What This Report Will Provide?
Factors such as increasing public-private sector funding for bioinformatics services, the shortage of skilled bioinformatics professionals leading to increased outsourcing of biofinformatics projects, and growing applications of bioinformatics in various industries are expected to drive the growth of the bioinformatics services market.
Expected Revenue Growth:
The global bioinformatics services market is expected to reach USD 3.53 billion by 2023 from USD 1.70 billion in 2018, at a CAGR of 15.7% during the forecast period.
Major Growth Boosters:
Growth in the global bioinformatics services market is mainly driven by the growing applications of bioinformatics in various industries, increasing public-private sector funding for bioinformatics services, and the shortage of skilled bioinformatics professionals leading to increased outsourcing of bioinformatics projects.
The reducing cost of sequencing and growing volume of data generated during sequencing, growing focus on outsourcing for the management of large volumes of data, and the emerging markets are also expected to present growth opportunities for players in the market.
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Recent Developments:
- In 2017, QIAGEN and Centogene (Germany) collaborated to integrate Centogene’s CentoMD rare disease variant database with Qiagen Clinical Insight bioinformatics solution
- In 2017, NeoGenomics established its first European laboratory in Rolle, Switzerland to expand its geographical presence and increase its sales in Europe.
- In 2017, QIAGEN acquired OmicSoft Corporation (US) to enhance its multi-omics data analysis bioinformatics services offerings
Key questions addressed in the report:
- What are the growth opportunities related to bioinformatics service market across major regions in the future?
- Emerging countries have immense opportunities for the growth and adoption of bioinformatics service. Will this scenario continue in the next five years?
- What are the various bioinformatics service segments and their market share in the overall market?
- What are the new trends and advancements in the bioinformatics service market?
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Growing applications of bioinformatics in various industries :
In comparison with other conventional methods, bioinformatics services provide a wide range of advantages in terms of cost and time efficiency. Owing to these advantages, the applications of bioinformatics services are increasing in a number of fields such as toxicology, survival analysis, drug discovery and development, clinical diagnostics, disease prediction, and personalized medicine.
Regional Growth Analysis:
This report covers the bioinformatics services market data across four major geographies, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America accounted for the largest share of the global bioinformatics services market in 2017, followed by Europe. The large share of the North American region is mainly attributed to the presence of leading bioinformatics service providers in the region, decreasing cost of sequencing, increasing number of genomic research activities in the region, high incidence of target diseases (such as cancer and genetic diseases), and favorable funding scenario for bioinformatics-based research.
Key Market Players
The major players in the bioinformatics services market profiled in this report are Illumina (US), Thermo Fisher Scientific (US), Eurofins Scientific (Luxembourg), BGI (China) dominated the market. Other players in the market are NeoGenomics (US), PerkinElmer (US), CD Genomics (US), Macrogen (South Korea), QIAGEN (Germany), GENEWIZ (US), Source BioScience (UK), Microsynth (Switzerland), MedGenome (India), Fios Genomics (UK), and BaseClear (Netherlands), among others.
