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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%

·4-min read

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.

New York, July 08, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bioinformatics Services Market by Type, Specialty, Application, Enduser - Global Forecast to 2026" - https://www.reportlinker.com/p05385676/?utm_source=GNW
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.

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.

In terms of specialty segment, medical biotechnology segment is expected to account for the largest share during the forecast period.
Based on specialty, the bioinformatics services market is segmented into medical biotechnology, plant biotechnology, animal biotechnology, environment biotechnology and forensic biotechnology. Medical biotechnology holds the largest share due to the development of new databases for drug discovery, the use of bioinformatics for clinical diagnostics, and increasing funding for the development of bioinformatics solutions for clinical diagnostics.
The academic institutes and research centers segment is expected to register the highest CAGR during the forecast period” `
Based on end-users, the bioinformatics services market has been segmented as —academic institiutes and research centers, hospitals and clinics, pharma and biotech companies, CROs and other end users. The large share of academic institutes and research centers segment can be attributed to the growing number of bioinformatics-based research studies, increasing scale of genomics research, rising number of collaborations between academic research institutes and players in the bioinformatics market, and the growing number of government funding programs for genomics research.

Asia Pacific market is expected to grow at the highest CAGR during the forecast period.
The bioinformatics services market covers five key geographies—North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.In 2020, Asia Pacific region offered significant opportunities for the growth of the bioinformatics services market.

The market growth in Asia Pacific can be attributed to the increasing incidence of genetic diseases, rising number of bioinformatics-based research studies, and growing demand for bioinformatics services from various end users.

A breakdown of the primary participants referred to for this report is provided below:
• By Company Type: Tier 1–48%, Tier 2–36%, and Tier 3– 16%
• By Designation: C-level–10%, Director-level–14%, and Others–76%
• By Region: North America–40%, Europe–32%, Asia Pacific–20%, Latin America–5%, and the Middle East & Africa–3%

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.

Research Coverage
This report studies the bioinformatics services market based on type, specialty, application, end user, and region.It studies significant factors (such as drivers and restraints) affecting market growth.

The report also analyzes opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders.It explains micro markets with respect to their growth trends, prospects, and contributions to the total market.

The report forecasts the revenue of the market segments with respect to five major regions and their respective major countries.

Reasons to Buy the Report
The report will enable established firms as well as entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them to garner a larger market share. Firms purchasing the report could use one or a combination of the below-mentioned strategies for strengthening their market presence.

This report provides insights on the following pointers:

Market Penetration: Comprehensive information on the services offered by the top players in the bioinformatics services market

Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the bioinformatics services market

Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the bioinformatics services market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Read the full report: https://www.reportlinker.com/p05385676/?utm_source=GNW

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