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Bioinformatics Services Market 2024 Opportunity Assessment, Production Analysis, Segmentation And Forecast To 2033
Bioinformatics Services Market Growth
According to The Business Research Company's, The bioinformatics services market size has grown rapidly in recent years. It will grow from $3.68 billion in 2023 to $4.24 billion in 2024 at a compound annual growth rate (CAGR) of 15.2%. The growth in the historic period can be attributed to genomic research advancements, rise in personalized medicine, pharmaceutical r&d investments, biological data explosion, government initiatives in healthcare, increasing adoption of next-generation sequencing (ngs).
The bioinformatics services market size is expected to see rapid growth in the next few years. It will grow to $7.83 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. The growth in the forecast period can be attributed to expanding role in clinical diagnostics, growing importance in agriculture and environmental sciences, increasing collaboration in research, rising demand in drug repurposing. Major trends in the forecast period include digital health initiatives, technological advancements in sequencing, ai and machine learning integration, cloud-based solutions, personalized medicine and genomic analysis, integration of blockchain for data security.
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Market Drivers and Trends:
The increasing use of information technology in healthcare is expected to propel the growth of the bioinformatics services market going forward. The increased use of information technology in healthcare has assisted healthcare practitioners in improving the quality of treatment they provide to patients, improving patient safety, increasing efficiency, lowering costs, and improving communication among healthcare professionals. Bioinformatics services, which involve the use of computer science and statistics for analyzing biological data, depend heavily on information technology (IT). For instance, in August 2021, according to the and Life Sciences Experience Survey, a Europe-based company specializing in information technology consulting and services, only 7% of consumers had a virtual consultation with a provider in early 2020, compared to 32% this in 2021. There was also an increase in the use of electronic health records, with 31% of patient group using EHR in 2021. Remote patient monitoring also increased since the previous pre-pandemic assessment. Therefore, the increasing use of information technology in healthcare is driving the growth of the bioinformatics services market going forward.
Technological advancements are a key trend gaining popularity in the bioinformatics services market. Companies operating in the bioinformatics services market are adopting new technologies to sustain their position in the market. For instance, in July 2022, bitBiome Inc., a Japan-based microbiome analysis company, launched the Enzyme Discovery service. Enzyme Discovery Service is based on the globe's largest microbial genome database (MMGDB) and unique bioinformatics technologies. To create the MMGDB, bitBiome employs its fundamental technology, bit-MAP, a microbial single-cell genome analysis technique, to analyze the human microbiome as well as the environmental bacteria living in soil, the ocean, and hot springs. With its unique bioinformatics and 3D structural modeling technologies, BitBiome provides enzyme discovery services such as searching for optimal sequences from the MMGDB.
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Major Key Players of the Market:
QIAGEN Digital Insights; Thermo Fisher Scientific Inc.; Illumina Inc.; DNAnexus Inc.; PerkinElmer Inc.; Biomax Informatics AG; Life Technologies Corporation; BGI Group; Eurofins Scientific SE; NeoGenomics Laboratories Inc.; CD Genomics Inc.; MedGenome Labs Pvt. Ltd.; Fios Genomics Ltd.; Geneva Bioinformatics SA; GVK Biosciences Private Limited; Accelrys Inc.; Macrogen Inc.; GENEWIZ Inc.; Source BioScience Limited; Microsynth AG; BaseClear B.V.; DNASTAR Inc.; GATC Biotech AG; Partek Incorporated; Seven Bridges Genomics Inc.; Omixon Inc.; BioTeam Inc.; BioBam Bioinformatics S.L.; Biomatters Limited; Genomatix GmbH; DNASTREAM Limited; Genalice B.V.; Golden Helix Inc.; Strand Life Sciences Private Limited
Bioinformatics Services Market 2024 Key Insights:
• The bioinformatics services market size will grow to $7.83 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%.
• Rising Adoption Of Information Technology Fuels Growth In Bioinformatics Services Market
• Cutting-Edge Technologies Reshapes Bioinformatics Services
• North America was the largest region in the bioinformatics services market in 2023
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