Bioinformatics Services Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Key Drivers Fueling Growth in Bioinformatics Services Market

The global bioinformatics services market is poised for substantial growth, with projections indicating a Compound Annual Growth Rate (CAGR) of 14 % from USD 3.5 Billion in 2024 to USD 8.7 Billion by 2031. The burgeoning demand for bioinformatics services across various industries, coupled with reduced sequencing costs and the increasing prevalence of chronic diseases, are key factors propelling market expansion.

Growing Applications of Bioinformatics in Diverse Industries

Bioinformatics services are witnessing growing adoption in an array of industries including food, bioremediation, agriculture, forensics, and consumer goods. Companies are leveraging services such as data analysis, gene expression, sequencing, and database administration to enhance product quality and streamline supply chain operations. This expanding application landscape is expected to drive overall market growth significantly.

Cost Reductions in Genome Sequencing

Technological advancements have led to substantial reductions in genome sequencing costs. The availability of efficient and cost-effective sequencing technologies has spurred global adoption, fueling growth in the bioinformatics services market. The accessibility of modern sequencing systems at lower costs has facilitated widespread utilization across various sectors, contributing to market expansion.

Rising Incidence of Chronic Diseases and Aging Population

The escalating prevalence of chronic diseases alongside the global aging population is another driving force behind the growth of the bioinformatics services market. The increasing demand for therapeutic drugs to address chronic conditions is expected to boost market growth as bioinformatics services play a crucial role in drug discovery and development processes.

Enhanced Collaboration between IT and Pharmaceuticals

Collaborations between information technology (IT) firms and pharmaceutical companies are on the rise, driving innovation in essential healthcare technologies. These partnerships are fostering advancements in cloud computing and other areas, thereby stimulating growth in the bioinformatics services market. The synergistic efforts between IT and pharma companies are anticipated to further propel market expansion in the forecast period.

Challenges: Addressing Data Complexity

Despite the promising growth outlook, challenges persist, notably in handling the complexity of biological data. The proliferation of biological experiments has led to a data explosion, necessitating advanced infrastructure for data processing, storage, retrieval, and analysis. Addressing these complexities poses significant challenges for bioinformatics service providers and may hinder market growth.

Impact of COVID-19 on Bioinformatics Services Market

During the COVID-19 pandemic, bioinformatics played a pivotal role in understanding and combating the virus. Researchers leveraged bioinformatics capabilities to decode the coronavirus genome, enabling the development of vaccines and diagnostic tools. The superior capabilities of bioinformatics service providers facilitated crucial insights into the characteristics of SARS-CoV-2, aiding in the global response to the pandemic.

Competitive Analysis

The bioinformatics services market is highly competitive, with major players driving innovation and efficiency in drug development processes. Key players are increasingly focusing on in-house solutions to reduce costs and enhance workflow efficiency, further intensifying competition in the market.

Key Companies Profiled

• Illumina, Inc.
• Thermo Fisher Scientific
• Strand Life Sciences, Inc.
• CD Genomics
• Biomax Informatics AG
• DNANEXUS, INC.
• Agilent Technologies, Inc.
• QIAGEN N.V.
• Gene Codes Corporation
• BGI Group
• Gene Code Corporation
• PerkinElmer Inc.
• Premier Biosoft
• Biomatters Geneious
• Creative-Biolabs
• DNASTAR
• GSL Biotech LLC (SnapGene)
• FIOS Genomics

Bioinformatics Services Market Categorization

Bioinformatics Services Market by Service Type

• Drug Development
• Molecular Medicine
• Microbial Genome Applications
• Gene Therapy
• Veterinary Science
• Forensic Analysis
• Others

Bioinformatics Services Market by Application

• Sequencing
• Data Storage and Managemen
• Data Analysis
• Drug Discovery
• Others

Bioinformatics Services Market by End User

• Academics and Research Centers
• Pharmaceutical and Biotechnology Industries
• Forensics Laboratories
• Others

Bioinformatics Services Market by Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa (MEA)

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