Growing applications of bioinformatics across industries, increasing public-private sector funding for bioinformatics services, and the shortage of skilled bioinformatics professionals (leading to increased outsourcing of bioinformatics projects) are the major factors that are expected to drive the growth of the bioinformatics services market during the forecast period.
What the Market Looks Like?
[238 Pages Report] The bioinformatics services market is projected to reach USD 5.3 Billion by 2026 from USD 2.5 Billion in 2021, at a CAGR of 15.8% during the forecast period. Asia Pacific market is expected to grow at the highest CAGR during the forecast period.
COVID-19 Impact on the global Bioinformatics Services Market
Bioinformatics services have always had huge potential when it comes to providing essential support to many areas of scientific research. The COVID-19 pandemic was a real-life test for bioinformatics. One of the major focus areas for every country during the COVID-19 pandemic has been to study and understand how to halt the progress of the virus. Decoding the genome of the novel coronavirus was a crucial step in developing vaccines and for better understanding the mechanism of the virus and how it functions in the human body.
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What are Key Trends in the Market?
The growth of the bioinformatics services market is primarily influenced by the following factors:
- Growing applications of bioinformatics in various industries
- Increasing public-private sector funding for bioinformatics services
- Shortage of skilled bioinformatics professionals leading to increased outsourcing of bioinformatics projects
- Increasing pharmaceutical and biotech R&D expenditure
- In-house development of bioinformatics solutions and publicly available bioinformatics tools
The bioinformatics services market covers five key geographies—North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2020, Asia Pacific region offered significant opportunities for the growth of the bioinformatics services market. The market growth in Asia Pacific can be attributed to the increasing incidence of genetic diseases, rising number of bioinformatics-based research studies, and growing demand for bioinformatics services from various end users.
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