Unveiling the Explosive Growth: Bioinformatics Services Market set to Soar to $7.83 Billion by 2028 at a Remarkable CAGR of 16.6%

The bioinformatics services market size has grown rapidly in recent years. It will grow from $3.68 billion in 2023 to $4.24 billion in 2024 at a compound annual growth rate (CAGR) of 15.2%. The growth in the historic period can be attributed to genomic research advancements, rise in personalized medicine, pharmaceutical r&d investments, biological data explosion, government initiatives in healthcare, increasing adoption of next-generation sequencing (ngs).

The bioinformatics services market size is expected to see rapid growth in the next few years. It will grow to $7.83 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. The growth in the forecast period can be attributed to expanding role in clinical diagnostics, growing importance in agriculture and environmental sciences, increasing collaboration in research, rising demand in drug repurposing. Major trends in the forecast period include digital health initiatives, technological advancements in sequencing, ai and machine learning integration, cloud-based solutions, personalized medicine and genomic analysis, integration of blockchain for data security.

Market Overview -
Bioinformatics services involve a wide range of computational tools, resources, and analyses utilized in bioinformatics. Bioinformatics services include the identification of connections between technical and biological variables in the study through the assessment of sample metadata, data quality control, and data normalization across samples.

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Rising Adoption Of Information Technology Fuels Growth In Bioinformatics Services Market
The increasing use of information technology in healthcare is expected to propel the growth of the bioinformatics services market going forward. The increased use of information technology in healthcare has assisted healthcare practitioners in improving the quality of treatment they provide to patients, improving patient safety, increasing efficiency, lowering costs, and improving communication among healthcare professionals. Bioinformatics services, which involve the use of computer science and statistics for analyzing biological data, depend heavily on information technology (IT). There was also an increase in the use of electronic health records, with 31% of patient group using EHR in 2021. Remote patient monitoring also increased since the previous pre-pandemic assessment. Therefore, the increasing use of information technology in healthcare is driving the growth of the bioinformatics services market going forward.

Competitive Landscape -
Major companies operating in the bioinformatics services market report are QIAGEN Digital Insights, Thermo Fisher Scientific Inc., Illumina Inc., DNAnexus Inc., PerkinElmer Inc., Biomax Informatics AG, Life Technologies Corporation, BGI Group, Eurofins Scientific SE, NeoGenomics Laboratories Inc., CD Genomics Inc., MedGenome Labs Pvt. Ltd., Fios Genomics Ltd., Geneva Bioinformatics SA, GVK Biosciences Private Limited, Accelrys Inc., Macrogen Inc., GENEWIZ Inc., Source BioScience Limited, Microsynth AG, BaseClear B.V., DNASTAR Inc., GATC Biotech AG, Partek Incorporated, Seven Bridges Genomics Inc., Omixon Inc., BioTeam Inc., BioBam Bioinformatics S.L., Biomatters Limited, Genomatix GmbH, DNASTREAM Limited, Genalice B.V., Golden Helix Inc., Strand Life Sciences Private Limited

Cutting-Edge Technologies Reshapes Bioinformatics Services
Technological advancements are a key trend gaining popularity in the bioinformatics services market. Companies operating in the bioinformatics services market are adopting new technologies to sustain their position in the market. For instance, in July 2022, bitBiome Inc., a Japan-based microbiome analysis company, launched the Enzyme Discovery service. Enzyme Discovery Service is based on the globe's largest microbial genome database (MMGDB) and unique bioinformatics technologies. To create the MMGDB, bitBiome employs its fundamental technology, bit-MAP, a microbial single-cell genome analysis technique, to analyze the human microbiome as well as the environmental bacteria living in soil, the ocean, and hot springs. With its unique bioinformatics and 3D structural modeling technologies, BitBiome provides enzyme discovery services such as searching for optimal sequences from the MMGDB.

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Key Segments -

The bioinformatics services market covered in this report is segmented -

1) By Service: Sequencing Services, Data Analysis, Drug Discovery Services, Differential Gene Expression Analysis, Database And Management Services, Other Services
2) By Specialty: Medical Biotechnology, Animal Biotechnology, Plant Biotechnology, Environmental Biotechnology, Forensic Biotechnology
3) By Application: Genomics, Chemoinformatics And Drug Design, Proteomics, Transcriptomics, Metabolomics, Other Applications
4) By End User: Academic Institute And Research Centers, Hospital And Clinics, Pharmaceutical And Biotechnology Companies, CROs, Other End Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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