Market Dynamics
The market size of the Bioinformatics services was USD 2.50 billion in 2021, and it is anticipated to exhibit a revenue Compound Annual Growth Rate (CAGR) of 15.2% throughout the forecast period. The growing demand for bioinformatics services in biotechnology research and drug discovery is a key driver for the market's revenue growth. Bioinformatics plays a crucial role in managing, storing, and analyzing large volumes of biological data, contributing to the development of lifesaving drug discoveries. The integration of biology with information technology and computer science by pharmaceutical companies and research institutes is fostering a global perspective in drug discovery. The rising prevalence of chronic diseases is further increasing the need for research and drug discovery, thereby boosting the demand for bioinformatics services. The Centers for Disease Control and Prevention (CDC) of the United States predicts that cancer survivors will reach 22.1 million by 2030, prompting pharmaceutical companies to employ bioinformatics in cancer treatment and diagnosis.
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Market Dynamics - Drivers
The increasing demand for bioinformatics services in computational biology is a significant driver for market growth. These services find extensive applications in chromatography, mass spectrometry, chemical analysis, materials and structural analysis, and drug development trials. The pharmaceutical industry is generating substantial amounts of data, and companies are developing advanced Artificial Intelligence (AI) algorithms for pattern identification and functional inference from sequence data. Bioinformatics is widely adopted in academic and research institutes to automate computational processes, enhancing efficiency in research and development. The integration of Artificial Intelligence (AI) and Machine Learning (ML) in bioinformatics services is gaining momentum for tasks such as exploring sequence databases, pairwise and multiple sequence alignment, phylogenetic approaches, and cost reduction.
Market Dynamics - Restraints
The availability of open-source solutions and a shortage of skilled personnel pose challenges to the revenue growth of the bioinformatics solution market. Many companies prefer open-source data analysis platforms like Python and R programming for data analysis due to their customizability. However, this trend restricts the growth of the market. Data security is a significant concern, with the potential for confidential clinical experiments and trial data stored in databases being vulnerable to cyberattacks. Compliance with regulations like the General Data Protection Regulation (GDPR) is essential for data protection. Moreover, deploying bioinformatics services requires skilled personnel, and the global skill gap in AI deployment hampers the adoption of bioinformatics services by businesses.
Key Takeaways
Service Type Outlook:
Sequencing services held a larger revenue share in 2021, with bioinformatics widely adopted for the classification and discovery of sequencing profiles, such as Whole Genome Sequencing (WGS) and RNASeq.
Data analysis services maintained a steady revenue share in 2021, with bioinformatics playing a crucial role in statistical analyses, cluster analysis, hypothesis testing, regression analysis, and chi-square analysis.
Drug discovery services accounted for a moderate revenue share in 2021, highlighting the essential role of bioinformatics in drug discovery pipelines, drug candidate screening, refinement, and predicting drug resistance.
End-Use Outlook:
Healthcare and pharmaceuticals represented a larger revenue share in 2021, with bioinformatics services increasingly introduced for applications such as genome sequencing, chemoinformatics, treatment analysis, drug discovery, and more.
Biotechnology companies contributed to a steady revenue share in 2021, with a high adoption of bioinformatics services for genome sequencing, automatic gene identification, 3D structure modeling, and other applications.
Contract Research Organization (CRO) accounted for a moderate revenue share in 2021, with engagement in commercial physical and biological research and development.
Regional Outlook:
North America held a larger revenue share in 2021, driven by the rapid adoption of bioinformatics in biological data analysis. The region is a hub for research and development, with companies like Pfizer, Merck, and Johnson & Johnson incorporating bioinformatics for clinical data analysis and drug target identification.
Europe contributed to a steady revenue share in 2021, with funding support in research and development driving market growth. Partnerships between pharmaceutical companies and bioinformatics firms, such as the collaboration between Alacris Theranostics and MGI Tech, are significant developments.
Competitive Landscape:
The competitive landscape of the bioinformatics services market is moderately fragmented, with a few key players operating on global and regional levels. Major companies, including Thermo Fisher Scientific, Agilent Technologies, and QIAGEN Digital Insights, are actively engaging in strategic alliances to expand their portfolios and establish a robust global market presence. For example, Thermo Fisher Scientific Inc. acquired Qiagen for USD 11.5 billion in March 2020, combining genetic analysis technology with Qiagen's bioinformatics expertise to enhance market share.
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