market in Europe is expected to account for significant revenue growth over the forecast period. High revenue growth is attributed to factors such as increasing research on genomics and proteomics, increasing government support from genomic research, presence of key market payers.
- Asia Pacific is expected to register fastest revenue CAGR over the forecast period owing to improving healthcare infrastructures and healthcare facilities, increasing investments in research and development activities, ongoing research on genomics and proteomics, and rising prevalence of infectious diseases.
- Qiagen Inc., IBM Life Sciences, Illumina Inc., GVK Biosciences, Nxt-Dx, Biovia (Accelrys Inc), Non Linear Dynamics, Biomax Informatics AG., DNAnexus Inc., Affymretrix Inc., Geneva bioinformatics, Bruker Daltonics, and Life Technologies Corporation are key companies operating in the global bioinformatics services market.
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For this study, Reports and Data has segmented the global assisted bioinformatics services market based on services, application, end-use, and region:
Service Type Outlook (Revenue, USD Billion, 2018 - 2028)
- Sequencing Services
- Data Analysis Services
- Drug Discovery Services
- Differential Gene Expression Analysis
- Database Management Services
Application Outlook ((Revenue, USD Billion, 2018 - 2028)
- Drug Discovery
End Use Outlook (Revenue, USD Billion, 2018 - 2028)
- Academic Users
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Regional Outlook (Revenue, USD Billion, 2018 - 2028)
- North America
- Rest Of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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