The bioinformatics services market is projected to reach USD 5.3 Billion by 2026 from USD 2.5 Billion in 2021, at a CAGR of 15.8% during the forecast period. Growing applications of bioinformatics across industries, increasing public-private sector funding for bioinformatics services, and the shortage of skilled bioinformatics professionals (leading to increased outsourcing of bioinformatics projects) are the major factors that are expected to drive the growth of the bioinformatics services market during the forecast period.
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Key Market Players
The competitive landscape includes the analysis of the key growth strategies adopted by major players between 2017–2021 to expand their global presence and increase their market shares in bioinformatics services market. The key growth strategies adopted by the top players in the market include service launches and approvals, partnerships, agreements, collaborations expansions, and acquisitions. Partnerships were the most widely adopted growth strategies by market players in the last three years to garner a larger share of the market
Thermo Fisher Scientific (US) holds the leading position in the global bioinformatics services market. The strong geographic presence across major markets is supporting the growth of the company’s market share. The company primarily focuses on developing technologically advanced bioinformatics solutions to enhance its bioinformatics service offerings. The company also engages in inorganic growth strategies such as acquisitions. For example, it acquired Core Informatics (US), a bioinformatics company, in 2017. Such developments help the company maintain a strong position in bioinformatics services market. Thermo Fisher Scientific has a robust product portfolio of NGS platforms, consumables, reagents, and services.
Eurofins Scientific held the second-largest share of the bioinformatics services market. It has maintained its position in the global bioinformatics services market due to its wide geographic presence and a broad range of bioinformatics services. The acquisition of GATC Biotech (Germany) further strengthened its service offerings and position in the market. the company launched SARS-CoV-2 NGS services for providing full-length viral genome sequences to support researchers globally for the development of vaccines and fighting against the pandemic. Owing to the company’s strong industry presence and brand recognition, Eurofins’ share in the bioinformatics market is expected to increase during the forecast period.
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North America dominated the global bioinformatics services market
The North American market dominated the market. The growth in North America can be attributed to government initiatives for the reimbursement of genomic testing and favorable funding scenario for research activities.
Recent Developments
- BaseClear partnered with Leiden University this partnership focused on developing innovative technologies applicable in the field of metagenomics In April 2020, Medline Industries partnered with Yale New Haven for the exclusive supply of medical supplies along with supply chain and logistics solutions
- Charles River Laboratories entered into a strategic partnership with Fios Genomics to gain access to the expertise of Fios Genomics in the field of bioinformatics, statistics, and biology
- Eurofins Genomics acquired Blue Heron Biotech, a company specializing in advanced gene synthesis, and expanded its portfolio of oligonucleotides, sequencing, and synthetic genes
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