Bioinformatics Services Market - Key Players & Growth Strategies Adopted by Them

2022-08-05 08:59:35 UTC | Healthcare & Pharmaceuticals
Bioinformatics Services Market - Key Players & Growth Strategies Adopted by Them

Overview of This Study:

This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, fundamental market dynamics, and key player strategies.

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Growing applications of bioinformatics across industries, growing public-private sector funding for bioinformatics services, and a shortage of skilled bioinformatics experts (leading to increased outsourcing of bioinformatics projects) are driving the growth of the bioinformatics services market. This is the main predictive factor. forecast period.

Recent Developments in Bioinformatics Services Market

·         In November 2020, BaseClear partnered with Leiden University this partnership focused on developing innovative technologies applicable in the field of metagenomics In April 2020, Medline Industries partnered with Yale New Haven for the exclusive supply of medical supplies along with supply chain and logistics solutions

·         In January 2020, Charles River Laboratories entered into a strategic partnership with Fios Genomics to gain access to the expertise of Fios Genomics in the field of bioinformatics, statistics, and biology

·         In August 2019, Eurofins Genomics acquired Blue Heron Biotech, a company specializing in advanced gene synthesis, and expanded its portfolio of oligonucleotides, sequencing, and synthetic genes

Driver: Growing applications of bioinformatics in various industries

Several industries, such as the food, bioremediation, agriculture, forensics, and consumer industries, are also using bioinformatics services to improve the quality of their products and supply chain processes. Bioinformatics services such as data integration, manipulation, lead discovery, data management, in silico analysis, and advanced knowledge discovery are increasingly being adopted by companies across various industries.

Global Key Market Players

Prominent players in the bioinformatics services market include Illumina (US), Thermo Fisher Scientific (US), Eurofins Scientific (Luxembourg), BGI Group (China), NeoGenomics (US), PerkinElmer (US), CD Genomics (US), Psomagen, Inc. (South Korea), QIAGEN (Germany), GENEWIZ (US), Source BioScience (UK), Microsynth (Switzerland), MedGenome (India), Fios Genomics (UK), and BaseClear (Netherlands), among others.

Different Growth Strategies Adopted by Them:

Market Competitive Analysis:

The competitive landscape includes the analysis of the key growth strategies adopted by major players between 2017–2021 to expand their global presence and increase their market shares in bioinformatics services market. The key growth strategies adopted by the top players in the market include service launches and approvals, partnerships, agreements, collaborations expansions, and acquisitions. Partnerships were the most widely adopted growth strategies by market players in the last three years to garner a larger share of the market.

Thermo Fisher Scientific (US) holds the leading position in the global bioinformatics services market. The strong geographic presence across major markets is supporting the growth of the company’s market share. The company primarily focuses on developing technologically advanced bioinformatics solutions to enhance its bioinformatics service offerings.

Eurofins Scientific held the second-largest share of the bioinformatics services market in 2020. It has maintained its position in the global bioinformatics services market due to its wide geographic presence and a broad range of bioinformatics services.

Major Revenue Growth Expectations:

The bioinformatics services market is projected to reach USD 5.3 Billion by 2026 from USD 2.5 Billion in 2021, at a CAGR of 15.8% during the forecast period.