AI-powered algorithms to drive the Bioinformatics Market at a CAGR of 14.1%
According to Persistence Market Research (PMR), the Global Bioinformatics Services Market size will surpass US$ 8,442.9 Million in terms of market value by 2029, growing rapidly at the rate of 14.7% from 2022 to 2029. The solutions in the bioinformatics services market are employed in different specialty areas like healthcare and life sciences, including plant, medical, and forensics. The services offered by market players operating in the global bioinformatics services market are data analysis, gene expression, sequencing, database administration, and discovery.
Bioinformatics refers to the use of computer science and statistics to analyze biological data. The bioinformatics market includes software, services, and hardware used for storing, managing, and analyzing biological data. The market is driven by the increasing availability of genomic data, advances in computing power and data storage, and the need for personalized medicine. In this report, we will analyze the current state of the bioinformatics market and its future prospects.
The increasing implementations of bioinformatics services across various along both – private and public sources are driving the growth of the global bioinformatics services market. The growing incidences of chronic diseases, and rising geriatric population are also likely to drive the growth of the bioinformatics services market. Apart from this, the constantly increasing collaboration between information technology (IT) corporations and pharma companies is expected to fuel the growth of the bioinformatics services market over the forecast period.
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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
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Europe Witnessed the Fastest Growth and is Expected to Continue Throughout Forecast Period
The COVID-19 outbreak had an impact on the European bioinformatics industry since healthcare services were drastically diverted as a result of social distancing measures implemented by several governments around the world. Several research institutions, and biotech and pharmaceutical companies in the European region are focusing their efforts on developing technologies that will allow for a faster and more reliable diagnosis of COVID-19.
There is also a lot of research being conducted to make considerable use of sequencing technology. Apart from this, the bioinformatics market is likely to be driven by a huge number of healthcare investments in the European region. Furthermore, the growing use of IoT technologies in this sector is expected to favorably benefit regional market growth. The bioinformatics market in this region is likely to be primarily dominated by key countries such as the United Kingdom, France, and Italy.
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Impact of Covid-19 on the Bioinformatics Services Market
Due to the COVID-19 outbreak, healthcare facilities across the globe were overloaded with patients; hence it was essential to discover and understand ways to stop the virus’s spread. Several studies were conducted to better comprehend the virus’ genetic combination to find several characteristics of SARS-CoV-2 for developing vaccines. Bioinformatics Services played an important role in tackling the Covid-19 pandemic because all the studies and researches that were carried out for quick diagnosis and developing vaccine were supported by Bioinformatics.
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