Bioinformatics Services – Global Market Outlook to 2026: A $5.67 Billion Opportunity
According to the report, the Global Bioinformatics Services Market accounted for $1.3 billion in 2017 and is expected to reach $5.67 billion by 2026 growing at a CAGR of 17.8% during the forecast period.
Factors such as rising public-private sector funding for bioinformatics services, increasing applications of bioinformatics in different industries and the lack of skilled bioinformatics professionals leading to increased outsourcing of bioinformatics tasks are collectively expected to propel the market growth.
However, complexity of data and lack of well-defined standards for bioinformatics analysis are anticipated to hinder the growth of the market. Increasing focus on outsourcing for the management of large volumes of data is providing ample of opportunities for the market growth.
Based on specialty, medical biotechnology section is anticipated to command the steady share of the bioinformatics services market. The maximum share of this section can be attributed to the expansion of new databases for drug discovery, the use of bioinformatics for medical diagnostics, and increasing funding for the development of bioinformatics solutions for medicinal diagnostics.
Depending on end user, academic institutes & research centres section is projected to observe significant growth. Growing scale of genomics research, rising number of collaborations between academic research institutes and players, increasing number of government funding programs for genomics research and the rising focus of market players on providing efficient bioinformatics services that suit the needs of researchers are some of the main factors for the growth of this sector