Sarasota, FL -- (SBWIRE) -- 08/07/2018 -- Zion Market Research has published a new report titled "Bioinformatics Services Market by Type (Sequencing Services, Data Analysis, Drug Discovery Services, Differential Gene Expression Analysis, Database and Management Services, and Other Services), By Application Type (Genomics, Chemoinformatics and Drug Design, Proteomics, Transcriptomics, Metabolomics, and Others), and By End-users (Research Centers & Academic Institutes, Hospitals, Pharmaceutical & Biotechnology Companies, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024". According to the report, global bioinformatics services market was valued at approximately USD 1.62 billion in 2017 and is expected to reach around USD 4.39 billion by 2024, growing at a CAGR of 15.8 % between 2018 and 2024.

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The growth of biotechnology has accelerated during the last decade due to significant advancement in gene sequencing and methods for storing, retrieving, and analyzing biological data, such as nucleic acid and protein genomic, biological and chemical data to support the drug discovery process. Growing focus on genomics and proteomics due to ongoing research in disease biomarkers finding and identifying therapeutic targets has accelerated the growth of the bioinformatics service market.

Advances in IT have made biotechnology increasingly dependent on computationally intensive approaches. The development of novel technologies in the bioinformatics sector and rapid adoption of bioinformatics tools offer more data analysis for efficient research projects, drug discovery, and drug development processes. Moreover, increasing demand for advanced analytical services and increased private and public funding for research is augmenting the growth of global bioinformatics service market.

On the basis of service type, bioinformatics services market has been segmented into sequencing services, drug discovery services, data analysis services, database management services, differential gene expression analysis, and others. Sequencing services are largely being used in numerous research projects. This segment dominated the global bioinformatics services market accounting for major global revenue share. Database management services segment is expected to grow at a significant rate during the forecast period due to the growing need for large data storage generated from pharmaceutical and academic institutes sector.

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By application type, bioinformatics service market has been segmented into genomics, chemoinformatics and drug design, proteomics, transcriptomics, metabolomics, and others. The key end users in the bioinformatics services market include pharmaceutical and biotechnology companies, academic institutes and research centers, hospitals, and others.

North America accounted for major revenue share in 2017 and is anticipated to remain dominant over the forecast period. Europe was the second largest market followed by the Asia Pacific. Asia Pacific market is likely to develop at the maximum rate in the coming future. The Middle East and Africa and Latin America regions are also expected to experience moderate growth in the bioinformatics services market in the years to come.

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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This report segments the global bioinformatics services market as follows:

Global Bioinformatics Services Market: Service-Type Segment Analysis

Sequencing Services
Data Analysis
Differential Gene Expression Analysis
Database and Management Services
Drug Discovery Services
Other Bioinformatics Services

Global Bioinformatics Services Market: Application Type Segment Analysis

Genomics
Transcriptomics
Metabolomics
Chemoinformatics and Drug Design
Proteomics
Others

Global Bioinformatics Services Market: End-User Segment Analysis

Research Centers & Academic Institutes
Hospitals
Pharmaceutical & Biotechnology Companies
Others

Global Bioinformatics Services Market: Regional Segment Analysis

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa