Bioinformatics Market

Bioinformatics Market Size (2023 to 2028)

As per our research analysis report, the global bioinformatics market is forecasted to be worth USD 38.15 billion by 2028 and USD 15.79 billion by 2023, growing at a CAGR of 19.29% during the forecast period.

Bioinformatics combines computer sciences, molecular biology, biotechnology, and statistics. It is a field of collecting, classifying, storing, and analyzing biological and biochemical information by using computer-based software tools. Genomics and proteomics are activities in that bioinformatics are used on a large scale. The field recently includes artificial intelligence and computer sciences for the development in the microbiology and genetic codes section. Additionally, several companies have expanded their innovation in gene expression, gene sequencing, and new drug discovery studies.

MARKET DRIVERS:

Growing support and initiatives from the various governments and implementing new technologies are majorly propelling the growth of the global bioinformatics market.

The global bioinformatics market is expected to grow significantly by rising government initiatives and funding genomics-based R & D, increasing technology use in drug discovery and biomarker development. In addition, the gradual reduction of DNA sequencing costs is an essential driver of the industry's expected progress and is the primary driver in the global bioinformatics market.

The rise in demand for integrated data and the cost of sequencing decreases create growth opportunities for the market. Besides, the need for nucleic acid and protein sequencing will continue to increase, and increasing proteomics & genomics applications are positively impacting the market's growth. As a result, the global bioinformatics market is expected to grow significantly shortly. Government and private sector investments in the development of innovative products are expected to drive market growth during the forecast period.

The data storage and analysis application that can store large amounts of genomic and proteomic information and facilitate research activities from aging & carcinogenesis to the prevention and treatment of genetic diseases are anticipated to present growth opportunities for the market. Therefore, significant contributions to the development of the industry during the forecast period are also expected in the global bioinformatics market.

MARKET RESTRAINTS:

The lack of skilled staff, standard data formats, easy-to-use tools available at bargain prices, and the inability to use the platform to integrate large datasets generated by bioinformatics is expected to hinder the bioinformatics market growth.

Impact of COVID-19 on the global bioinformatics market:

SARS-CoV-2 is the primary agent responsible for causing the coronavirus (COVID-19). The COVID-19 pandemic crisis has been declared an emergency health issue by the WHO. COVID-19 has positively influenced the bioinformatics market. The bioinformatics sector is spreading globally. Bioinformatics plays an essential role by expecting suitable drugs against viral targets and is now being tested in the labs for validation. Developing potent drugs against COVID-19 Bioinformatics helps by predicting possible molecules as inhibitors for the virus. Bioinformatics came out as an effective tool to examine viral data. It provided important information regarding the virus's genetic makeup and helped improve drugs or vaccines against the deadly disease.

REPORT COVERAGE:

This research report on the global bioinformatics market has been segmented and sub-segmented based on the sector, products & services, application, and region.

Bioinformatics Market - By Sector:

• Animal Biotechnology
• Environmental Biotechnology
  • Alternative Energy Sources
  • Waste Clean-Up/Bioremediation
  • Climate Change Studies
• Agricultural Biotechnology
  • Crop Yield Improvement
  • Pest Resistance
  • Improvement of Plant Resistance
  • Biodiversity Informatics
  • Nutritional Quality Improvement
• Forensic Biotechnology
• Medical Biotechnology
  • Drug Development
  • Clinical Diagnostics
  • Molecular Medicine
    • Personalized Medicine
    • Preventive Medicine
  • Gene Therapy
  • Reproductive Biotechnology
• Academics
• Other Sectors

Based on the sector, the medical biotechnology segment is expected to account for the leading share in the global market during the forecast period due to the growing need to develop new drugs at low prices and the use of bioinformatics in pharmaceutical companies to develop drugs. In addition, bioinformatics has the two most traditional applications in the target drug discovery and validation process. Furthermore, the academic sector is also anticipated to grow at a healthy rate in the market during the forecast period due to the development institute's research and projects.

