Bioinformatics Services Market Trends:
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, 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.
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Key Market Players of Bioinformatics Services Market:
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
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.
COVID-19 Impact on the global Bioinformatics Services Market
Bioinformatics services have always had huge potential when it comes to providing essential support to many areas of scientific research. The COVID-19 pandemic was a real-life test for bioinformatics. One of the major focus areas for every country during the COVID-19 pandemic has been to study and understand how to halt the progress of the virus. Decoding the genome of the novel coronavirus was a crucial step in developing vaccines and for better understanding the mechanism of the virus and how it functions in the human body. Thus, various studies were undertaken to understand the genetic combination of the virus; these studies were driven by bioinformatics. In this context, the outsourcing of bioinformatics services has increased during the pandemic.
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Opportunity: Reducing cost of sequencing and growing volume of data generated during sequencing
Over the last two decades, there has been a significant reduction in the cost of genome sequencing, primarily due to technological advancements in this field. The availability of advanced, efficient, and accurate systems at low costs, along with the reduced cost of sequencing, has greatly boosted the adoption of the latest sequencing technologies globally.
Recent Developments
- BaseClear partnered with Leiden University this partnership focused on developing innovative technologies applicable in the field of metagenomics In April 2020, Medline Industries partnered with Yale New Haven for the exclusive supply of medical supplies along with supply chain and logistics solutions
- Charles River Laboratories entered into a strategic partnership with Fios Genomics to gain access to the expertise of Fios Genomics in the field of bioinformatics, statistics, and biology
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