Expected Revenue Growth:
[238 Pages Report] 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.
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What This Report Will Provide?
This study involved the extensive use of both primary and secondary sources.
The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, fundamental market dynamics, and key player strategies.
Major Growth Boosters:
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.
Regional Growth Analysis:
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.
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.
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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
- Eurofins Genomics acquired Blue Heron Biotech, a company specializing in advanced gene synthesis, and expanded its portfolio of oligonucleotides, sequencing, and synthetic genes
Frequently Asked Questions (FAQ):
- What is the expected addressable market value of major bioinformatics services over a 5-year period?
- Which type of segment is expected to garner the highest traction within the bioinformatics services market?
- What are the strategies adopted by the top market players to penetrate across emerging regions?
- What are the major factors expected to limit the growth of the bioinformatics services market?
- Which region is expected to garner the highest traction within the bioinformatics services market?
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