What Is The Key Product & Service Driving The Bioinformatics Services Market?

Posted by Merin John on May 21st, 2021

In 2018, the global market for bioinformatics services registered the revenues worth US$ 1.9 Bn. Spectacular growth in the deployment of bioinformatics services is likely to offer a strong impetus to the global market value in 2019, at an estimated 13% Y-o-Y growth rate. A new Persistence Market Research (PMR) study has projected robust growth prospects for the bioinformatics services industry over the course of next few years.

Factors such as the increasing prevalence of diabetes & other chronic diseases, increasing geriatric population, and increasing collaborations & partnerships between various IT companies and pharmaceutical companies are expected to boost the revenue generation of the bioinformatics services market during the forecast period. The adoption of IT solutions in various academic sectors is also expected to increase the growth of the bioinformatics services market.

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Company Profiles:

Illumina, Inc.

Thermo Fisher Scientific

Strand Life Sciences, Inc.

CD Genomics

Biomax Informatics AG

DNANEXUS, INC.

Agilent Technologies, Inc.

QIAGEN N.V.

Gene Codes Corporation

BGI Group

Gene Code Corporation

PerkinElmer Inc.

Premier Biosoft

Biomatters Geneious

Creative-Biolabs

DNASTAR

GSL Biotech LLC (SnapGene)

FIOS Genomics

Increasing per capita healthcare expenditure is an important macro-economic factor that is likely to affect the growth of the bioinformatics services market. Changes in the structure of the economy and the availability of technologically advanced bioinformatics tools is also contributing to the growth of the bioinformatics services market. Apart from factors driving the growth of the bioinformatics services market, there are some of the factors that are likely to restrain the growth of the bioinformatics services market.

For instance, the high cost of bioinformatics tools is one of the major factors that is expected to hinder the growth of the bioinformatics services market. Certain other factors, such as a regulatory landscape that is not well-defined, a shortage of skilled personal, etc., are expected to hinder the growth of bioinformatics services market.