New York, NY, Aug. 03, 2018 (GLOBE NEWSWIRE) -- 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.
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.
Browse through 42 Tables & 16 Figures spread over 110 Pages and in-depth TOC on "Global Bioinformatics Services Market Size, Share 2017: Industry Type, Segments, Growth Analysis and Forecast, 2024”.
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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 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. This growth is mainly due to the presence of a superior pharmaceutical sector, advanced healthcare infrastructure, and high capital investments in scientific research. Growing dependence on bioinformatics services and related computational tools in the field of genomics, where huge data is generated during sequencing and related datasets are growing at an exponential rate surpassing the efforts required to manage and analyze these data is significantly accelerating the growth of the market in North America. Moreover, decreasing cost of DNA sequencing and increasing research funding by government and private organization are accelerating the growth of bioinformatics services market.
Browse the full "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" report at https://www.zionmarketresearch.com/report/bioinformatics-services-market
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. Companies are integrating bioinformatics services into a complete portfolio of research capabilities. The well-organized initiatives taken by the governments of China, India, and countries in Asia Pacific are dissolving the link between basic life sciences research and its translation into health benefits for the population and the economy. India is actively focused on bioinformatics market, with the construction of its first biotech-IT park in Bangalore, at a total cost of about USD 88 million.
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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
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