Bioinformatics Services Market – Current Scenario and Future Growth Analysis by 2026
Posted: Feb 01, 2019
Perpetual expansion of application areas of biotechnology in the fields, such as, disease diagnosis and forensic research is attracting the attention of health care professionals. Bioinformatics is used for management, storage, and standardization of information obtained from research and development in biotechnology, life sciences, and biopharmaceutical industries. 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. 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. Bioinformatics is widely used in research and development in the biotechnology and biopharmaceutical industries. Research and development activities involve significant investments and thus, small and medium-sized companies face difficulties in investing on analytical software. In order to reduce the cost of research and development process, manufacturers are focusing on development of web-based software solutions, wherein researchers need to make marginal investment in analytical software. In addition, web-based analytical software does not require large storage or data handling capacity. Thus, owing to the mentioned factors, demand for web-based analytical software is expected to rise in the near future. Therefore, web-based offerings in bioinformatics show potential growth opportunities for players operating in this market. Bioinformatics techniques demand skilled manpower to derive accurate results. Installation and upgrade to sophisticated tools or platforms in clinical laboratories demand for high investment in training of the staff so that they can efficiently use the systems. Lack of skilled personnel is a key factor restricting the adoption of sophisticated and high-end biotechnology processes.
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The global bioinformatics services market can be segmented based on service type, application, end-user, and region. In terms of service type, the bioinformatics services market can be categorized into sequencing services, database and management services, data analysis services, and other services. Bioinformatics has eased the process of data analysis with various technological applications. Manufacturers are offering various services in order to overcome the shortage of skilled personnel in using bioinformatics tools and platforms. Data analysis is one of the vital operations performed by the bioinformatics service industry. High-end tools, such as, microarrays have been introduced to cater to the rising demand for customized data analysis. In terms of application, the bioinformatics services market can be classified into preventive medicine, molecular medicine, gene therapy, drug development, and others. Based on end-user, the bioinformatics services market can be segmented into academic and research institutes, pharmaceutical and biotechnology companies, hospitals and clinics, and others.
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In terms of region, the global bioinformatics services market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to continue its dominance in the global bioinformatics services market owing significant R&D expenditure, greater acceptance of technology advancements, and increase in investments for technological innovations in bioinformatics. Rise in drug discovery and development, coupled with increase in government initiatives toward funding of small and start-up companies in the biotechnology and life sciences industry, is a major factor expected to drive the bioinformatics services market in North America during the forecast period. The bioinformatics services market in major countries of Asia Pacific, such as India and China, is expected to grow rapidly during the forecast period. Government initiatives to boost the biotechnology sector is a prime driver of the bioinformatics services market in the region. Moreover, availability of skilled and qualified manpower at low cost, government support in setting up of manufacturing units, strategic acquisitions of local players, and currency difference benefits are expected to attract global bioinformatics manufacturers to Asia Pacific.
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