Bioinformatics Services Market Worth 3.53 Billion USD by 2023
PUNE, India, April 23, 2018 /PRNewswire/ --
According to a 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 market is projected to reach USD 3.53 Billion by 2023 from USD 1.70 Billion in 2018, at a CAGR of 15.7%.
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Browse 64 market data Tables and 34 Figures spread through 138 Pages and in-depth TOC on "Bioinformatics Services Market"
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Factors such as growing applications of bioinformatics in various industries, increasing public-private sector funding for bioinformatics services, and the shortage of skilled bioinformatics professionals leading to increased outsourcing of bioinformatics projects are driving the growth of this market.
By type, the sequencing services segment is expected to account for the largest share of the market in 2018
On the basis of type, the Bioinformatics Services Market is classified into sequencing services, data analysis services, drug discovery services, differential gene expression analysis, database management services, and other bioinformatics services. The sequencing services segment is expected to account for the largest share of the Bioinformatics Services Market in 2018. Financial support from government as well as private bodies for next-generation sequencing based projects, advancements in next-generation sequencing coupled with decreasing sequencing costs, and the need of high-throughput analysis of a large amount of data generated during sequencing are the major factors driving the growth of this segment.
By specialty, the plant biotechnology segment is expected to be the fastest-growing segment in the forecast period
On the basis of specialty, the Bioinformatics Services Market is segmented into medical biotechnology, animal biotechnology, plant biotechnology, environmental biotechnology, and forensic biotechnology. The plant biotechnology segment is expected to grow at the fastest CAGR during the forecast period. Factors such as the increased use of bioinformatics in the field of agriculture, growing demand for the management and distribution of vast amounts of plant genomic data coupled with the increase in plant genome sequencing due to technological developments and decreasing sequencing costs, and the emerging applications of plant biotechnology among researchers and farmers are driving the growth of the Bioinformatics Services Market for plant biotechnology.
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North America is expected to dominate the market in 2018
Geographically, the Bioinformatics Services Market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to account for the largest share of the market in 2018, followed by Europe. The large share of North America can primarily be attributed to the government support for genomic research, presence of leading bioinformatics service providers, decreasing cost of sequencing, rising awareness of bioinformatics services, and increasing number of genomic research activities (and corresponding adoption of bioinformatics) in the region.
As of 2017, the key players in the Bioinformatics Services Market include Illumina (US), Thermo Fisher Scientific (US), Eurofins Scientific (Luxembourg), BGI (China), 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.
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