Bioinformatics Services Market

Bioinformatics Services Market

Growth Factors of Bioinformatics Services Market

The global bioinformatics services market size was valued at USD 4.32 billion in 2023 and is projected to grow from USD 5.34 billion in 2024 to USD 18.13 billion by 2032, exhibiting a CAGR of 16.5% during the forecast period of 2024-2032.

The pandemic increased the call for bioinformatics offerings because of extended recognition of rapid diagnostics and vaccine improvement. It drove funding for virtual solutions and far-off collaboration but disrupted international delivery chains and provider transport. Overall, it underscored bioinformatics' significance in healthcare research and spurred innovation, impeding the bioinformatics services market growth.

The Bioinformatics Services Market is pushed via growing investments in genomics and personalised medication, extended adoption of AI and machine-gaining knowledge for statistics analysis, and rising demand for advanced drug development and clinical research analytics. Additionally, the increasing use of high-throughput sequencing technologies and supportive authorities' projects fuel market growth.

Cloud-based bioinformatics has emerged as a transformative trend within the field. By leveraging cloud computing infrastructure, bioinformatics systems offer scalability, permitting researchers to handle more and more huge datasets and complex analyses without the need for enormous advanced investments in hardware, expanding the bioinformatics services market share globally. Additionally, cloud-based answers provide accessibility, making bioinformatics equipment available to researchers with restrained computational sources. This democratisation of bioinformatics empowers a much more comprehensive range of scientists to conduct contemporary research.

Comprehensive Analysis of Bioinformatics Services Market

The Bioinformatics Services Market is segmented into sequencing, gene expression, records analysis, drug discovery, and others, with sequencing mainly because of its large packages and advancements in the next-generation era. Genomics dominates the utility phase due to massive funding and technological integration, even as pharmaceutical and biotechnology groups drive the market's increase by leveraging bioinformatics for drug discovery and scientific research. CROs and studies institutes also contribute extensively, focusing on efficiency and value discount in research.

The North America region led the bioinformatics services market by benefitting a size of USD 2.01 billion in 2023 due to the significant presence of businesses supplying those services globally and their properly set up distribution networks; the place continues its marketplace dominance.

The leading players in the bioinformatics services market significantly shape its growth and set industry standards. Key companies, including Illumina, Inc. (U.S.), QIAGEN (Netherlands), CD Genomics (U.S.), Excelra (U.S.), Creative Proteomics (U.S.), Fios Genomics (U.K.), Thermo Fisher Scientific Inc. (U.S.), Eurofins Scientific (Luxembourg), and Psomagen (U.S.), contribute to a dynamic and competitive landscape, driving innovation and market progress.

In June 2023, Psomagen introduced the Pacific Bioscience Revio system to its sequencing platform, expanding its service offerings to include whole genome, whole exome, single-cell and bulk RNA sequencing, microbiome analysis, Olink Proteomics, and more.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 16.5% from 2024-2032

Unit Value (USD Billion)

Segmentation By Service Type

- Sequencing

- Gene Expression

- Data Analysis

- Drug Discovery

- Others

By Application

- Metabolomics

- Pharmacology

- Genomics

- Transcriptomics

- Others

By End User

- Pharmaceutical & Biotechnological Companies

- CROs & Research Institutes

- Others

By Region

- North America (By Service Type, Application, End-User, By Country)

• U.S.
• Canada

- Europe (By Service Type, Application, End-User, Country/Sub-Region)

• Germany
• U.K.
• France
• Italy
• Spain
• Rest of Europe

- Asia Pacific (By Service Type, Application, End-User, Country/Sub-Region)

• Japan
• China
• India
• Australia
• Rest of Asia Pacific

- Latin America (By Service Type, Application, End-User, Country/Sub-Region)

• Brazil
• Mexico
• Rest of Latin America

- Middle East & Africa (By Service Type, Application, End-User, Country/Sub-Region)

• GCC
• South Africa
• Rest of the Middle East & Africa


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