New York, NY -- (SBWIRE) -- 05/22/2019 -- Market Size – USD 1.92 Billion in 2018, Market Growth - CAGR of 11.7%, Market Trends –Increase in investment by governments for genomics R&D

The Global Bioinformatics Services Market is forecast to reach USD 5.12 Billion by 2026, according to a new report by Reports and Data. Increase in demand for integrated data solutions in order to deal with a large amount of data generated by associated technologies and high throughput sequencing are increasing the demand for bioinformatics services. Increase in research and development in fields such as proteomics, transcriptomics, and metabolomics are anticipated to boost the data storage and analysis and IT applications capabilities.

Increase in collaborations between research institutes and companies and rise in popularity of personalized medicines will provide new opportunities for the growth of the market. Lack of skilled professionals, high cost of research and development and lack of awareness is hindering the growth of the market.

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North America dominates the market for Bioinformatics. The major contribution is from the US owing to the well-defined framework and the development of state of the art technologies. The rise in the implementation of personalized medicine, early adoption of latest technologies, development of next-generation sequencing and chemical laboratories are boosting the market.

Further key findings from the report suggest

- Bioinformatic services are used in storing, retrieving, and analyzing data. With this information, it helps in forming biological information which in turn helps in efficiently managing large database related to innovation and development of the drug.

- On the basis of service type, the market is segmented into Sequencing Services, Data Analysis Services, Drug Discovery Services, Differential Gene Expression Analysis, Database Management Services, and Others.

- Sequencing services held the largest market share of 22% in the year 2018. Development in sequencing technologies such as scripting tools and NGS for sequence manipulation is fueling the market growth.

- Differential Gene Expression Analysis held a market share of 16% in the year 2018. Database management services are forecasted to grow with a CAGR of 11.7% throughout the forecast period.

- Transcriptomics is forecasted to grow with the highest CAGR of 12.7% in the forecast period owing to the increase in number of research projects in this field and introduction of new advanced technologies for the study of RNA transcripts using bioinformatics process.

- Bioinformatics services are used in agriculture-based industries, product utilization and better management of the environment. The agriculture segment held a market share of 23% in the year 2018.

- Academic users are forecasted to hold the largest market share of 30% in the year 2026. Increasing adoption of these technologies in proteomic, genomic, and metabolomics research programs carried out by universities research institutes.

- Most of these research programs are backed by a government or private funding and forms a substantial part of the high level of R&D programs that bioinformatics market generally attract.

- Development in the Asia Pacific region is driven by companies which provide specialized bioinformatics services for analysis tools for data storage and genetic data in contract research in local life sciences.

- Asia Pacific is forecasted to grow with the highest compounded annual growth rate of 12.8% in the year 2019-2026.

- Key participants include Qiagen Inc., IBM Life Sciences, Illumina Inc., GVK Biosciences, Nxt-Dx, Biovia (Accelrys Inc), Non Linear Dynamics, Biomax Informatics AG., DNAnexus Inc., Affymretrix Inc., Geneva bioinformatics, Bruker Daltonics, and Life Technologies Corporation, among others.

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For the purpose of this report, Reports and Data have segmented the global Bioinformatics Services Market on the basis of Service Type, Application, End User, and Region:

Service Type Outlook (Revenue, USD Billion; 2016-2026)
- Sequencing Services
- Data Analysis Services
- Drug Discovery Services
- Differential Gene Expression Analysis
- Database Management Services
- Others

Application Outlook (Revenue, USD Billion; 2016-2026)
- Genomics
- Transcriptomics
- Metabolomics
- Drug Discovery

End User Outlook (Revenue, USD Billion; 2016-2026)
- Agriculture
- Medical
- Animal
- Academic Users

Regional Outlook (Revenue, USD Billion; 2016-2026)
- North America
o U.S.
- Europe
o UK
o France
- Asia Pacific
o China
o India
o Japan
- MEA
o Latin America
- Brazil

Read more at: https://www.reportsanddata.com/report-detail/bioinformatics-services-market

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