Bioinformatics Market Insights
Bioinformatics Market is projected to be worth USD 26.84 Billion by 2028, registering a CAGR of 10.7% CAGR during the forecast period (2022-2028), the market was valued at USD 11.90 Billion in 2021. The Bioinformatic segment is estimated to grab larger market attention in the forecast period owing to the increasing application of high-end tools for drug development. The medical biotechnology segment is estimated to lead the bioinformatics market due to the surge in the development of effective treatments such as vaccines, and diagnostic tools. North America is anticipated to lead the regional market due to government support for genomic research, and the presence of market players.
Bioinformatics is a branch of science that collects, stores, and analyzes biological data and information to study genetics and genomics. Examples of biological data and information include DNA and amino acid sequences, as well as observations on those sequences. To better understand health and sickness or illness, scientists and physicians employ databases that organize and index such biological information.
Bioinformatics Market Dynamics
Driver:
Growing R&D activities and investment in bioinformatics by key players and government bodies to launch a new product in the market are estimated to drive the growth of the market. This factor is also estimated to improve the quality of products and services.
Restraints:
The high equipment cost of advanced NGS technologies and Genomics instruments may hamper the growth of the market. As small to medium-sized organizations cannot opt for high investment and multiple genomic instruments.
Opportunity:
Developing countries, such as Brazil, India, China, Russia, Taiwan, and South Korea, are projected to bring high growth opportunities for the key players offering bioinformatics products and services.
COVID-19 Analysis of Bioinformatics Market
COVID-19 had a modest effect on the expansion of the global market for Bioinformatics. The most important focus worldwide during the pandemic was to study and identify further progress of the virus. Next-generation sequencing is the primary method for examining SARS-CoV-2 virus genomes, which offers basic information about the virus. The essential tools for understanding the virus SARS-CoV-2 are Bioinformatics pipelines and host-virus interaction databases. Thus, several studies are carried out to understand the genetic combination of the virus which boosted the demand for the bioinformatics market. Further, during the pandemic, the outsourcing of bioinformatics increased which boosted the demand for bioinformatics during Covid-19.
Bioinformatics Market Report Coverage
| Report Attributes | Report Details |
| Study Timeline | 2016-2028 |
| Market Size in 2028 (USD Billion) | 26.84 |
| CAGR (2022-2028) | 10.7 |
| By Product & Services | Knowledge Management Tools, Bioinformatics Platforms, Bioinformatics Services |
| By Application | Genomics, Chemoinformatics & Drug Design, Proteomics, Transcriptomics, Metabolomics, Other Applications |
| By Sector | Medical Biotechnology, Animal Biotechnology, Plant Biotechnology, Environmental Biotechnology, Forensic Biotechnology Other Sectors |
| By geography | North America: U.S., Canada, Mexico,
Europe: Germany, France, U.K., Russia, Italy, Spain, BENELUX, Rest of Europe Asia Pacific: China, Japan, India, South Korea, Australia, ASEAN, Rest of Asia Pacific Latin America: Brazil, Argentina, Chile, Rest of Latin America The Middle East and Africa: GCC, Turkey, Israel, Rest of MEA |
Bioinformatics Market Segment Analysis
By Product & Services
By product and service segment is categorized into knowledge management tools, bioinformatics platforms, and bioinformatics services. The Bioinformatic segment is estimated to grab larger market attention in the forecast period. Owing to increasing advancements in technologies and the need for high-end tools for drug development. Further, an increase in the platform application is estimated to surge the demand for life science companies for the detection and modification of various structures.
By Application
Application segment is segmented into genomics, chemoinformatics & drug design, proteomics, transcriptomics, metabolomics, and other applications. A growing preference for companion diagnostics and tailored medications is expected to trigger the transcriptomics segment to develop at the fastest rate during the forecast period. Moreover, the development of the bioinformatics market is anticipated to be fueled by innovative gene sequencing, ongoing biomarker discovery, and the widespread adoption of transcriptomics technology. Besides, genomics, chemoinformatics & drug design, proteomics, and others are estimated to support the growth of the market.
By Sector
The sector segment is divided into medical biotechnology, animal biotechnology, plant biotechnology, environmental biotechnology, forensic biotechnology, and other sectors. The medical biotechnology segment is estimated to lead the bioinformatics market. Medical biotechnology is an important pillar in the global pharmaceutical industry to bring innovative treatments. The surge in the development of effective vaccines, drugs, and diagnostic tools for the treatment of various chronic diseases is estimated to boost the growth of the market.
By Region
The regional segment includes North America, Asia Pacific, Europe, Middle East, and Africa, and Latin America. North America is estimated to dominate the regional market in the bioinformatics segment. The factors responsible for the growth are government support for genomic research, the presence of key bioinformatics providers, and lower sequencing costs. Further, increased awareness of bioinformatics services, and a surge in the number of genomic research activities in the region is estimated to strengthen the growth of the market. Besides, it the favorable for research activities in North America, which is estimated to support market growth
Bioinformatics Market Competitive Landscape
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), product innovation, and various business strategies have accelerated the growth of the market.
Key Players
- Thermo Fisher Scientific, Inc.
- QIAGEN N.V.
- Agilent Technologies, Inc
- Illumina, Inc.
- Waters Corporation
- DNASTAR
- NeoGenomics Laboratories
- Perkin Elmer, Inc.
- NeoGenomics Laboratories
- GENEWIZ and BGI Group
- Fios Genomics
- Partek Incorporated
- SOPHiA Genetics
- Source BioScience
- Biomax Informatics AG
Recent Development
- In January 2021, Illumina company launched the Pan-Cancer IVD Test, which on a cloud-Based Bioinformatics Platform
- In July 2021, The debut of nRavel, a novel AI discovery platform for oncology and precision medicine, was announced by Indivumed GmbH. The platform integrates the rich multi-omics data from IndivuType with intricate disease models, powerful automated machine learning capabilities, and a full range of advanced analytics tools.
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