Pune, March 10, 2023 (GLOBE NEWSWIRE) -- The global bioinformatics market is estimated to reach over USD 39.79 billion by 2031, exhibiting a CAGR of 14.01% during the forecast period.
The computer-based approach to managing and analyzing biomedical data is known as informatics. It comprises gathering, analyzing, and disseminating biomedical data. The primary drivers of the bioinformatics market size are anticipated to be the rising need for novel medicinal R&D and private and public financing initiatives to support research and innovation throughout the forecast period. Furthermore, the need for information collection, the rising demand for protein and nucleic acid sequencing due to decreasing sequence alignment costs, and the growing software of genomic and proteomics data all contribute to the expected rapid expansion of the global bioinformatics market in the years to come.
Companies from private and public organizations and drug development are anticipated to fuel the bioinformatics market value throughout the forecast. According to research on patient safety, and learning can benefit from simulation. Increased demand for nucleic acids and protein acid sequencing, increased government and commercial sector activities, the rapid advancement of genomics and proteomics, and increased study of cell biology and drug discovery are all contributing reasons to the growth of the bioinformatics industry.
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The worldwide bioinformatics market is anticipated to expand quickly over the projected period due to the aforementioned factors. More FDA approvals will spur more research and development, which will require databases and software to streamline the drug design and development process, accelerating the market's expansion. Additionally, the development of technologically sophisticated bioinformatics applications like BALL, Biochips, Rasmi, and AUTODOCK, as well as the expanding market.
Recent Developments:
- In June 2022-LatchBio, a biotechnology research startup in California debuted an end-to-end bioinformatics platform to handle large amounts of biotech data and speed up scientific research.
- In March 2022.-Rio, a bioinformatics pipeline and analytics platform providing better, quicker answers from next-generation sequencing tests, was introduced by ARUP.
List of Prominent Players in the Bioinformatics Market:
- Agilent Technologies, Inc.
- Biomax Informatics Ag
- Dnanexus, Inc
- Genedata Ag
- Intrexon Bioinformatics Germany Gmbh
- Illumina, Inc.
- Perkinelmer, Inc.
- Qiagen N.V
- Seven Bridges Genomics Inc.
- Thermo Fisher Scientific, Inc.
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Bioinformatics Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 12.73 Bn |
| Revenue forecast in 2031 | USD 39.79 Bn |
| Growth rate CAGR | CAGR of 14.01% from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Million, and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Technology & Services, Applications And Sectors |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers-
The use of bioinformatics to detect viral illness a little earlier created new growth chances for the global bioinformatics market. Moreover, bioinformatics has been used to develop medications and vaccinations. Also, during the COVID-19 disease epidemic, several corporate strategic relationships were formed in the global bioinformatics market. During the global pandemic, bioinformatics procurement has increased in this environment. As new applications acquire traction and established ones gain ground, the growth curve for medical applications in the worldwide bioinformatics industry is moving upward. Research and development have contributed to the market's expansion in recent years. This demonstrates the regulatory body's backing for allowing certain products.
Challenges:
The market is anticipated that throughout the forecast period, a lack of user-friendly software at affordable prices, typical data setups, and a lack of expert employees will hinder the market growth. In Addition, the field of bioinformatics requires qualified individuals. A need for qualified practitioners is anticipated to affect the bioinformatics market value during the forecasted period.
Regional Trends:
The North America bioinformatics market is expected to register a major market share in revenue and is projected to grow at a high CAGR shortly. Because of things like the expansion of the investigation into genetic manipulation and nucleotides, the budget increase for finding new drugs utilizing proteome and metagenomic methods, and the increased public understanding of the value of biomedical data. Rising molecular biology process advances, rapid adoption of new healthcare technology, and widespread use of genomic and proteomic research investigations primarily drive the country's analytics market. In Addition, the Asia Pacific region is projected to hold the second largest share in this region. The expansion of the Asian\ bioinformatics market is being driven by rising spending in the healthcare sector. Also, the marketplace for bioinformatics in this region is expanding due to cutting-edge techniques such as artificial intelligence and the web of things.
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Segmentation of Bioinformatics Market-
Bioinformatics Market By Technology & Services
- Knowledge Management Tools
- Generalized Knowledge Management Tools
- Specialized Knowledge Management Tools
- Bioinformatics Platforms
- Sequence Analysis Platforms
- Sequence Alignment Platforms
- Sequence Manipulation Platforms
- Structural Analysis Platforms
- Others
- Bioinformatics Services
- Sequencing Services
- Database Management
- Data Analysis
- Others
Bioinformatics Market By Application
- Metabolomics
- Molecular Phylogenetics
- Transcriptomics
- Proteomics
- Chemoinformatic & Drug design
- Genomics
- Others
Bioinformatics Market By Sector
- Medical Bioinformatics
- Animal Bioinformatics
- Agriculture Bioinformatics
- Academics
- Others
Bioinformatics Market By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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