Ottawa, May 16, 2022 (GLOBE NEWSWIRE) -- The global bioinformatics market size was valued at US$ 13.2 billion in 2021. Bioinformatics is a field that combines biology and information technology. Bioinformatics employs a variety of tools and technologies, including data management, data production, data warehousing, and data mining. The pharmaceutical industry's expansion is fueling the growth of the bioinformatics market. According to the European Federation of Pharmaceutical Industries and Associations' 2019 data, the pharmaceutical sector in Europe was worth $139,287 million in 2000 and $284,028 million in 2018.
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Furthermore, the industry is growing due to the numerous benefits provided by bioinformatics. Growing investments in the biology and information technology industries are another element driving the global bioinformatics industry forward. Furthermore, governments all around the world are working hard to develop the global bioinformatics business.
Report Highlights
- On the basis of product, bioinformatics services segment holds the largest market share in the global bioinformatics market. The factors such as increased research and development activities as well as an increase in demand for new pharmaceuticals are helping the bioinformatics services segment expansion. In addition, technical improvements are resulting in an increase in global demand for bioinformatics services.
- On the basis of application, genomic segment holds the largest market share in the global bioinformatics market. Due to the use of new and creative technologies, the demand for bioinformatics is increasing in genomics. In pharmacogenomics, bioinformatics is utilized to handle and manage enormous amounts of information and data in databases. In the medication development process, sequencing technology is routinely used. This has a direct effect on the segment growth.
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Regional Snapshot
North America is the largest segment for bioinformatics market in terms of region. The U.S. is dominating the bioinformatics market in the North America region. Due to favorable government rules in favor of market players, the bioinformatics market in North America is developing. The existence of large industry participants is also credited with the rise of the North American bioinformatics market. The US government is investing in the development of the bioinformatics business. In addition, increasing research and development efforts are paving the way for the region's bioinformatics industry to grow.
Europe region is the fastest growing region in the bioinformatics market. The UK and Germany hold the highest market share in the Europe bioinformatics market. The bioinformatics market in Europe is rising due to increased investments in the healthcare sector. Furthermore, the introduction of cutting-edge technologies like artificial intelligence and the internet of things is boosting the bioinformatics business in Europe. Partnerships and acquisitions are common strategies used by industry players in the European bioinformatics business.
Scope of the Report
| Report Attributes | Details |
| Market Size in 2021 | USD 13.2 Billion |
| Revenue Forecast By 2030 | USD 45.6 Billion |
| CAGR | 16.3% from 2022 to 2030 |
| Base Year | 2021 |
| Forecast Data | 2022 to 2030 |
| Companies Covered | Thermo Fisher Scientific Inc., Eurofins Scientific, QIAGEN N.V., Agilent Technologies Inc., Illumina Inc., Waters Corporation, NeoGenomics Laboratories, Perkin Elmer Inc., Fios Genomics, and Source BioScience |
Market Dynamics
Drivers
Growing research and development activities
The government bodies and major market players of developing and developed nations are highly investing in information technology projects. In addition, market players are also conducting research and development activities for launch of new products in the market. Thus, growing research and development activities are driving the expansion of global bioinformatics market over the forecast period.
Restraints
Growing concerns regarding data privacy and security
The technological developments and adoption of latest and advanced technologies is paving way for the expansion of global bioinformatics market. The market players are largely adopting next generation sequencing technology in bioinformatics market. This technology helps to generate and maintain large amount of patients’ data in the database. Here, data plays crucial role for the growth of bioinformatics market. As a result, growing concerns regarding data privacy and security is restricting the growth of global bioinformatics market.
Opportunities
Growing funding from public and private sector
Several organizations and government agencies are collaborating with each other for the development of global bioinformatics market. These firms are also heavily investing in advanced and latest technologies. The British Heart Foundation, the Biotechnology and Biological Sciences Research Council, the European Commission, and Cancer Research UK all contributed to the European Molecular Biology Laboratory, an international body and trendsetter in bioinformatics research in 2016. Thus, growing funding from public and private sector are contributing towards the growth of global bioinformatics market over the projected period.
Challenges
High costs of bioinformatics tools and equipment
The cost of bioinformatics devices and tools are quite expensive due to growing adoption of innovative and latest technologies such as next generation sequencing. The genomics tools used in bioinformatics are also costly due to their advanced features. It costs around $10 to $20 million. Thus, manufacturing of bioinformatics tools requires high capital investment. As a result, high costs of bioinformatics tools and equipment are a challenge for the bioinformatics market growth.
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Recent Developments
- Agilent Technology Inc. announced SureSelect for human exome analysis in March 2021.
- Charles River Laboratories Inc. formed collaboration with Fios Genomics in January 2020 to obtain access to Fios Genomics’ expertise in bioinformatics and biology.
- Illumina announced the Pan-Cancer IVD Test, cloud-based bioinformatics platform in January 2021.
- Eurofins Genomics increased its range of sequencing and synthetic genes in August 2019 when it purchased Blue Heron Biotech, a firm specializing in sophisticated gene synthesis.
Market Segmentation
By Product
- Bioinformatics Platforms
- Sequence Analysis Platform
- Sequence Alignment Platform
- Sequence Manipulation Platform
- Structural and Functional Analysis Platform
- Other
- Bioinformatics Services
- Sequencing Services
- Database and Management Services
- Data Analysis
- Other
- Knowledge Management Tools
- Generalized Knowledge Management Tools
- Specialized Knowledge Management Tools
- Biocontent
By Application
- Genomics
- Molecular Phylogenetics
- Metabolomics
- Proteomics
- Transcriptions
- Chemoinformatics and Drug Designing
- Others
By Sector
- Medical Biotechnology
- Animal Biotechnology
- Plant Biotechnology
- Environmental Biotechnology
- Forensic Biotechnology
- Other Sectors
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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