According to the new market research report ” Bioinformatics Services Market by Type (Microbiome, Transcriptome, Virtual Screening, Database Management), Specialty (Medical, Forensics), Application (Proteomics, Metabolomics), End User (Academia, Pharma) – Global Forecast to 2023″, , published by MarketsandMarkets™, The global bioinformatics services market is expected to reach USD 3.53 billion by 2023 from USD 1.70 billion in 2018, at a CAGR of 15.7% during the forecast period.
Factors such as increasing public-private sector funding for bioinformatics services, the shortage of skilled bioinformatics professionals leading to increased outsourcing of biofinformatics projects, and growing applications of bioinformatics in various industries are expected to drive the growth of the bioinformatics services market.
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Driver: Growing applications of bioinformatics in various industries
In comparison with other conventional methods, bioinformatics services provide a wide range of advantages in terms of cost and time efficiency. Owing to these advantages, the applications of bioinformatics services are increasing in a number of fields such as toxicology, survival analysis, drug discovery and development, clinical diagnostics, disease prediction, and personalized medicine.
Browse in-depth TOC on “Bioinformatics Services Market”
64 – Tables
34 – Figures
138 – Pages
Restraint: In-house development of bioinformatics solutions and publically available bioinformatics tools
Data security threats are the main challenges to success in pre-competitive collaborations between bioinformatics researchers and companies, which reduces the outsourcing of bioinformatics projects. To secure research data and reduce discovery budgets, many drug discovery companies are opting for developing in-house bioinformatics tools over outsourcing their bioinformatics projects.
North America dominated the market in 2017
This report covers the bioinformatics services market data across four major geographies, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America accounted for the largest share of the global bioinformatics services market in 2017, followed by Europe. The large share of the North American region is mainly attributed to the presence of leading bioinformatics service providers in the region, decreasing cost of sequencing, increasing number of genomic research activities in the region, high incidence of target diseases (such as cancer and genetic diseases), and favorable funding scenario for bioinformatics-based research.
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Some key players mentioned in the research report are:
The major players in the bioinformatics services market profiled in this report are Illumina (US), Thermo Fisher Scientific (US), Eurofins Scientific (Luxembourg), BGI (China) dominated the market. Other players in the market are NeoGenomics (US), PerkinElmer (US), CD Genomics (US), Macrogen (South Korea), QIAGEN (Germany), GENEWIZ (US), Source BioScience (UK), Microsynth (Switzerland), MedGenome (India), Fios Genomics (UK), and BaseClear (Netherlands), among others.
– In 2017, QIAGEN and Centogene (Germany) collaborated to integrate Centogene’s CentoMD rare disease variant database with Qiagen Clinical Insight bioinformatics solution
– In 2017, NeoGenomics established its first European laboratory in Rolle, Switzerland to expand its geographical presence and increase its sales in Europe.
– In 2017, QIAGEN acquired OmicSoft Corporation (US) to enhance its multi-omics data analysis bioinformatics services offerings
– In 2016, Eurofins partnered with Institute of Genomics and Integrative Biology (IGIB, India) to launch their MitoSure-Human mitochondrial DNA sequencing and analysis pipeline to support research and genetic screening. The service includes automated bioinformatics analysis using IGIB proprietary Mit-O-Matic pipelineIn 2017, ConvaTec launched its Natura Convex Accordion Flange
– In 2015, PerkinElmer launched the PerkinElmer Signals Translational—a cloud-based data analysis platform