Bioinformatics Services Market Trends
- Government fundings and collaborative research initiatives have emerged as crucial drivers for the market. For instance, in 2019, NIH granted approximately USD 29.5 million funds for advancing sequencing and bioinformatics technology for human genome.
- Similarly, in 2019, the Rockefeller Foundation announced over USD 20 million in funding and several non-financial collaborations to help strengthen global capabilities in genomic sequencing & data sharing.
These investments provided essential resources for researchers and companies, thereby aiding in market growth. Moreover, collaborative efforts among academic institutions, research organizations, and industry players have also intensified, leading to the creation of diverse datasets and the need for bioinformatics services to analyse and interpret these data.
- Furthermore, the increasing demand for precision medicine is a significant driver for the market.
- For instance, 12 new drugs identified as personalized medicines were approved in 2022 by FDA, which represented about 34% of all newly approved drugs. Personalized medicine relies on the analysis of an individual's genetic makeup to tailor medical treatments and therapies.
As this approach gains prominence in healthcare, bioinformatics plays a pivotal role in deciphering genetic data to guide treatment decisions. Thus, increasing focus on personalized medicine is expected to continue driving the market demand.