The global bioinformatics market is projected to reach USD 21.8 billion by 2026 from USD 10.7 billion in 2021, at a CAGR of 15.2%. High costs of bioinformatics software and services and a dearth of skilled professionals are likely to challenge market growth in the coming years.
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Key Market Players
Thermo Fisher Scientific, Inc. (US), Eurofins Scientific (Luxembourg), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (US), and Illumina, Inc. (US), Waters Corporation (US), DNASTAR (US), NeoGenomics Laboratories (US), Perkin Elmer, Inc. (US), GENEWIZ (US) and BGI Group (China) Waters Corporation (US), DNASTAR (US), NeoGenomics Laboratories (US), Perkin Elmer, Inc. (US), GENEWIZ (US) and BGI Group (China), Fios Genomics (UK), Partek Incorporated (US), SOPHiA Genetics (Switzerland), Source BioScience (UK), and Biomax Informatics AG (Germany)
Growth Strategies Adopted:
These players undertake several strategic initiatives such as mergers, acquisitions, new product launches, and geographical expansions that helps them in sustaining market competition.
Thermo Fisher Scientific, Inc. is the leading player in the bioinformatics market. The company primarily develops technologically advanced bioinformatics solutions to enhance its service offerings. It also focuses on strategic acquisitions to strengthen its market presence.
Eurofins Scientific is a leading provider of clinical diagnostic testing, agro-science, genomics, discovery pharmacology, and central laboratory services in the bioinformatics segment. The company has a strong geographical presence in North America, Europe, the Asia Pacific, and Latin America.
Illumina, Inc. is among the major players in the bioinformatics market. Illumina has a robust product and service portfolio for bioinformatics, a well-established distribution network, and a wide geographic presence across the globe. With its strong product offerings, the company is expected to witness high growth in this market.
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Bioinformatics services to register the highest growth in the type market
Financial support from the government and private bodies for NGS-based projects, advancements in NGS, decreased sequencing costs, and the need for high-throughput analysis of a large amount of data generated during sequencing are the major factors driving this segment’s growth. The knowledge management tools segment is expected to account for the largest share of 39.1% of the bioinformatics market
North American bioinformatics market to dominate the market during the forecast period
North America dominated the bioinformatics market in 2020 and is expected to grow at a 14.7% CAGR during the forecast period. North America has a favorable funding scenario for research activities. This regional market is characterized by increased government initiatives for the reimbursement of genomic testing and favorable funding scenario for research activities involving the use of bioinformatics technologies.
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