HOME Research Insight Partnerships and Collaborations were the Key Growth Strategies Adopted by Players in the Global Bioinformatics Services Market

Partnerships and Collaborations were the Key Growth Strategies Adopted by Players in the Global Bioinformatics Services Market

The global bioinformatics services market is projected to reach USD 3.53 Billion by 2023 from USD 1.70 Million in 2018, at a CAGR of 15.7%. Factors such as growing applications of bioinformatics in various industries, increasing public-private sector funding for bioinformatics services, and the shortage of skilled bioinformatics professionals leading to increased outsourcing of bioinformatics projects are expected to propel the growth of the bioinformatics services market.

As of 2017, some of the prominent players in the bioinformatics services market were Illumina (US), Thermo Fisher Scientific (US), Eurofins Scientific (Luxembourg), BGI (China), NeoGenomics (US), PerkinElmer (US), CD Genomics (US), Macrogen (South Korea), QIAGEN (Germany), GENEWIZ (US), Source BioScience (UK), Microsynth (Switzerland), MedGenome (India), Fios Genomics (UK), and BaseClear (Netherlands), among others.

Analysis of the developments in the bioinformatics services market during 2015 and 2018, shows that partnerships and collaborations were the most widely adopted growth strategy by the players in the market. Players adopted this strategy to strengthen their market position.

In 2017, Illumina (US) held the leadership position in the bioinformatics services market. The company has a broad portfolio of advanced bioinformatics services and cutting-edge technologies in the field of cloud computation and NGS. Its BaseSpace Sequence Hub genomics cloud-computing platform is widely used for easy analysis and storage of next-generation sequencing data. The company is constantly focusing on partnerships to achieve technological advancements in the field of genomics and informatics and has a strong network of healthcare companies, scientific partners, and pharmaceutical companies. For instance, in 2016, Illumina partnered with Genomics England (UK) to develop a platform and knowledge base for automated genome interpretation and enhance its bioinformatics capabilities.

Thermo Fisher (US) held the second place in the bioinformatics service market in 2017. The company provides a comprehensive range of bioinformatics service offerings. It 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, the company acquired Core Informatics (US), a bioinformatics company, in 2017. Additionally, it has a strong geographic presence across major markets.

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Bioinformatics Services Market by Type (Microbiome, Transcriptome, Virtual Screening, Database Management), Specialty (Medical, Forensics), Application (Proteomics, Metabolomics), End User (Academia, Pharma) - Global Forecast to 2023

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