Bioinformatics Services Market is projected to reach USD 23.3 Billion by 2032 -Illumina, Thermo Fisher Scientific, Eurofins Scientific, BGI, NeoGenomics, PerkinElmer, CD Genomics, Macrogen, QIAGEN, GENEWIZ, Source BioScience, Microsynth, MedGenome, Fios G

The bioinformatics services market is projected to reach USD 23.3 Billion by 2032 from USD 3.54 Billion in 2021, at a CAGR of 15.8% during the forecast period. Growing applications of bioinformatics across industries, increasing public-private sector funding for bioinformatics services, and the shortage of skilled bioinformatics professionals (leading to increased outsourcing of bioinformatics projects) are the major factors that are expected to drive the growth of the bioinformatics services market during the forecast period. However, the in-house development of bioinformatics solutions and publicly available bioinformatics tools are expected to limit market are expected to restrain market growth in the coming years

Key Players Mentioned in the Bioinformatics Services Market Research Report: Illumina, Thermo Fisher Scientific, Eurofins Scientific, BGI, NeoGenomics, PerkinElmer, CD Genomics, Macrogen, QIAGEN, GENEWIZ, Source BioScience, Microsynth, MedGenome, Fios Genomics, BaseClear

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Bioinformatics Services Market Dynamics
Driver: Growing applications of bioinformatics in various industries
Several industries, such as the food, bioremediation, agriculture, forensics, and consumer industries, are also using bioinformatics services to improve the quality of their products and supply chain processes. Bioinformatics services such as data integration, manipulation, lead discovery, data management, in silico analysis, and advanced knowledge discovery are increasingly being adopted by companies across various industries. This growth in the application areas of bioinformatics services is expected to create new revenue pockets for players operating in this market, which in turn will further support the adoption of these services and lead to overall market growth.

Restraint: In-house development of bioinformatics solutions and publicly available bioinformatics tools
With the increasing need for constant input from bioinformatics experts, most biomedical laboratories, biotechnology companies, and pharmaceutical companies are developing in-house bioinformatics expertise. The in-house development of bioinformatics solutions helps companies customize the applications of the developed tools for their specific requirements for research projects. Apart from drug discovery companies, many research institutions are developing freely available bioinformatics tools and advanced bioinformatics concepts. This development of open-source bioinformatics tools and freely accessible information/software is supporting the growth of the overall bioinformatics market but is limiting the growth of the bioinformatics services market.

Opportunity: Reducing cost of sequencing and growing volume of data generated during sequencing
Over the last two decades, there has been a significant reduction in the cost of genome sequencing, primarily due to technological advancements in this field. The availability of advanced, efficient, and accurate systems at low costs, along with the reduced cost of sequencing, has greatly boosted the adoption of the latest sequencing technologies globally.

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Challenge: Complexity of data
Owing to the data explosion as a result of the growing number of high-throughput biological experiments (such as sequencing and microarrays), bioinformatics service providers are required to offer a data-driven approach over the conventional hypothesis-driven approach for solving bioinformatics problems such as bioinformatics-based diagnostics and analysis of biological data. To implement this, service providers require advanced tools and computational approaches, along with skilled professionals with interdisciplinary knowledge of life sciences, computer sciences, statistics, mathematics, and engineering. Handling complex data also requires a well-equipped infrastructure for high-dimension data processing capabilities, and its storage, retrieval, and analysis. For instance, the modern systems biology approach requires large-scale integration of data and processes for whole system evaluation. However, the complexity of data, in turn, results in a proportionate increase in the demand for physical storage, correct and rigorous analysis, and suitable software for visualization. Considering these factors, the effective management, processing, and analysis of a large volume of data at lower costs constitute a major challenge in the bioinformatics services market.

In terms Application, the genomics segment is expected to account for the largest share of the bioinformatics services market in 2020.
Based on application, the bioinformatics services market is segmented into genomics, chemoinformatics and drug design, proteomics, transcriptomics, metabolomics and other applications. Large share is attributed to genomics segment due to increasing use of pharmacogenomic research for the development of precision medicine, favorable funding scenario for genomic research, and partnerships and collaborations between various life sciences and informatics companies for the development of advanced bioinformatics solutions and services.

