Dublin, Jan. 04, 2023 (GLOBE NEWSWIRE) -- The "Bioinformatics Market by Product & Service (Knowledge Management Tools, Bioinformatics Platforms, Data Analysis, Structural Analysis, Services), Applications (Genomics, Proteomics, Transcriptomics), & Sectors (Medical, Animal) - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global bioinformatics market was valued at USD 10.1 Billion in 2022 and is projected to reach USD 18.7 Billion by 2027, at a CAGR of 13.0% during the forecast period. The growth of the bioinformatics market is driven by the increasing public and private-sector funding for bioinformatics, growing demand for personalized medicine, increasing pharmaceutical and biotechnology R&D expenditure, and decreasing cost of genome sequencing. However, the high cost of equipment is hindering the growth of this market.
Bioinformatics services segment is estimated to be the fastest-growing segment during the forecast period
Based on product & service, the bioinformatics market is segmented into knowledge management tools, bioinformatics platforms, and bioinformatics services. In 2021, the knowledge management tools segment accounted for the largest share of 36.3% of the bioinformatics market. The large share of this segment is attributed to the growing demand for knowledge management tools to manage large volumes of data generated in life science research and drug discovery. However, the bioinformatics services segment is estimated to be the fastest-growing segment during the forecast period. The need to reduce sequencing costs and manage growing data volumes, as well as the growing government funding for genomics research, are responsible for the growth of this market segment.
Medical biotechnology to hold the largest segment of the market
Based on the sector, the market is segmented into medical biotechnology, animal biotechnology, plant biotechnology, environmental biotechnology, forensic biotechnology, and another sector. The medical biotechnology segment accounted for the largest share of 50.3% of the bioinformatics market in 2021. The new databases for drug discovery, the application of bioinformatics for clinical diagnostics, and the increased funding opportunities to launch bioinformatics solutions for clinical diagnostics are major factors driving the growth of the medical biotechnology segment in the market.
Genomics segment to hold the largest share of the component market
Based on application, the bioinformatics market is segmented into genomics, chemoinformatics & drug design, proteomics, transcriptomics, metabolomics, and other applications. The genomics segment accounted for the largest market share of 36.9% in 2021. The increasing use of pharmacogenomic research for the development of precision medicine, the growing favorable funding scenario for genomic research, and the increasing partnerships and collaborations between various life sciences and informatics companies for the development of advanced bioinformatics tools and software are the major factors contributing to the growth of the bioinformatics market for genomics.
The US to dominate the bioinformatics market in North America
North America dominated the bioinformatics market, with a share of 45.1% in 2021, followed by Europe and the Asia Pacific, and the Rest of World. North America has been among the frontrunners in developing bioinformatics services in the healthcare industry. The bioinformatics market in the US is expected to offer growth opportunities in the coming years owing to the increasing incorporation of EHR in hospitals. Many major global players are also based in the US, owing to which the country has become a center of innovation in the bioinformatics market.
Market Dynamics
Drivers
- Increasing Public and Private-Sector Funding for Bioinformatics
- Growing Demand for Personalized Medicine
- Increasing Pharmaceutical and Biotechnology R&D Expenditure
- Decreasing Cost of Genome Sequencing
Restraints
- High Cost of Equipment
Opportunities
- Lucrative Opportunities in Emerging Markets
- Adoption of Blockchain Technology and Cloud Computing
- Integration of Machine Learning and AI in Healthcare
- Investments by Leading IT Companies in the Development of Bioinformatics Solutions
Challenges
- Management of Large Data Volumes
- Lack of Interoperability and Multiplatform Capabilities
- Growing Competition from In-House Development and Publicly Available Tools
- Shortage of Skilled Bioinformatics Professionals
Industry Trends
- Discovery of Biomarkers
- Protein Interactions and Pathways
- Genetic Interaction due to Human Diseases
| Report Attribute | Details |
| No. of Pages | 226 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $10.1 Billion |
| Forecasted Market Value (USD) by 2027 | $18.7 Billion |
| Compound Annual Growth Rate | 13.0% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Bioinformatics Market, by Product & Service
6.1 Introduction
6.2 Knowledge Management Tools
6.2.1 Generalized Knowledge Management Tools
6.2.2 Specialized Knowledge Management Tools
6.3 Bioinformatics Platforms
6.3.1 Data Analysis Platforms
6.3.2 Structural & Functional Analysis Platforms
6.3.3 Other Bioinformatics Platforms
6.4 Bioinformatics Services
6.4.1 Sequencing Services
6.4.2 Data Analysis Services
6.4.3 Drug Discovery Services
6.4.4 Differential Gene Expression Analysis Services
6.4.5 Database and Management Services
6.4.6 Other Bioinformatics Services
7 Bioinformatics Market, by Application
7.1 Introduction
7.2 Genomics
7.3 Chemoinformatics & Drug Design
7.4 Proteomics
7.5 Transcriptomics
7.6 Metabolomics
7.7 Other Applications
8 Bioinformatics Market, by Sector
8.1 Introduction
8.2 Medical Biotechnology
8.2.1 Drug Discovery & Development
8.2.2 Clinical Diagnostics & Personalized Medicine
8.2.3 Reproductive Health
8.3 Animal Biotechnology
8.4 Plant Biotechnology
8.5 Environmental Biotechnology
8.6 Forensic Biotechnology
8.7 Other Sectors
9 Bioinformatics Market, by Region
10 Competitive Landscape
11 Company Profiles
12 Appendix
Companies Mentioned
- Agilent Technologies, Inc.
- Astalake Biosystems
- Beijing Genomics Institute (BGI)
- Biomax Informatics AG
- Biosystems Immunolab PLC.
- Dnastar
- Eurofins Scientific
- Fios Genomics
- Genewiz (A Brooks Life Sciences Company)
- Genuity Science (Formerly Wuxi Nextcode)
- Illumina, Inc.
- Jadbio
- Medgenome Labs Ltd.
- Microsynth
- Neogenomics Laboratories
- Nucleome Informatics Pvt. Ltd.
- Partek
- Perkinelmer, Inc.
- Petdx
- Psomagen, Inc. (Formerly Macrogen Corp.)
- Qiagen N.V.
- Sophia Genetics
- Source Bioscience
- Thermo Fisher Scientific, Inc.
- Waters Corporation
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