Bioinformatics Services Market Is Expected To Reach USD 3.53 Billion By 2023, At A CAGR Of 15.7%
Summary
- What the Market Looks Like?
- What Drives the Market?
Factors such as increasing public-private sector funding for bioinformatics services, the shortage of skilled bioinformatics professionals leading to increased outsourcing of biofinformatics projects, and growing applications of bioinformatics in various industries are expected to drive the growth of the bioinformatics services market.
What the Market Looks Like?
The global bioinformatics services market is expected to reach USD 3.53 billion by 2023 from USD 1.70 billion in 2018, at a CAGR of 15.7% during the forecast period. North America accounted for the largest share of the global bioinformatics services market in 2017, followed by Europe.
The bioinformatics services market, by application, is segmented into genomics, chemoinformatics & drug design, proteomics, transcriptomics, metabolomics, and other applications. The significant growth of the segment is attributed to the rising demand for more efficient data management facilities and the increasing number of research studies for the treatment of cancer using transcriptomics.
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What Drives the Market?
The growth of the Bioinformatics Services Market is primarily influenced by the following factors:
- Growing Applications of Bioinformatics in Various Industries
- Increasing Public-Private Sector Funding for Bioinformatics Services
- Shortage of Skilled Bioinformatics Professionals Leading to Increased Outsourcing of Bioinformatics Projects
The bioinformatics services market, by specialty, is segmented into medical biotechnology, animal biotechnology, plant biotechnology, environmental biotechnology, and forensic biotechnology. The medical biotechnology segment is expected to command the largest share of the bioinformatics services market in 2018.
The largest share of this segment can be attributed to the development of new databases for drug discovery, the use of bioinformatics for clinical diagnostics, and increasing funding for the development of bioinformatics solutions for clinical diagnostics.
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