The bioinformatics services market is projected to reach USD 5.3 Billion by 2026 from USD 2.5 Billion in 2021, at a CAGR of 15.8% during the forecast period. Growing applications of bioinformatics across industries, growing public-private sector funding for bioinformatics services, and a shortage of skilled bioinformatics experts (leading to increased outsourcing of bioinformatics projects) are driving the growth of the bioinformatics services market. This is the main predictive factor. forecast period
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Key Market Players
Prominent players in the bioinformatics services market include Illumina (US), Thermo Fisher Scientific (US), Eurofins Scientific (Luxembourg), BGI Group (China), NeoGenomics (US), PerkinElmer (US), CD Genomics (US), Psomagen, Inc. (South Korea), QIAGEN (Germany), GENEWIZ (US), Source BioScience (UK), Microsynth (Switzerland), MedGenome (India), Fios Genomics (UK), and BaseClear (Netherlands), among others.
Growth Strategies Adopted:
These players undertake several strategic initiatives such as mergers, acquisitions, new product launches, and geographical expansions that helps them in sustaining market competition.
As of 2020, Thermo Fisher Scientific (US) holds the leading position in the global bioinformatics services market. The strong geographic presence across major markets is supporting the growth of the company’s market share. The company primarily focuses on developing technologically advanced bioinformatics solutions to enhance its bioinformatics service offerings.
Eurofins Scientific held the second-largest share of the bioinformatics services market in 2020. It has maintained its position in the global bioinformatics services market due to its wide geographic presence and a broad range of bioinformatics services. The acquisition of GATC Biotech (Germany) further strengthened its service offerings and position in the market.
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The genomics segment is expected to account for the largest share of the bioinformatics services market
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.
North America dominated the global bioinformatics services market
The North American market dominated the bioinformatics services market. The market growth in North America can be attributed to government initiatives for the reimbursement of genomic testing and favorable funding scenario for research activities.
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