Bioinformatics Services Market

The global bioinformatics services market accounted for USD 3.26 billion in 2023 and is expected to reach USD 16.56 billion by 2034 with a CAGR of 15.93% during the forecast period 2024-2034. The market will grow due to factors such as government initiatives and funding, emerging markets and untapped opportunities, growing need for personalized medicine, drug discovery, and development, rapid advancements in genomics and proteomics, and increased focus on agricultural genomics.

Drug discovery and development procedures, such as target identification, lead optimization, pharmacogenomics, and clinical trial design, depend heavily on bioinformatics services. Bioinformatics is used by the pharmaceutical industry to save costs and accelerate the drug development process. For instance, Illumina, Inc. introduced Illumina Connected Analytics (ICA) in January 2022, a new cloud-based data platform for organizing, examining, and managing substantial amounts of multi-omic data.

By service type, the drug discovery segment accounted for the highest revenue-grossing segment in the global bioinformatics services market in 2023 owing to the increasing demand for precision medicine, accelerating drug development processes, and leveraging advanced computational methods for target identification and optimization. For instance, in November 2023, Illumina introduced the NovaSeq X, a new iteration of its NovaSeq sequencing technology. Additionally, the microbial genome applications and gene therapy segment is predicted to grow at the fastest CAGR during the forecast period owing to the rapid advancements in microbiome research, increased understanding of microbial contributions to health and disease, and expanding applications of gene therapy in treating genetic disorders and cancer.

By application, the data analysis segment accounted for the highest revenue-grossing segment in the global bioinformatics services market in 2023 owing to the growing volume of biological data generated from various omics technologies, increasing demand for advanced analytics and interpretation tools, and rising adoption of bioinformatics solutions across research, clinical, and industrial sectors. For instance, in January 2024, QIAGEN introduced the QIAseq FASTSelect RNA Removal Kit, a tool for eliminating undesired RNA from RNA sequencing libraries. Additionally, the sequencing segment is predicted to grow at the fastest CAGR during the forecast period owing to the expanding applications of next-generation sequencing (NGS) technologies, declining sequencing costs, and increasing adoption of NGS in clinical diagnostics, precision medicine, and agricultural genomics.

By end-user, the pharmaceutical and biotechnology industries segment accounted for the highest revenue-grossing segment in the global bioinformatics services market in 2023 owing to the growing demand for bioinformatics solutions in drug discovery, development, and personalized medicine initiatives, as well as increasing investments in research and development by pharmaceutical and biotechnology companies. For instance, in November 2023, Eurofins Scientific announced that it was purchasing the drug research business Beacon Research. Additionally, the academics and research centers segment is predicted to grow at the fastest CAGR during the forecast period owing to the increased government funding for research, rising collaborations between academia and industry, and expanding applications of bioinformatics in basic and translational research.

North American region is anticipated to have the highest revenue share during the forecast period owing to the infrastructure, and government initiatives promoting genomics and personalized medicine. Additionally, the Asia Pacific region is predicted to grow at the fastest CAGR during the forecast period owing to the rapidly expanding biotechnology and pharmaceutical industries, increasing investment in research and development, and rising adoption of bioinformatics solutions for healthcare and agricultural applications. For instance, in January 2024, PerkinElmer successfully acquired BioLegend, a supplier of reagents and antibodies.

This extensive research report concentrates on the size and projections of the global and regional markets from 2023 to 2034.

Report Scope:

• Base Year: 2023
• Forecast Period: 2024-2034
• Study Coverage
• Market Forecast by Service Type, Application, and End-User
• Market Forecast for 5 Regions and 17+ Countries
• North America (U.S. and Canada)
• Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
• Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
• Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
• MEA (South Africa, GCC, Rest of MEA)
• Exhaustive Company Profiles of the Top 10+ Major Market Players

Segmentation: Bioinformatics Services Market Report 2023 - 2034

Bioinformatics Services Market Analysis & Forecast by Service Type 2023 - 2034 (Revenue USD Bn)

• Drug Development
• Molecular Medicine
• Microbial Genome Applications
• Gene Therapy
• Veterinary Science
• Forensic Analysis
• Others

Bioinformatics Services Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Bn)

• Sequencing
• Data Storage and Management
• Data Analysis
• Drug Discovery
• Others

Bioinformatics Services Market Analysis & Forecast by End-User 2023 - 2034 (Revenue USD Bn)

• Academics and Research Centers
• Pharmaceutical and Biotechnology Industries
• Forensics Laboratories
• Others

Bioinformatics Services Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• UK
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Australia
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Mexico
• Argentina
• Rest of LATAM
• Middle East & Africa
• South Africa
• GCC
• Rest of MEA