Bioinformatics Services Market By Type (Sequence, Gene Expression), By Application (Genomics, Proteomics, Transcriptomics), By End-User (Biopharmaceutical Companies, Academic & Research Institutes), & Region For 2024-2031
Report ID: 27401|No. of Pages: 202
Bioinformatics Services Market By Type (Sequence, Gene Expression), By Application (Genomics, Proteomics, Transcriptomics), By End-User (Biopharmaceutical Companies, Academic & Research Institutes), & Region For 2024-2031
Bioinformatics Services Market Valuation – 2024-2031
The growing need for the bioinformatics services market and fast advances in sequencing technology have generated vast amounts of biological data, necessitating the use of advanced analysis tools and knowledge. Bioinformatics services are critical in gaining significant insights from this data, allowing researchers to better understand complicated biological processes, develop novel medications, and tailor medical treatments. The market size surpass USD 11.1 Billion valued in 2023 to reach a valuation of around USD 3.58 Billion by 2031.
The increased emphasis on personalized medicine and precision healthcare has driven the demand for bioinformatics solutions. Bioinformatics can assist in discovering illness risk factors, forecasting therapy responses, and personalizing therapeutic approaches to a person’s specific needs by examining their genetic data. The rising demand for cost-effective and efficient Bioinformatics Services is enabling the market grow at a CAGR of 15.06% from 2024 to 2031.
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Bioinformatics Services Market: Definition/ Overview
Bioinformatics services cover a wide range of computational tools and methods for managing, analyzing, and interpreting biological data. These services enable the integration of data from domains such as genomics, proteomics, transcriptomics, and metabolomics to provide insights into biological systems. Drug discovery, customized medicine, gene sequencing, and biological data management are some of the most important applications of bioinformatics. Researchers and healthcare professionals use these services to analyze big datasets, detect disease markers, and develop tailored medicines, considerably improving the precision and efficiency of life science research.
Bioinformatics services are anticipated to develop significantly, owing to advances in artificial intelligence, machine learning, and high-throughput sequencing technology. As the demand for customized medicine and genomics grows, bioinformatics services will play an important role in expediting drug discovery and clinical diagnostics.
Growing applications in agricultural biotechnology and environmental studies will boost the market. The combination of cloud computing and big data analytics is also expected to improve the scalability and accessibility of bioinformatics services, establishing them as essential tools for tackling future biological and healthcare concerns.
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What are the Factors that Surge the Demand for the Bioinformatics Services Market?
The increasing number of genomic data is propelling the bioinformatics services market. The rapid growth of genomic data, fueled by the falling cost of genome sequencing—from USD 100 Million in 2001 to less than $1,000 in 2020, according to the National Human Genome Research Institute—has resulted in an increase in data generation. This low cost has increased the use of sequencing technology, resulting in a growing demand for bioinformatics services to efficiently process, analyze, and interpret this massive amount of data.
The bioinformatics services market is being driven by the rising adoption of precision medicine. Precision medicine depends largely on bioinformatics to assess patient-specific genetic data and develop individualized treatment recommendations. The United States Precision Medicine Initiative, which began in 2015 with a USD 215 Million investment, sought to expedite scientific discoveries and equip doctors with sophisticated tools for selecting the most effective medicines for individual patients. This dependence on bioinformatics to handle complicated genetic information is essential for the development of personalized, data-driven healthcare solutions.
What are the Factors that Hinder the Growth of the Bioinformatics Services Market?
Managing diverse biological data and addressing ethical problems could have an impact on the bioinformatics services market. The massive amount of biological data from many sources, such as genomes, proteomics, and clinical records, presents difficulties in data integration, standardization, and interpretation. Ethical issues about data privacy, security, and the possible exploitation of sensitive genetic information might pose regulatory challenges. These obstacles hinder the adoption of bioinformatics services, as firms must maintain ethical standards while managing complex, heterogeneous data.
Regulatory hurdles hinder the expansion of the bioinformatics services market. Companies face hurdles in maintaining compliance due to strict regulations governing data privacy, security, and the ethical use of genetic information. These rules, such as those governing the management of sensitive patient data and cross-border data sharing, impede the uptake of bioinformatics services. Organizations must traverse these complex legal frameworks, which can raise costs and slow innovation, affecting market growth.
Category-Wise Acumens
Which Factors Enhance the Use of the Bioinformatics Services Market?
Data analysis is the dominant segment within the bioinformatics services market. The increase in biological data generation is propelling the data analysis segment of the bioinformatics services market. As genomics, proteomics, and other biological research create large volumes of data, modern data analysis methods grow increasingly important for processing and interpreting this complicated information. Bioinformatics services are essential in maintaining, analyzing, and extracting relevant insights from enormous datasets, which are required for research, customized medicine, and drug development. With the increase in data generation, the data analysis segment has emerged as a key driver of market growth.