Bioinformatics Market - By Products and Services:

• Bioinformatics Platforms
  • Sequence Analysis Platforms
  • Sequence Alignment Platforms
  • Sequence Manipulation Platforms
  • Structural and Functional Analysis Platforms
  • Other Bioinformatics Platforms
• Knowledge Management Tools
  • Generalized Knowledge Management Tools
  • Specialized Knowledge Management Tools
• Bioinformatics Services
  • Data Analysis
  • Sequencing Services
  • Other Bioinformatics Services
  • Database and Management Services

Based on products & services, the knowledge management tools segment is estimated to register the largest share in the global, on the other hand, market. Bioinformatics platforms are the fastest-growing sub-segment based on products & services.

The data analytics is estimated to showcase a robust CAGR from 2021 to 2026 due to the demand for high-performing sequencing data solutions. Furthermore, genetic sequencing is expected to have the fastest growth in the coming years due to rising awareness about genome and exome technologies because of low cost. 

Bioinformatics Market - By Application:

• Proteomics
• Transcriptomics
• Molecular Phylogenetics
• Chemoinformatics
• Drug Design
• Genomics

Based on the applications segment, Genomics accounts for the largest market share during the forecast period. The genomics application segment is grabbing growth in this market due to increasing the Application in gene sequencing. The proteomics segment is expected to grow in the coming years due to new technologies and several research projects in the bioinformatics market.

Bioinformatics Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Regionally, the North American regional market is predicted to lead the global bioinformatics market, followed by Europe. However, Asia-Pacific is the fastest-growing market in the world. Factors like rising funding for research, growing demand for bioinformatics in proteomics and genomics research, and technological advancements are expected to drive the rise of this market.

The Bioinformatics market in the Asia Pacific will grow fastest, with double-digit expected growth from 2021 to 2026, thanks to the improved healthcare infrastructure and development plans adopted by regional pharmaceutical companies. It is expected to be accomplished. Many infectious disease patients are in the Asia-Pacific region, accelerating the market's demand. APAC accounts for 60% of the world's total population, so a low prevalence means many infected people. Emerging economies, such as India and Australia, also contribute to revenue sharing and progress elsewhere in the Asia-Pacific region. As service outsourcing gains momentum, an increasing number of Asian countries are participating in establishing infrastructure and are expected to influence sector revenue generation through government investment and academic innovation.

The Chinese bioinformatics market is expected to account for the largest share in this regional market during the forecast period due to modern healthcare infrastructure, growing perforation of cutting-edge research, and clinical laboratory techniques driving the bioinformatics market of this APAC region.

The Japanese market is another lucrative region in the Asia Pacific, filled with technological advancements and the growing decoding of genetic sequences. However, a shortage of skilled bioinformatics professionals, high cost, and interaction hamper the growth.

The European market has experienced stable growth in the recent past and is predicted to be the same throughout the forecast period. As a result, this regional market is forecasted to showcase a CAGR of 26.8% from 2020 to 2025. Germany is the fastest-growing market among different nations of Europe and is predicted to hike at a CAGR of 33.12% during the forecast period.

The Latin American region is projected to grow at a healthy CAGR of 16.2% between 2021 to 2026. This regional market was dominated by Brazil in 2020, with over 35%, followed by Mexico.

KEY MARKET PARTICIPANTS:

Agilent Technologies, Affymetrix Inc., Applied Biological Materials (ABM), 3rd Millenium Inc., Illumina Inc., Thermo Fisher Scientific Inc., and major companies operating in the global bioinformatics market Qiagen N.V., Biomax Informatics Ag, DNAnexus, Inc. and Waters Corporation.

Several biotech companies and research institutes have taken the initiative to study gene sequencing to grow the bioinformatics market. Using rapid-friendly software such as RasMol and BALL that is used to detect toxicity before the drug discovery processing in the market is a factor that increases the growth of the global market.

MAJOR HAPPENINGS IN THIS MARKET IN THE RECENT PAST:

• In 2020, Roche purchased Stratos genomics to innovate into Roche nanopore sequencing, which combines the electronics and biological components for fast and low-cost diagnostic testing of DNA sequencing. 
• In 2019, Qiagen joined N-of-one to develop clinical bioinformatics services for complex genomic data management. Also, it helps to expand their decision-support solutions with consideration of software, content, and services. It provides clinical trials matching services and an oncology database of patients to the organization.
• In 2019, NEC acquired Oncommunity, an immune profiler that uses machine learning to sequence cancerous patients. The development will provide better cancer treatment in the global bioinformatics market.