According to the latest report by Reports and Data, the global Bioinformatics Services Market size was USD 2.50 billion in 2021, and it is expected to register a revenue CAGR of 15.2% over the forecast period. Bioinformatics is a crucial tool in drug discovery research and development that involves the organization, storage, and analysis of vast amounts of biological data.

With the integration of biology and information technology and computer science, pharmaceutical companies and research institutions can uncover new biological insights and establish a global viewpoint in drug discovery. The increasing frequency of chronic illnesses and the need for research and drug discovery is increasing the demand for bioinformatics services.

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For example, cancer survivors in the United States are expected to number 22.1 million by 2030, according to the Centers for Disease Control and Prevention (CDC), and bioinformatics is being used by pharmaceutical corporations in cancer therapy and diagnosis.

Bioinformatics services are also extensively used in chromatography and mass spectrometry, chemical analysis, and materials and structural analysis. Pharmaceutical companies conduct numerous medication development studies and collect vast amounts of data. To obtain precise findings, various sample data are calculated using software. Several companies are working on improved AI algorithms for pattern recognition and functional inference from sequence data, which is propelling the industry forward.

Sequencing services accounted for a greater revenue proportion in 2021, and North America had a bigger revenue share. The widespread adoption of bioinformatics approaches in sequencing services is driving the segment's income growth. Pfizer Inc., Merck & Co., Johnson & Johnson, and other pharmaceutical and healthcare organizations are widely adopting bioinformatics for clinical data analysis and finding possible therapeutic targets for intervention, and the United States is a popular location for healthcare research and development. Financing for healthcare research is increasing demand for bioinformatics services.

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Thermo Fisher Scientific Inc., a large bioinformatics service firm located in the United States, purchased Qiagen for USD 11.5 billion on March 3, 2020, to combine the technology benefits of genetic analysis with the bioinformatics capabilities of Qiagen. Furthermore, the bioinformatics services offering would assist Thermo Fisher extend its global market share.

The global bioinformatics services industry is segmented into Service Type Outlook, Application Outlook, End-Use Outlook, and Regional Outlook. The service type outlook includes sequencing services, data analysis services, drug discovery services, differential gene expression analysis, database management services, and others.

The application outlook includes genomics, chemoinformatics, drug discovery, transcriptomics, and others. The end-use outlook includes healthcare and pharmaceuticals, biotechnology companies, contract research organization (CRO), contract development and manufacturing organization (CDMO), and others. The regional outlook includes North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

Companies profiled in the market report include Thermo Fisher Scientific Inc., Agilent Technologies Inc., QIAGEN Digital Insights, Intrexon Bioinformatics Germany GmbH, Rosalind, Inc., Illumina, Inc., DNAnexus, Inc, PerkinElmer Inc., Biomax Informatics Inc., Waters Corporation, and others.

In conclusion, the global bioinformatics services market is expected to grow significantly due to the increasing demand for research and drug discovery in the healthcare industry. The use of bioinformatics services in drug discovery research and development, cancer therapy and diagnosis, chromatography and mass spectrometry, and chemical analysis is expected to drive market growth. The industry is also driven by the increasing adoption of AI algorithms for pattern recognition and functional inference from sequence data.

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