Bioinformatics Services Market Update: Exceeding Expectations of Key Players That Shows Promising Future
Seattle, WA -- (SBWIRE) -- 02/14/2020 -- Bioinformatics Services combines computer science, statistics and life sciences together, to develop algorithms and professional software tools for mining and interpreting the tremendous biological data, generated in recent booming high throughput. With the development of genomics, transcriptomics, proteomics and metabolomics, the bioinformatics has become more and more important and get even widely application in data mining.
The global bioinformatics services market has experienced tremendous growth in the past decade due to factors such as advancement in technology, expanding application of information technology in health care, and increasing demand for data management tools in life sciences and biotechnology research sectors.
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Major factors influencing the growth of this market are increasing research and development activities in the field of biotechnology, drug discovery, and biopharmaceuticals. In addition, increase in government initiatives also boosts the growth of the biotechnology market globally.
Increasing per capita healthcare expenditure is an important macro-economic factor that is likely to affect the growth of the bioinformatics services market. Changes in the structure of the economy and the availability of technologically advanced bioinformatics tools is also contributing to the growth of the bioinformatics services market.
Based on the service type, the global bioinformatics services market has been segmented into data storage and management, sequencing, data analysis, drug discovery and other types of services.
Based on the application, the bioinformatics services market has been segmented into molecular development, drug development microbial genome application, veterinary science, gene therapy, forensic analysis and other applications associated with bioinformatics services market.
Based on the end user, the bioinformatics services market has been segmented into academic and research center, pharmaceutical and biotechnology industries, forensic laboratories and other end users.
North America emerged as the largest market for bioinformatics services and it accounted for a maximum market share of total revenue generated in 2017. The U.S. is by far the leading bioinformatics services market by country in North America. The U.S. market is projected to grow at the highest CAGR during the forecast period.
Europe is likely to be the second largest regional market after North America and is expected to show strong growth in the years to come. This growth is mainly due to the increasing large-scale sequencing needs in genomics, proteomics, rising government support for genomic research, and the presence of leading bioinformatics service providers in the region.
Asia Pacific is expected to witness significant growth in the near future. Growth in Asia Pacific market is expected to be driven by companies which offer specialized bioinformatics services for analysis tools for genetic data and data storage in contract research in local life sciences.
Some of the key players in bioinformatics services market include Thermo Fisher Scientific, PerkinElmer, BGI, NeoGenomics, CD Genomics, Eurofins Scientific, Macrogen, QIAGEN, Microsynth, MedGenome, GENEWIZ, Source BioScience, and Fios Genomics BaseClear, among others.
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