The global Bioinformatics Services Market is projected to reach USD 3.53 billion by 2023 from USD 1.70 billion 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 this market. However, the in-house development of bioinformatics solutions and publically available bioinformatics tools are expected to restrain the growth of the bioinformatics services market in the forecast period.
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On the basis of type, the bioinformatics services market is classified into sequencing services, data analysis services, drug discovery services, differential gene expression analysis, database management services, and other bioinformatics services. The sequencing services segment is further bifurcated into whole genome sequencing and de novo assembly, exome analysis, transcriptome analysis, metagenomics analysis, ChIP-Seq analysis, and other sequencing analysis, whereas data analysis services segment is bifurcated into data mining, genomic analysis, proteomic analysis, and variant annotation and discovery. The data analysis segment expected to be the fastest-growing segment of the bioinformatics services market during the forecast period owing to the large volumes of data generated in life science research and diagnostics, increasing adoption of big data analytics in life science research, and increasing focus of private as well as government bodies on high dimension genomic studies.
The bioinformatics services market, by application, is segmented into genomics, chemoinformatics & drug design, proteomics, transcriptomics, metabolomics, and other applications. The genomics segment is expected to account for the largest share of the bioinformatics services market in 2018. The increasing use of pharmacogenomic research for the development of precision medicine, favorable funding scenario for genomic research, and partnerships & collaborations between various life sciences and informatics companies for the development of advanced bioinformatics solutions and services are the major factors contributing to the growth of the bioinformatics services market for the genomics segment.
By region, the bioinformatics services market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific region is expected to grow at the highest rate during the forecast period. Factors such as increasing incidence of genetic diseases, rising number of bioinformatics-based research studies, and growing demand for bioinformatics services from various end users are the major factors driving the growth of the Asia Pacific bioinformatics services market.