In terms of type segment, sequencing services segment is expected to account for the largest share during the forecast period.
Based on type, the bioinformatics services market is segmented into sequencing services, data analysis, drug discovery services, differential gene expression analysis, database and management services, and other bioinformatics services. Due to reduced cost of sequencing the sequencing services segment enjoy the major share of the market.

Global Bioinformatics Services Market, by Application

Genomics
Chemoinformatics & Drug Design
Proteomics
Transcriptomics
Metabolomics
Other Applications

Global Bioinformatics Services Market, by Specialty
Medical Biotechnology
Animal Biotechnology
Plant Biotechnology
Environmental Biotechnology
Forensic Biotechnology

Global Bioinformatics Services Market, by Type
Sequencing Services
Data Analysis
Drug Discovery Services
Differential Gene Expression Analysis
Database and Management Services
Other Bioinformatics Services

Global Bioinformatics Services Market, by End User
Academic Institutes & Research Centers
Hospitals & Clinics
Pharmaceutical & Biotechnology Companies
CROs
Other End Users

The global market for Bioinformatics Services is segmented on the basis of product, type. All of these segments have been studied individually. The detailed investigation allows assessment of the factors influencing the Bioinformatics Services Market. Experts have analyzed the nature of development, investments in research and development, changing consumption patterns, and growing number of applications. In addition, analysts have also evaluated the changing economics around the Bioinformatics Services Market that are likely affect its course.

The regional analysis section of the report allows players to concentrate on high-growth regions and countries that could help them to expand their presence in the Bioinformatics Services market. Apart from extending their footprint in the Bioinformatics Services market, the regional analysis helps players to increase their sales while having a better understanding of customer behavior in specific regions and countries. The report provides CAGR, revenue, production, consumption, and other important statistics and figures related to the global as well as regional markets. It shows how different type, application, and regional segments are progressing in the Bioinformatics Services market in terms of growth.

Key Developments

In September 2021, Agilent Technologies Inc. announced the signing of a worldwide distribution agreement with Visiopharm, enabling Agilent to co-market Visiopharm's portfolio of CE-IVD obvious artificial intelligence (AI)-driven precision pathology software in accumulation to Agilent's portfolio of automated pathology staining solutions. With an initial focus on Europe, this agreement marks Agilent's first entry into the increasing digital pathology market and strengthens the relationship between the two companies by further expanding the opportunity for their long-term collaboration.
In April 2022, Charles River and Valo Health launched Logica an artificial intelligence (AI) powered drug resolution that directly translates clients' biological insights into optimized preclinical assets. Logica leverages Valo's AI-powered Opal Computational Platform and Charles River's foremost preclinical expertise, providing clients with transformed drug discovery with a single integrated contribution seamlessly translating marks to candidate nomination.

The Bioinformatics Services report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country and sub-region during the estimated period.

Key Drivers to the Bioinformatics Services Market
Growing applications of bioinformatics in various industries
Food, bioremediation, agriculture, forensics, and consumer industries are all employing bioinformatics services to improve the quality of their goods and supply chain activities. Companies in a variety of sectors are rapidly utilizing bioinformatics services such as data integration, manipulation, lead generation, data management, in silico analysis, and advanced knowledge discovery. This expansion in the application areas of bioinformatics services is likely to drive the overall market growth.

Reduced sequencing costs
The cost of genome sequencing has decreased significantly over the last few years, mostly due to technological advancements in this sector. The availability of modern, efficient, and accurate systems at a cheaper cost, along with lower sequencing costs, has considerably increased global usage of the newest sequencing technologies, which is eventually fuelling the growth of the Bioinformatics Services Market.

Recent Developments
In November 2020, BaseClear partnered with Leiden University this partnership focused on developing innovative technologies applicable in the field of metagenomics In April 2020, Medline Industries partnered with Yale New Haven for the exclusive supply of medical supplies along with supply chain and logistics solutions
In January 2020, Charles River Laboratories entered into a strategic partnership with Fios Genomics to gain access to the expertise of Fios Genomics in the field of bioinformatics, statistics, and biology
In August 2019, Eurofins Genomics acquired Blue Heron Biotech, a company specializing in advanced gene synthesis, and expanded its portfolio of oligonucleotides, sequencing, and synthetic genes

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