(PharmaNewsWire.Com, August 12, 2021 ) The Key Growth Elements in Detailed?
The 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. However, the in-house development of bioinformatics solutions and publicly available bioinformatics tools are expected to limit market are expected to restrain market growth in the coming years.
Worldwide Growth Opportunities in Terms of Revenue:
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.
Driver: Growing applications of bioinformatics in various industries;
Several industries, such as the food, bioremediation, agriculture, forensics, and consumer industries, are also using bioinformatics services to improve the quality of their products and supply chain processes. Bioinformatics services such as data integration, manipulation, lead discovery, data management, in silico analysis, and advanced knowledge discovery are increasingly being adopted by companies across various industries. This growth in the application areas of bioinformatics services is expected to create new revenue pockets for players operating in this market, which in turn will further support the adoption of these services and lead to overall market growth.
The bioinformatics services market covers five key geographies—North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2020, Asia Pacific region offered significant opportunities for the growth of the bioinformatics market. The market growth in Asia Pacific can be attributed to the increasing incidence of genetic diseases, rising number of bioinformatics-based research studies, and growing demand for bioinformatics services from various end users.
Major Key Players Mentioned in the research report are:
Prominent players in the bioinformatics services market include Illumina (US), Thermo Fisher Scientific (US), Eurofins Scientific (Luxembourg), BGI Group (China), NeoGenomics (US), PerkinElmer (US), CD Genomics (US), Psomagen, Inc. (South Korea), QIAGEN (Germany), GENEWIZ (US), Source BioScience (UK), Microsynth (Switzerland), MedGenome (India), Fios Genomics (UK), and BaseClear (Netherlands), among others.
Recent Developments in Bioinformatics Services Market;
- In November 2020, 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
- In January 2020, 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
- In August 2019, 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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