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Soaring Demand Set to Propel Bioinformatics Services Market to $8.96 Billion by 2029
Use code ONLINE20 to get 20% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.What Is the Expected CAGR for the Bioinformatics Services Market Through 2025?
The market size for bioinformatics services has experienced swift growth recently. Projected growth sees the market expanding from $4.15 billion in 2024 to $4.72 billion in 2025, with a compound annual growth rate of 13.8%. This early growth is a result of various factors such as advancements in genomic research, the emergence of personalized medicine, significant investments in pharmaceutical R&D, an abundance of biological data, government health sector initiatives, and the growing utilization of next-generation sequencing (NGSs).
What's the Projected Size of the Global Bioinformatics Services Market by 2029?
Quick expansion is anticipated in the bioinformatics services market in the forthcoming years. The market is projected to surge to $8.96 billion by 2029, advancing at a CAGR of 17.4%. This predicted growth during the forecast period can be ascribed to its widening scope in clinical diagnostics, burgeoning relevance in agriculture and environmental sciences, increased research collaboration, and escalating demand for drug repurposing. The industry is expected to witness trend shifts in the forecast period, including digital health initiatives, advancements in sequencing technologies, integration of artificial intelligence and machine learning, adoption of cloud-based solutions, personalized medicine and genomic analysis, and the incorporation of blockchain technology for data security.
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Top Growth Drivers in the Bioinformatics Services Industry: What's Accelerating the Market?
The bioinformatics services market is being driven forward by the escalating adoption of information technology in healthcare. The enhanced usage of this technology has greatly aided healthcare providers in enhancing the level of care they offer their patients, bolstering patient safety, optimizing efficiency, reducing costs and strengthening communication across health professionals. The bioinformatics services greatly rely on IT due to their foundation in computer science and statistics for the purpose of evaluating biological data. For instance, as per the December 2022 data from the National Center for Health Statistics, a U.S government agency, 58.5% of American adults accessed the internet to search for health or medical information, 41.5% used it to converse with a physician or physician's office and 46.1% used it to find their medical test outcome. Thus, the rising integration of information technology in healthcare is steering the upswing of the bioinformatics services market.
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What Trends Will Shape the Bioinformatics Services Market Through 2029 and Beyond?
Advances in technology are being increasingly recognized as a significant trend in the bioinformatics services market. Companies within this market are leveraging new technologies to maintain their competitive edge. For example, in July 2022, bitBiome Inc., a microbiome analysis company from Japan, introduced the Enzyme Discovery service. This service utilizes the world's most extensive microbial genome database (MMGDB) and distinctive bioinformatics methodologies. To generate the MMGDB, bitBiome uses its core technology, bit-MAP, a microbial single-cell genome analysis method. This is used for examining the human microbiome along with environmental bacteria found in soil, oceans, and hot springs. Leveraging its exclusive bioinformatics and 3D structural modeling techniques, BitBiome offers enzyme discovery services including the search for optimal sequences in the MMGDB.
What Are the Main Segments in the Bioinformatics Services Market?
The bioinformatics servicesmarket covered in this report is segmented -
1) By Service: Sequencing Services, Data Analysis, Drug Discovery Services, Differential Gene Expression Analysis, Database And Management Services, Other Services
2) By Specialty: Medical Biotechnology, Animal Biotechnology, Plant Biotechnology, Environmental Biotechnology, Forensic Biotechnology
3) By Application: Genomics, Chemoinformatics And Drug Design, Proteomics, Transcriptomics, Metabolomics, Other Applications
4) By End User: Academic Institute And Research Centers, Hospital And Clinics, Pharmaceutical And Biotechnology Companies, CROs, Other End Users
Subsegments:
1) By Sequencing Services: Whole Genome Sequencing, Exome Sequencing, Targeted Sequencing
2) By Data Analysis: Genomic Data Analysis, Transcriptomic Data Analysis, Proteomic Data Analysis
3) By Drug Discovery Services: Target Identification, Lead Optimization, Preclinical Development
4) By Differential Gene Expression Analysis: RNA-Seq Analysis, Microarray Analysis
5) By Database And Management Services: Data Storage Solutions, Data Integration Services
6) By Other Services: Consulting Services, Custom Software Development
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Which Top Companies are Driving Growth in the Bioinformatics Services Market?
Major companies operating in the bioinformatics services market include 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
Which Regions Will Dominate the Bioinformatics Services Market Through 2029?
North America was the largest region in the bioinformatics services market in 2024.Europe is expected to be the fastest-growing region in the global bioinformatics services market report during the forecast period. The regions covered in the bioinformatics services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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