CAGR: 15.3%Current Market Size: USD 2.8 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The global bioinformatics services market is expected to grow from USD 2.8 billion in 2022 to USD 8.7 billion by 2030, at a CAGR of 15.3% during the Projection period 2023-2030. The growth of the bioinformatics services market is mainly driven by the increased usage in several sectors.
The field of Bioinformatics deals with methods and software needed for a deeper understanding of biological data, and it is used in a wide variety of biological applications such as genomics, drug discovery, structural biology, and medical imaging. Increasingly, bioinformatics services are being implemented across a wide range of industries including bioremediation, forensics, consumer goods, food and beverage, and agriculture. In addition, increasing financial support for bioinformatics services is coming from both private and public sources, which is driving the growth of this market. Companies across different industries are increasingly embracing bioinformatics services like information combination, control, lead disclosure, etc. As a result of bioinformatics technology, complex biological data can be analysed in very simple ways, while at the same time providing the computational tools for organising and analysing biological data, enabling better diagnostic screening. By developing new applications for bioinformatics services, players on this market will be able to generate new revenue streams, which in turn will increase the selection of these services and boost the overall development of the market. Moreover, the market for bioinformatics is increasing due to an increase in research and development, economic growth, and a desire for innovative medications.
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Market Dynamics:
Drivers:
Bioinformatics services are used by the food, bioremediation, agricultural, forensic, and consumer industries to enhance the quality of their products and supply chain operations. Bioinformatics services like data integration, manipulation, lead creation, data management, in silico analysis, and advanced knowledge discovery are being quickly used by businesses in a number of industries. The increase of the applications for bioinformatics services is probably what will spur market expansion as a whole.
Restraints:
The growing number of biological experiments has resulted in an explosion of data, making it necessary for providers of bioinformatics services to adopt a data-driven methodology rather than the more conventional hypothesis-driven methodology. For high-dimension data processing, storage, retrieval, and analysis, handling this complex data requires a well-equipped infrastructure, which increases the cost to the service providers. As a result, data complexity is a substantial hurdle and may limit the market for bioinformatics services from expanding.
Opportunities:
Over the Projection period, the market for bioinformatics services is expected to rise as more firms collaborate, such as information technology (IT) corporations and pharmaceutical companies. To create and enhance crucial cloud-based healthcare technology, several firms are forming a wide range of partnerships and collaborations. Therefore, it is projected that the market for bioinformatics services will be driven by the growing collaboration between IT and pharmaceutical firms.
Challenges:
The worldwide bioinformatics market's predicted expansion would be hampered by high capital expenditure. Additionally, it is anticipated that a shortage of qualified specialists and a low adoption of bioinformatics in emerging economies will restrain market expansion.
Segmentation Analysis:
The global bioinformatics services market has been segmented based on type, application, and region.
By Type
The type segment includes differential gene expressing analysis, sequencing services, drug discovery services, and others. The sequencing services segment led the largest share of the bioinformatics services market with a market share of around 34.5% in 2022. Due to increased funding from both public and private entities for next-generation sequencing-based ventures, mechanical advancements in next-generation sequencing combined with falling sequencing costs, and the requirement for high-throughput investigation of a lot of information created during sequencing, the sequencing services segment is expected to represent the largest portion of the bioinformatics services market.
By Application
The application segment includes metabolonimcs, transcriptomics, genomics, proteomics, chemoinformatics & drug design and others. The transcriptomics segment led the largest share of the bioinformatics services market with a market share of around 36% in 2022. The crucial development of the area is attributed to the growing need for more useful information from executive offices and the rising number of exploratory reads for the use of transcriptomics in the treatment of disease.
By End-User
The end-user segment includes hospitals & clinics, pharmaceutical & biotechnology companies, academic institutes & research centres and others. The academic institutes & research centres segment led the largest share of the bioinformatics services market with a market share of around 34% in 2022.In accordance with the growing number of bioinformatics-based exploration, the Academic Institutes & Research Centers fragment is expected to grow at the fastest rate. As well as a growing number of joint efforts between academic research institutes and major players in the Bioinformatics Services Market, government funding programs for genomics research are on the rise.