The growing reliance of researchers on bioinformatics for exploring the intricacies of biological systems is propelling the data analysis section of the bioinformatics services market. As researchers create huge and complicated datasets in fields such as genomics and proteomics, advanced bioinformatics tools are required to analyze, interpret, and obtain insights from this data. The demand for advanced data analysis solutions to enable research breakthroughs and innovation is driving the expansion of the data analysis segment in the bioinformatics market.
Which Factors Boost the Use of the Bioinformatics Services Market?
The genomics segment dominates the bioinformatics services market. Agriculture drives the genomics component of the bioinformatics services market. The expanding application of genomic technology in agriculture for crop development, pest resistance, and livestock breeding necessitates improved bioinformatics tools for analyzing genetic data. These techniques aid in the identification of gene characteristics that boost yield, disease resistance, and environmental adaptation, making bioinformatics essential for current agricultural research and development. The agricultural sector’s use of genomic technologies is driving up demand for bioinformatics services.
Sequencing technologies are fueling the expansion of the bioinformatics services market category. Rapid improvements in sequencing technology, such as next-generation sequencing (NGS), have significantly reduced the cost and time necessary for genome sequencing, resulting in an unprecedented influx of genetic data. Bioinformatics services are required to process, analyze, and interpret data in order to get insights into areas such as genetics, customized medicine, and drug discovery. As sequencing becomes more affordable, there is an increasing demand for bioinformatics solutions to handle the increased data volume.
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Country/Region Wise Acumens
Will the Strong Research Infrastructure Expand the North American Region for the Bioinformatics Services Market?
North America has been a leading area in the bioinformatics services market for many years. North America’s strong research infrastructure is fueling the growth of the bioinformatics services market. The region’s renowned research institutes and universities are critical to the advancement of bioinformatics, with significant investments in R&D. For instance, in fiscal year 2020, US academic institutions invested USD 86.4 Billion in R&D, with major funding going to biological sciences and bioinformatics. The National Institutes of Health (NIH) increased its bioinformatics funding from USD 700 Million in 2012 to more than USD 1.3 Billion in 2022, while the Canadian Institutes of Health Research (CIHR) allotted CAD 13.7 million to bioinformatics and AI initiatives between 2021 and 2022. This significant and growing investment creates a favorable environment for bioinformatics services, hence boosting market growth and innovation in North America.
The large pharmaceutical and biotechnology industries are propelling the North American bioinformatics services market. The sector’s large expenditure on medication discovery and development helps to drive market growth. This expansion is being driven by an increased emphasis on personalized medicine and genomics, with the NIH noting that more than 75% of FDA-approved treatments now include pharmacogenomic data. The frequency of chronic diseases, as well as bioinformatics’ crucial role in the COVID-19 pandemic, increased demand. The expected 19% increase in bioinformatics scientist employment by 2031 demonstrates the sector’s strong future, aided by the pharmaceutical and biotechnology industries.
Will the Rising Healthcare Spending Fuel the Asian Pacific Region for the Bioinformatics Services Market?
The Asia-Pacific region has emerged as one of the fastest-growing markets for bioinformatics services. Rising healthcare spending is expected to fuel the Asia-Pacific bioinformatics services market. Healthcare expenditure has risen from 6.6% of GDP in 2000 to 7.1% in 2019 and is expected to reach 8.5% by 2030, driving the need for better bioinformatics technologies. This increase in spending, combined with the growing burden of chronic diseases such as diabetes, which afflicted 247 million persons in 2023 and is anticipated to reach 310 million by 2045, is driving up the demand for advanced data analysis. The COVID-19 pandemic underlined the relevance of bioinformatics, as the region produced over 3 million SARS-CoV-2 sequences. Initiatives like the GenomeAsia 100K project, as well as supporting government regulations, help to drive market growth, which is expected to rise from USD 2.1 billion in 2023 to USD 4.5 Billion by 2028.
Increased government expenditure is considerably propelling the Asia-Pacific bioinformatics services market. Countries such as China, India, and South Korea are heavily investing in bioinformatics, with China’s R&D spending in life sciences expected to exceed 3% of GDP by 2025, India’s Department of Biotechnology allocating INR 2,581 crore (about USD 350 Million) to bioinformatics, and South Korea planning KRW 2.2 trillion (about USD 1.9 Billion) in AI and big data for healthcare. The increased focus on bioinformatics, fueled by rising chronic disease incidence and the COVID-19 pandemic, emphasizes the importance of government support in extending the business.
Competitive Landscape
The bioinformatics services market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support.
