The global Bioinformatics Services Market size is expected to value at USD 4.1 billion by 2024, due to increasing demand from healthcare sector to carry out various studies such as cell signaling, pathway metabolism, gene-receptor interactions, and target differentiation. Favorable government policies and initiatives coupled with increasing funding for genomics oriented research & development, rising demand for drug discovery as well as biomarker development processes are expected to stimulate the growth of bioinformatics services industry over the forecast period.
In addition, swift decline in cost of DNA sequencing is expected to play major role in future market growth of bioinformatics services market. Globally, the bioinformatics services industry is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the market.
Massive investment for research & development by both government authorities & private bodies in the areas of metabolomics, proteomics, and transcriptomic is anticipated to foster market requirement of advanced IT solutions for large data storage and enhanced analysis .Studies involving proteomics and genomics require large arrays of structural information, which has to be stored and processed accordingly to extract information. The bioinformatics services helps to analyze and monitor large chunks of data with higher processing rate.
Incorporation of information and communication technology (ICT) infrastructure along with various operating entities or through relocation of data services with the help of cloud computing technology, which is maintained by a third parties, thus driving emerging demand, are predicted to fuel market growth over the next seven years. However, lack of skilled labor force and higher initial cost are some of the key challenges for sustained market growth. In addition, inability to adopt bioinformatics tools and lack of data integration are limiting market progress to a certain extent. Other factor restraining industry growth include high volume statistics management and industry consolidation, particularly applicable for end-user manufactures.
Various types of bioinformatics services include next generation sequencing (NGS), chemoinformatics, microarray data analysis, biological data curation, and scientific software testing services. Next generation sequencing (NGS) consists of targeted sequencing, transcriptome, whole genome, chip sequencing, de-novo assembly, and methyl sequencing analysis. These factors are expected to boost market demand for bioinformatics services in the near future.
The bioinformatics services market is broadly categorized into five major segments based on the application type such as genomics, transcriptomic, proteomics, metabolomics and drug discovery. The transcriptomic is considered as one of the fastest growing segment in the bioinformatics services industry with substantial revenue generation in the last few years.
Growing popularity of the transcriptomic segment is attributed to the rise in number of research projects in the field of transcriptomic and introduction of technological advancements for the study of RNA transcripts using bioinformatics based protocols. The genomics segment has also witnessed substantial growth owing to the growing adoption of real time disease management and shifting trend towards preventive medicine techniques.
The bioinformatics services market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in healthcare sector, increase in the research & development activities in the region, and existence of well-established medical infrastructure. Asia-Pacific region is predicted to hold major market share in the bioinformatics services with massive growth in forecast period.
Countries such as India, China and Japan are leading the Asia-Pacific market with substantial advancements in the healthcare infrastructure in the region, favorable government policies & initiatives, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the bioinformatics services industry are Accelerys Inc., Qiagen Inc., GVK Biosciences Pvt., Ltd., Illumina Inc., Agilent technologies, Inc., Life Technologies Co., Celera Co., IBM Life sciences Co., Affymetrix, Inc., DNAnexus Co., and Geneva Bioinformatic S.A.
Global Bioinformatics Services Outlook, by Type (Revenue, USD Million, 2013 - 2024)
• Targeted Sequencing Analysis
• Transcriptome Analysis
• Whole Genome
• Chip Seq Analysis
• De novo Assembly
• Methyl Seq Analysis
• Sequence Analysis Platforms
• Molecular Modeling
• Clinical trial data management
• Microarray data analysis
• Biological data curation
• Scientific software testing
• Other services
Global Bioinformatics Services Outlook, by Application (Revenue, USD Million, 2013 - 2024)
• Drug Discovery
Global Bioinformatics Services Outlook, by Sector (Revenue, USD Million, 2013 - 2024)
Bioinformatics Services Regional Outlook (Revenue, USD Million, 2013 - 2024)
• North America
• Asia Pacific
• Latin America
• South Africa
Research Support Specialist, USA