Global Bioinformatics Services Market - Sales Analysis.
The sale of the bioinformatics services market expanded at a CAGR of 14.9% from 2016 to 2022.
A better comprehension of biological data is achieved through the development of techniques and software tools in the field of bioinformatics. The study of structural biology, drug development, genetics, biomedical imaging, and other biological applications require bioinformatics. Along with sophisticated analytical tools, bioinformatics is also used to organise and retrieve data in order to examine various experimental factors. Scientists and researchers in the biological sciences are changing how they do research and address issues as a result of these tools and services. Experts in medical services are taking notice of the biotechnology's ever-expanding application in areas like disease detection and criminological investigation.
The demand for bioinformatics services is rising across a variety of industries, including healthcare, forensics, pharmaceuticals, genomic research, and biosimilars. The bioinformatics services market is expanding because of the burgeoning bio-IT industry and its pull on the pharmaceutical industry. Additionally, rising financing for research, expanding use of bioinformatics in research facilities and labs, and increasing reliance of pharmaceutical corporations on the technology as well as high capital expenditures are all contributing to the market's expansion. Additionally, many companies, including those in the food, bioremediation, agricultural, measuring, and purchasing industries, are using bioinformatics services to improve the quality of their products and maintain network measurements.
Thus, owing to the aforementioned factors, the global bioinformatics services market is expected to grow at a CAGR of 15.3% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analysed for the bioinformatics services market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North America region dominated the bioinformatics services market and held a 38.6% share of the market revenue in 2022.
Global Bioinformatics Services Market - Country Analysis:
Germany's bioinformatics services market size was valued at USD 0.21 billion in 2022 and is expected to reach USD 2.66 billion by 2030, at a CAGR of 15.4% from 2023 to 2030. Due to the region's active bioinformatics specialist co-ops, declining sequencing costs, expansion of genomics research activities, high prevalence of target diseases (such cancer and genetic diseases), and favourable financial conditions for bioinformatics-based research.
China’s bioinformatics services market size was valued at USD 0.22 billion in 2022 and is expected to reach USD 2.70 billion by 2030, at a CAGR of 15.7% from 2023 to 2030. A more extensive participation of industry participants—which ultimately results in the creation of industrial revenue—is attributed to the well defined regulatory framework. The largest impact rendering reason for the high penetration of informatics services based on drug discovery is the simultaneous growth of next-generation sequencing and chemical laboratories in the region, which eventually increases revenue generation.
India's bioinformatics services market size was valued at USD 0.16 billion in 2022 and is expected to reach USD 2.51 billion by 2030, at a CAGR of 15.6% from 2023 to 2030. Numerous benefits of bioinformatics are anticipated to support market expansion in the region. Bioinformatics has many benefits, including easy and precise biological data verification, large-scale data storage, and easy access. Through the use of an algorithm, bioinformatics also aids in quick sequence search. Additionally, bioinformatics is utilised in the realm of biotechnology for things like blue, green, red, white, and bioeconomic biotechnology. It is affordable and encompasses gene therapy, medicine manufacture, genetic testing, and pharmacogenomics.
Key Industry Players Analysis:
To increase their market position in the global bioinformatics services market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
15.3% |
Market Size |
2.8 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Type, By Application, By End-User, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Illumina, Inc., Strand Life Sciences, Inc., Thermo Fisher Scientific, Biomax Informatics AG, CD Genomics, Agilent Technologies, Inc., DNANEXUS, INC., Gene Codes Corporation, QIAGEN N.V., Biomatters Geneious, BGI Group, Gene Code Corporation, PerkinElmer Inc., Premier Biosoft, DNASTAR, Creative-Biolabs, GSL Biotech LLC (SnapGene), and FIOS Genomics. |
By Type |
|
By Application |
|
By End-User |
|
Regional scope |
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Scope of the Report
Global Bioinformatics Services Market By Type:
Global Bioinformatics Services Market By Application:
Global Bioinformatics Services Market By End-User:
Global Bioinformatics Services Market By Region:
Global bioinformatics services market is expected to reach USD 8.7 billion by 2030.
The bioinformatics services market is projected to have a CAGR of 15.3%.