The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the bioinformatics services market include:
Illumina, BGI, Thermo Fisher Scientific, PerkinElmer, Eurofins Scientific, NeoGenomics, CD Genomics, Macrogen, Source BioScience, Microsynth, MedGenome, Fios Genomics, BaseClear.
Latest Developments
- In June 2023, Psomagen announced the Pacific Bioscience Revio system, a novel sequencing platform that provides services such as the whole genome, whole exome, single cell and bulk RNAseq, microbiome, Olink Proteomics, and more.
- In August 2023, PacBio agreed to buy Apton Biosystems, Inc. to speed the development of a next-generation, high-throughput short-read sequencer
- In March 2023, Emmes, a Clinical Research Organization (CRO), bought Essex Management. Essex provides bioinformatics and health information technology (HIT) consulting services to government, corporate sector, and academic institutions.
Report Scope
| Report Attributes | Details |
|---|---|
| Study Period | 2018-2031 |
| Growth Rate | CAGR of ~ 14.7% from 2024 to 2031 |
| Base Year for Valuation | 2023 |
| Historical Period | 2018-2022 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Players |
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| Customization | Report customization along with purchase available upon request |
Bioinformatics Services Market, By Category
Type
- Sequence
- Gene Expression
- Data Analysis
- Drug Discovery
Application
- Genomics
- Proteomics
- Transcriptomics
- Metabolomics
- Pharmacogenomics
End-Users
- Biopharmaceutical Companies
- Academic & Research Institutes
- Contract Research Organizations
- Hospitals & Clinics
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Research Methodology of Verified Market Research:
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
Customization of the Report
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Frequently Asked Questions
1 INTRODUCTION OF GLOBAL BIOINFORMATICS SERVICES MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL BIOINFORMATICS SERVICES MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL BIOINFORMATICS SERVICES MARKET, BY TYPE
5.1 Overview
5.2 Sequence
5.3 Gene Expression
5.4 Data Analysis
5.5 Drug Discovery
6 GLOBAL BIOINFORMATICS SERVICES MARKET, BY APPLICATION
6.1 Overview
6.2 Genomics
6.3 Proteomics
6.4 Transcriptomics
6.5 Metabolomics
6.6 Pharmacogenomics
7 GLOBAL BIOINFORMATICS SERVICES MARKET, BY END-USERS
7.1 Overview
7.2 Biopharmaceutical Companies
7.3 Academic & Research Institutes
7.4 Contract Research Organizations
7.5 Hospitals & Clinics
8 GLOBAL BIOINFORMATICS SERVICES MARKET, BY GEOGRAPHY
8.1 Overview
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 U.K.
8.3.3 France
8.3.4 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific
8.5 Rest of the World
8.5.1 Latin America
8.5.2 Middle East And Africa
9 GLOBAL BIOINFORMATICS SERVICES MARKET COMPETITIVE LANDSCAPE
9.1 Overview
9.2 Company Market Ranking
9.3 Key Development Strategies
10 COMPANY PROFILES
10.1 Illumina
10.1.1 Overview
10.1.2 Financial Performance
10.1.3 Product Outlook
10.1.4 Key Developments
10.2 BGI
10.2.1 Overview
10.2.2 Financial Performance
10.2.3 Product Outlook
10.2.4 Key Developments
10.3 Thermo Fisher Scientific
10.3.1 Overview
10.3.2 Financial Performance
10.3.3 Product Outlook
10.3.4 Key Developments
10.4 PerkinElmer
10.4.1 Overview
10.4.2 Financial Performance
10.4.3 Product Outlook
10.4.4 Key Developments
10.5 Eurofins Scientific
10.5.1 Overview
10.5.2 Financial Performance
10.5.3 Product Outlook
10.5.4 Key Developments
10.6 NeoGenomics
10.6.1 Overview
10.6.2 Financial Performance
10.6.3 Product Outlook
10.6.4 Key Developments
10.7 CD Genomics
10.7.1 Overview
10.7.2 Financial Performance
10.7.3 Product Outlook
10.7.4 Key Developments
10.8 Macrogen
10.8.1 Overview
10.8.2 Financial Performance
10.8.3 Product Outlook
10.8.4 Key Developments
10.9 Source BioScience
10.9.1 Overview
10.9.2 Financial Performance
10.9.3 Product Outlook
10.9.4 Key Developments
10.10 Microsynth
10.10.1 Overview
10.10.2 Financial Performance
10.10.3 Product Outlook
10.10.4 Key Developments
11 KEY DEVELOPMENTS
11.1 Product Launches/Developments
11.2 Mergers and Acquisitions
11.3 Business Expansions
11.4 Partnerships and Collaborations
12 Appendix
12.1 Related Research
Report Research Methodology
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Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
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Econometrics and data visualization model
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All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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