Bioinformatics Services Market Size Worth $9.05 Billion by 2030: The Brainy Insights
The rising partnerships between information technology (IT) and pharma companies can boost the development of the bioinformatics services market over the forecast years. North America emerged as the largest market for the global bioinformatics services market, with a 35.6% share of the market revenue in 2022.
Newark, Feb. 20, 2023 (GLOBE NEWSWIRE) — The brainy Insights estimates that the bioinformatics services market will grow from USD 2.78 billion in 2022 and reach USD 9.05 billion by 2030. In just eight years, Bioinformatics Services has moved from an uncertain, standalone niche use case to a fast-growing, high return on investment (ROI) application that is truly delivering value to users. There has been a substantial reduction in the price of genome sequencing over the past few years, mainly due to technological progress in the field.
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Key Insight of Bioinformatics Services Market
North America to account for largest market size during the forecast period
North America is expected to have the largest market share in the bioinformatics services market. Key factors favouring the growth of the bioinformatics services market in North America are the rise in the adoption of cutting-edge technology and the increase in demand for better bioinformatics devices required in medicine discovery and development processes. The market in LAMEA is anticipated to expand at the highest CAGR during the projection years, owing to progress in the field of proteomics and genomics generating a considerable volume of data to be analysed and addressed. In expansion, the bioinformatics domain is still in its early stage in the region where research activities are growing gradually. Therefore, all these elements together contribute to the development of the market.
The sequencing services segment accounted for the largest market share of 18% in 2022
The product type segment is divided into sequencing services, data analysis services, gene expression, drug discovery services, data base management, and others. The sequencing services segment dominated the market, with a market share of around 18% in 2022. Bioinformatics data analysis helps to categories single-cell RNA sequencing. These analyses can be done by dimensionality reduction and clustering operating Projection (UMAP), Uniform Manifold Approximation and time methods. These techniques are broadly presented in sequencing services, and as a result, it pushes revenue growth of the segment.
The genomics segment accounted for the largest market share of 20% in 2022
The application segment is divided into metabolomics, proteomics, transcriptomics, chemoinformatics & drug design, genomics, and others. The genomics segment dominated the market, with a market share of around 20% in 2022. In genomics, samples are gathered or pulled from patient DNA and sequenced by a machine to produce data files. These data sets treat severe Chronic Obstructive Pulmonary Disease (COPD).
The academic institutes & research centres segment accounted for the largest market share of 34% in 2022
The end-use segment is divided into hospitals & clinics, pharmaceutical & biotechnology companies, and academic institutes & research centers. The academic institutes & research centres segment dominated the market, with a market share of around 34% in 2022. The increasing number of bioinformatics-based investigations, growing joint efforts between academic research institutes and essential parts in the bioinformatics services market, and increasing government financial programs for genomics research lead the segment growth.
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Advancement in market
In October 2022: United States-based startup companies Tempus Labs, and VectorBuilder Biotechnology acquired USD 275 million in funds for the expansion of precision medicine. These companies are broadly incorporating Artificial Intelligence (AI) algorithms in clinical pipeline analysis to track the progress of a disease and recruit patients into clinical trials.
Drivers: Streamline process and increase the domain knowledge
The contract research services in India are broadly used by pharmaceutical and healthcare companies for lead optimization and expansion in manufacturing procedures which helps to streamline the process and increases the field knowledge.
Restraint: Data sophistication
The high number of biological experiments caused the data disruption; therefore, it has become mandatory for bioinformatics service providers to deliver a data-driven process rather than the standard hypothesis-driven method. Handling complex data requires a well-furnished infrastructure for storage, retrieval, high-dimension data processing, and analysis, which adds extra cost to service providers. Therefore, the sophistication of data is a considerable challenge and can hamper the development of the bioinformatics services market.
Opportunity: Decreasing the price of sequencing and increasing the volume of data developed during sequencing
There has been a substantial reduction in the price of genome sequencing over the past few years, mainly due to technological progress in the field. The presence of cutting-edge, efficient, and precise systems at low prices and the lower cost of sequencing has dramatically expanded the usage of the new sequencing technologies worldwide.
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Some of the major players operating in the bioinformatics services market are:
• Agilent Technologies, Inc.
• BGI Group
• Biomatters Geneious
• Biomax Informatics AG
• CD Genomics
• DNANEXUS, INC.
• FIOS Genomics
• Gene Code Corporation
• GSL Biotech LLC (SnapGene)
• Illumina, Inc.
• PerkinElmer Inc.
• Premier Biosoft
• QIAGEN N.V.
• Strand Life Sciences, Inc.
• Thermo Fisher Scientific
Key Segments cover in the market:
By Product Type:
• Sequencing Services
• Data Analysis Services
• Gene Expression
• Drug Discovery Services
• Data Base Management
• Chemoinformatics & Drug Design
• Hospitals & Clinics
• Pharmaceutical & Biotechnology Companies
• Academic Institutes & Research Centers
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analysed based on value (USD Billion). All the segments have been analysed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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