The bioinformatics services market is projected to reach USD 5.3 Billion by 2026 from USD 2.5 Billion in 2021, at a CAGR of 15.8% during the forecast period. Growing applications of bioinformatics across industries, increasing public-private sector funding for bioinformatics services, and the shortage of skilled bioinformatics professionals (leading to increased outsourcing of bioinformatics projects) are the major factors that are expected to drive the growth of the bioinformatics services market during the forecast period. However, the in-house development of bioinformatics solutions and publicly available bioinformatics tools are expected to limit market are expected to restrain market growth in the coming years.
The competitive landscape includes the analysis of the key growth strategies adopted by major players between 2017–2021 to expand their global presence and increase their market shares in bioinformatics services market. The key growth strategies adopted by the top players in the market include service launches and approvals, partnerships, agreements, collaborations expansions, and acquisitions. Partnerships were the most widely adopted growth strategies by market players in the last three years to garner a larger share of the market. In 2020, the bioinformatics services market was dominated by Thermo Fisher Scientific (US), Eurofins Scientific (Luxembourg), NeoGenomics (US), Illumina (US) and PerkinElmer (US).
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As of 2020, Thermo Fisher Scientific (US) holds the leading position in the global bioinformatics services market. The strong geographic presence across major markets is supporting the growth of the company’s market share. The company primarily focuses on developing technologically advanced bioinformatics solutions to enhance its bioinformatics service offerings. The company also engages in inorganic growth strategies such as acquisitions. For example, it acquired Core Informatics (US), a bioinformatics company, in 2017. Such developments help the company maintain a strong position in bioinformatics services market. Thermo Fisher Scientific has a robust product portfolio of NGS platforms, consumables, reagents, and services. The company’s strong market position can largely be attributed to the fact that its leading platforms work on one of the best technologies—ion semiconductor technology. With its strong product portfolio, continuous research and development activities, and wide geographic reach, Thermo Fisher Scientific is expected to grow significantly in the global bioinformatics services market.
Eurofins Scientific held the second-largest share of the bioinformatics services market in 2020. It has maintained its position in the global bioinformatics services market due to its wide geographic presence and a broad range of bioinformatics services. The acquisition of GATC Biotech (Germany) further strengthened its service offerings and position in the market. In December 2020, the company launched SARS-CoV-2 NGS services for providing full-length viral genome sequences to support researchers globally for the development of vaccines and fighting against the pandemic. Owing to the company’s strong industry presence and brand recognition, Eurofins’ share in the bioinformatics market is expected to increase during the forecast period.
Bioinformatics Services Market by Type (Sequencing, Data Analysis, Discovery, Gene Expression, Database Management), Specialty (Medical, Plant, Forensics), Application (Genomics, Metabolomics), Enduser (Academia, Pharma-biotech) - Global Forecast to 2026
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