(PharmaNewsWire.Com, January 20, 2021 ) 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.
Major Growth Drivers:
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.
Accessories to Fuel the Growth of Bioinformatics Services Market :
Data security threats are the main challenges to success in pre-competitive collaborations between bioinformatics researchers and companies, which reduces the outsourcing of bioinformatics projects. To secure research data and reduce discovery budgets, many drug discovery companies are opting for developing in-house bioinformatics tools over outsourcing their bioinformatics projects.
By type, the sequencing services segment is expected to be the largest contributor to the bioinformatics services market in 2018
On the basis of type, the bioinformatics services market is divided into sequencing services, data analysis services, drug discovery services, differential gene expression analysis, database management services, and other services. The sequencing services segment is further classified into whole genome sequencing and de novo assembly, exome analysis, transcriptome analysis, metagenomic analysis, ChIP-Seq analysis, and other sequencing analysis, whereas data analysis services segment is classified into data mining, genomic analysis, proteomic analysis, and variant annotation and discovery.
By specialty, the medical biotechnology segment is expected to be the largest contributor to the bioinformatics services market in 2018
The bioinformatics services market, by specialty, is segmented into medical biotechnology, animal biotechnology, plant biotechnology, environmental biotechnology, and forensic biotechnology. The medical biotechnology segment is expected to command the largest share of the bioinformatics services market in 2018. The largest share of this segment can be attributed to the development of new databases for drug discovery, the use of bioinformatics for clinical diagnostics, and increasing funding for the development of bioinformatics solutions for clinical diagnostics.
North America dominated the market in 2017
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.
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.
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