Bioinformatics Services Global Market Report 2024

The bioinformatics services market has grown rapidly in recent years. It will grow from $3.68 billion in 2023 to $4.24 billion in 2024 at a compound annual growth rate (CAGR) of 15.2%. The expansion observed during the historic period can be credited to several key factors, including advancements in genomic research, the surge in personalized medicine practices, increased investments in pharmaceutical research and development, a significant upsurge in biological data generation, government initiatives in healthcare, and the growing adoption of next-generation sequencing (NGS) technologies.

The bioinformatics services market is expected to see rapid growth in the next few years. It will grow to $7.83 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. The anticipated growth in the forecasted period is poised to stem from several contributing factors, notably the expanding utilization in clinical diagnostics, heightened relevance in agriculture and environmental sciences, amplified collaboration within research endeavors, and an upsurge in demand for drug repurposing applications.

The expanding integration of information technology in healthcare stands as a driving force behind the anticipated growth of the bioinformatics services market. This utilization of IT tools within healthcare has significantly enhanced treatment quality, patient safety, operational efficiency, cost reduction, and communication among healthcare professionals. Bioinformatics services, reliant on computer science and statistics for analyzing biological data, extensively leverage IT infrastructure. Notably, data from the Accenture Health and Life Sciences Experience Survey in August 2021 indicated a substantial surge in virtual consultations, rising from 7% in early 2020 to 32% in 2021, along with increased adoption of electronic health records (EHR) and remote patient monitoring. This surge in IT application within healthcare is a key driver propelling the bioinformatics services market.

The surging demand for personalized medicine emerges as a significant driver poised to propel the bioinformatics services market forward. Personalized medicine, tailoring medical treatments based on individual genetic, environmental, and lifestyle factors, heavily relies on bioinformatics. This approach utilizes bioinformatics for genetic variant identification, disease risk assessment, and analysis of genomic and proteomic data. The Personalized Medicine Coalition's data in 2022 highlighted that 35% of newly approved new molecular entities (NMEs) in 2021 were personalized medicines, underscoring the growing demand and significance of bioinformatics services in this domain.

Technological advancements serve as a prominent trend shaping the bioinformatics services market, with companies leveraging innovative technologies to fortify their positions. An illustrative example is bitBiome Inc.'s July 2022 launch of the Enzyme Discovery service, leveraging the world's largest microbial genome database (MMGDB) and distinctive bioinformatics technologies. Employing their fundamental technology, bit-MAP, for microbial single-cell genome analysis, bitBiome's service analyzes the human microbiome and environmental bacteria, offering enzyme discovery services through unique bioinformatics and 3D structural modeling technologies.

Leading companies in the bioinformatics services sector prioritize introducing innovative bioinformatic tools offering advanced data solutions, particularly in epigenetic data analysis. FOXO Technologies Inc.'s July 2023 launch of 'Bioinformatics Services' exemplifies this focus, delivering a comprehensive platform equipped with cutting-edge tools for accelerated epigenetic data analysis. These tools significantly boost speed and accuracy in data results, contributing to the processing, analysis, and interpretation of complex disease-related data, thereby expediting research and enhancing comprehension in the field.

In May 2022, ZS, a US-based management consulting company, completed the acquisition of Intomics A/S for an undisclosed amount. This strategic move aims to expand and diversify ZS's portfolio by integrating deep data, scientific expertise, academia, technology, and artificial intelligence. The synergy resulting from this acquisition is expected to expedite drug discovery processes and enhance the probability of success for new pharmaceuticals. Intomics A/S, based in Europe, specializes in bioinformatics and systems biology, operating within the bioinformatics services market.

Major companies operating in the bioinformatics services market report are QIAGEN Digital Insights, Thermo Fisher Scientific Inc., Illumina Inc., DNAnexus Inc., PerkinElmer Inc., Biomax Informatics AG, Life Technologies Corporation, BGI Group, Eurofins Scientific SE, NeoGenomics Laboratories Inc., CD Genomics Inc., MedGenome Labs Pvt. Ltd., Fios Genomics Ltd., Geneva Bioinformatics SA, GVK Biosciences Private Limited, Accelrys Inc., Macrogen Inc., GENEWIZ Inc., Source BioScience Limited, Microsynth AG, BaseClear B.V., DNASTAR Inc., GATC Biotech AG, Partek Incorporated, Seven Bridges Genomics Inc., Omixon Inc., BioTeam Inc., BioBam Bioinformatics S.L., Biomatters Limited, Genomatix GmbH, DNASTREAM Limited, Genalice B.V., Golden Helix Inc., Strand Life Sciences Private Limited.

North America was the largest region in the bioinformatics services market in 2023. Europe is expected to be the fastest-growing region in the global bioinformatics services market report during the forecast period. The regions covered in the bioinformatics services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the bioinformatics services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of bioinformatics services include sequencing services, data analysis, drug discovery services, differential gene expression analysis, database management, and various other specialized bioinformatics services. Sequencing services involve deciphering the exact sequence of nucleotides within a given sample. Specialized domains within bioinformatics services span medical biotechnology, animal biotechnology, plant biotechnology, environmental biotechnology, and forensic biotechnology. The applications of these services are diverse, encompassing genomics, chemoinformatics, drug design, proteomics, transcriptomics, metabolomics, and other fields. End-users of bioinformatics services include academic institutes, research centers, hospitals, clinics, pharmaceutical and biotechnology companies, contract research organizations (CROs), and various other end-user entities.

The bioinformatics services market research report provides bioinformatics services market statistics, including bioinformatics services industry global market size, regional shares, competitors with a bioinformatics services market share, detailed bioinformatics services market segments, market trends and opportunities, and any further data you may need to thrive in the bioinformatics services industry. This bioinformatics services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The bioinformatics services market includes revenues earned by entities through single-cell analysis, proteomics analysis, metabolomics analysis, and epigenetics analysis. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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