As per the report published by The Brainy Insights, the bioinformatics services market is expected to grow from USD 2.78 billion in 2022 to USD 9.05 billion by 2030, at a CAGR of 15.90% during the forecast period 2022-2030. North America region emerged as the largest market for the bioinformatics services with a 35.6% share of the market revenue in 2022. North America currently dominates the bioinformatics services market due to the existence of essential players operating in the region involved in developing new algorithms and software to enhance drug deterioration rates, and raising the adoption rate of computational algorithms, contributed to the largest share of the North American region. Demand for informatic services in Europe is also increasing due to the presence of academies in the U.K. and Germany engaged in developing I.T. solutions for pharmaceutical research. Similarly, Asia Pacific is expected to notice the fastest growth over the projection period since government and regulatory authorities have executed a framework to promote R&D collaborations and framework extension.
Leading companies in the industry Agilent Technologies, Inc., BGI Group, Biomatters Geneious, Biomax Informatics AG, CD Genomics, Creative-Biolabs, DNANEXUS, INC., DNASTAR, FIOS Genomics, Gene Code Corporation, GSL Biotech LLC (SnapGene), Illumina, Inc., PerkinElmer Inc., Premier Biosoft, QIAGEN N.V., Strand Life Sciences, Inc., Thermo Fisher Scientific., among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
The product type segment is divided into sequencing services, data analysis services, gene expression, drug discovery services, data base management, and others. The sequencing services segment dominated the market, with a market share of around 18% in 2022. The application segment is divided into metabolomics, proteomics, transcriptomics, chemoinformatics & drug design, genomics, and others. The genomics segment dominated the market, with a market share of around 20% in 2022. The end-use segment is divided into hospitals & clinics, pharmaceutical & biotechnology companies, and academic institutes & research centers. The academic institutes & research centers segment dominated the market, with a market share of around 34% in 2022.
During the coronavirus outbreak, it was essential to discover and understand new ways to prevent the virus’ spread. Cracking the Covid-19 genome was crucial in making vaccines; hence, various analyses were performed to understand the virus’s genetic combination better, and these examinations were supported by bioinformatics. Due to the outstanding bioinformatics capabilities of the service providers, researchers were able to discover various attributes of SARS-Covid-2, straight from its diagnosis to its genesis.
Advancement in market
In October 2022: United States-based startup companies Tempus Labs, and VectorBuilder Biotechnology acquired USD 275 million in funds for the expansion of precision medicine. These companies are broadly incorporating Artificial Intelligence (AI) algorithms in clinical pipeline analysis to track the progress of a disease and recruit patients into clinical trials.
The bioinformatics services market is analysed based on value (USD Billion). All the segments have been analysed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
Key Segments cover in the market:
By Product Type:
- Sequencing Services
- Data Analysis Services
- Gene Expression
- Drug Discovery Services
- Data Base Management
- Chemoinformatics & Drug Design
- Hospitals & Clinics
- Pharmaceutical & Biotechnology Companies
- Academic Institutes & Research Centers
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)