Rising Prevalence of Infectious Diseases and Antimicrobial Resistance Driving Demand for Bioinformatics Services for Rapid Drug Development
Rockville , Jan. 10, 2024 (GLOBE NEWSWIRE) -- The global bioinformatics services market is estimated to reach US$ 4.28 billion in 2024, according to a new report published by Fact.MR, a market research and competitive intelligence provider. Worldwide revenue from bioinformatics services is set to reach US$ 16.94 billion by the end of 2034.
In the past few years, there has been a noteworthy reduction in the prices of genome sequencing, especially because of technological advancements. Further, the easy availability of more efficient, advanced, and accurate systems at economical prices is predicted to stimulate the adoption of more advanced technologies. A constant reduction in the prices of DNA sequencing is forecasted to contribute to market growth.
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Increased demand for integrated data solutions for the management of data generated from high throughput sequencing and related technologies is predicted to open up profitable market opportunities in the coming decade. Growing adoption of integrated bioinformatics systems in genomics and proteomics is predicted to drive market growth. The high prevalence of infectious diseases and antimicrobial resistance is predicted to create health challenges, therefore generating demand for rapid drug development and, subsequently bioinformatics.
| Report Attribute | Details |
| Value Projection (2034) | US$ 16.94 Billion |
| Growth Rate (2024-2034) | 14.7% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 84 Tables |
| No. of Figures | 112 Figures |
Key Takeaways from Market Study
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The global bioinformatics service market is pegged at US$ 4.28 billion in 2024.
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Worldwide demand for bioinformatics services is forecasted to reach a market value of US$ 16.94 billion by the end of 2034.
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The market is predicted to advance at a prolific CAGR of 14.7% from 2024 to 2034.
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North America is projected to account for 29.4% share of the global market by the end of 2034.
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The market in China is projected to expand at 17.1% CAGR and reach US$ 1.1 billion by 2034-end.
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Academic & research centers are estimated to account for 40.2% share of the global market in 2024.
“Reduced sequencing costs and rising application of bioinformatics in several industries, including forensics and bioremediation, are forecasted to contribute to revenue streams,” says a Fact.MR analyst.
Key Market Players
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Illumine, Inc.,
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Strand Life Sciences, Inc.,
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Thermo Fisher Scientific,
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CD Genomics,
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DNANEXUA, INC.,
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Biomax Informatics AG,
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Agilent Technologies, Inc.,
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Gener Codes Corporation,
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BGI Group,
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QIAGEN N.V.,
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PerkinElmer Inc.,
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Biomatters Geneious,
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Premier Biosoft,
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Creative-Biolabds,
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GSL Biotech LLC,
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DNASTAR,
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FIOS Genomics