Bioinformatics
Services Market study is providing you with the up-to-date,
actionable market information and projections with the latest impact of the
Covid 19 outbreak. It offers all the requisite data to support tactical
business decisions and come up with strategic growth plans. This study also
proposes a comprehensive insight into the development policies and plans in
addition to manufacturing processes and cost structures.
The global Bioinformatics Services Market size is expected to value at
USD 4.1 billion by 2024, due to increasing demand from healthcare sector to
carry out various studies such as cell signaling, pathway metabolism,
gene-receptor interactions, and target differentiation. Favorable government
policies and initiatives coupled with increasing funding for genomics oriented
research & development, rising demand for drug discovery as well as
biomarker development processes are expected to stimulate the growth of
bioinformatics services industry over the forecast period.
In addition, swift decline in cost of DNA sequencing is expected to play
major role in future market growth of bioinformatics services market. Globally,
the bioinformatics services industry is predicted to grow at higher CAGR in the
forecast period, providing numerous opportunities for market players to invest
for research and development in the market.
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Massive investment for research & development by both government
authorities & private bodies in the areas of metabolomics, proteomics, and
transcriptomic is anticipated to foster market requirement of advanced IT
solutions for large data storage and enhanced analysis .Studies involving
proteomics and genomics require large arrays of structural information, which
has to be stored and processed accordingly to extract information. The
bioinformatics services helps to analyze and monitor large chunks of data with
higher processing rate.
Incorporation of information and communication technology (ICT)
infrastructure along with various operating entities or through relocation of
data services with the help of cloud computing technology, which is maintained
by a third parties, thus driving emerging demand, are predicted to fuel market
growth over the next seven years. However, lack of skilled labor force and
higher initial cost are some of the key challenges for sustained market growth.
In addition, inability to adopt bioinformatics tools and lack of data
integration are limiting market progress to a certain extent. Other factor
restraining industry growth include high volume statistics management and industry
consolidation, particularly applicable for end-user manufactures.
Various types of bioinformatics services include next generation
sequencing (NGS), chemoinformatics, microarray data analysis, biological data
curation, and scientific software testing services. Next generation sequencing
(NGS) consists of targeted sequencing, transcriptome, whole genome, chip
sequencing, de-novo assembly, and methyl sequencing analysis. These factors are
expected to boost market demand for bioinformatics services in the near future.
The bioinformatics services market is broadly categorized into five
major segments based on the application type such as genomics, transcriptomic,
proteomics, metabolomics and drug discovery. The transcriptomic is considered
as one of the fastest growing segment in the bioinformatics services industry
with substantial revenue generation in the last few years.
The key players in the bioinformatics services industry are Accelerys
Inc., Qiagen Inc., GVK Biosciences Pvt., Ltd., Illumina Inc., Agilent
technologies, Inc., Life Technologies Co., Celera Co., IBM Life sciences Co.,
Affymetrix, Inc., DNAnexus Co., and Geneva Bioinformatic S.A.
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