Leading market players active in the global bioinformatics services market are Illumina, BGI, PerkinElmer, Thermo Fisher Scientific, NeoGenomics, Eurofins Scientific, CD Genomics, Macrogen, QIAGEN, and GENEWIZ, Microsynth, Source BioScience, Fios Genomics, MedGenome, BaseClear, among others.
Bioinformatics services are used by the food, bioremediation, agricultural, forensic, and consumer industries to enhance the quality of their products and supply chain operations. Bioinformatics services like data integration, manipulation, lead creation, data management, in silico analysis, and advanced knowledge discovery are being quickly used by businesses in a number of industries. The increase of the applications for bioinformatics services is probably what will spur market expansion as a whole.
Based on the application, the global bioinformatics services market has been segmented into metabolonimcs, transcriptomics, genomics, proteomics, chemoinformatics & drug design and others.
Political Factors- Markets for bioinformatics services should pay particular attention to pressure group, social/environment, and labour union protests since they have a substantial impact on how rules are created. By collaborating closely with these organisations, the bioinformatics services market may be improved for community involvement and the accomplishment of long-term corporate objectives. Additionally, international businesses like the bioinformatics services market benefit from a sound governance structure and a politically secure environment. The business environment is negatively impacted by both bureaucracy and corruption. The bioinformatics services market is more unstable in nations with high levels of corruption and inadequate law enforcement due to the lowered public faith in business institutions and the entire political and economic system.
Economic Factors- Organizational performance is directly impacted by the economic development of a nation. The bioinformatics services industry has several prospects for growth as a result of expanding economies. In a similar spirit, it is critical to comprehend the stage of the industrial lifecycle. Due to market saturation, entering mature industries may provide more of a challenge than entering businesses in the growth stage. The amount of money spent by the government of the host country on building the required infrastructure has an impact on how lucrative the bioinformatics services business is. Business operations are facilitated by a well-developed infrastructure, increasing the likelihood that the country's gold industry will prosper. Whether the bioinformatics services market is able to meet its long-term growth goals will depend on the GDP growth rate.
Social Factors- In order to align its marketing and communication strategies with the roles traditionally attributed to men and women, the bioinformatics services market must conduct research on this topic. The marketing and human resource methods used by traditional, patriarchal societies with well defined gender roles will differ from those used by societies with fewer gender preconceptions. International marketing managers view culture as a key component. Every culture has its own set of standards and beliefs, which are crucial in determining how people behave as consumers. bioinformatics services markets should establish regional alliances and teams to better understand local perspectives and social mores in order to develop marketing strategies that are specially tailored to each distinct cultural setting.
Technological Factors- To keep ahead of the competition, the market for bioinformatics services must carefully examine recent technological advances. It's critical to pay attention to how 5G could improve user experience, speed, and access to increase productivity. These technological advancements have the power to fundamentally alter a sector of the economy and alter the guidelines for market actors' success. It is also important to consider the technology's state of development and maturity within the relevant sector. By entering markets where technology is still in its infancy and concentrating on new technological developments, the bioinformatics services sector can grow its market share.
Environmental Factors- Utilization of green or environmentally friendly products is increasing. The market segment for bioinformatics services might seize the chance and employ green business strategies to appeal to stakeholders. Priorities for product innovation are shifting as a result of regulatory organisations' emphasis on ensuring conformance with environmental regulations. The bioinformatics services market sector must place more of an emphasis on selling their products' environmental friendliness rather than on their regular value propositions. The media, environmental organisations, consumers, and the general public may criticise the bioinformatics services market if it uses excessive amounts of resources. In order to determine which resources (such as water, electricity, etc.) are scarce or which species are in danger of extinction, the market for bioinformatics services must investigate the local environmental legislation.
Legal Factors- Because certain nations have strong requirements to maintain labour safety, the bioinformatics services market is required to abide by the laws controlling employee/labor health and safety. The bioinformatics services market sector has a moral and ethical duty to give all of its employees a safe place to work. Similar to this, anti-discrimination laws (like those pertaining to equal employment opportunity) must also be carefully considered when developing human resource practises because discriminatory lawsuits against employers harm the organization's reputation and impair its capacity to attract and retain talent.
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