Wilmington, Delaware, United States, April 05, 2023 (GLOBE NEWSWIRE) -- According to the exclusive research by Transparency Market Research, the global bioinformatics market was valued USD 24.7 Bn in 2020 and is projected to reach USD 44.9 Bn by 2028 with CAGR of 5.9%.
Rise in demand for protein sequencing & nucleic acid, growth of genomics & proteomics, and increase in initiatives by private & government organizations to adopt IT in the healthcare sector are fueling the bioinformatics market.
Identify key trends, drivers, and challenges in the market, which will help vendors improve their strategies to stay ahead of their competitors.
View our PDF Sample Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=656
Need to accelerate pharma R&D for diseases amid COVID-19 is providing opportunities to manufacturers in the bioinformatics market to increase the availability of life-saving drugs. Bioinformatics serves the demand for advanced therapies for several diseases and effective preventive solutions. However, need for integrated software platforms that serve complex medical requirements of patients suggests immense scope of market development.
Global Bioinformatics Market - Growth Drivers
- Key advantages of bioinformatics technologies in cost and time savings are augmenting demand for bioinformatics
- Efficacy of bioinformatics in managing large volume of data generated during drug discovery is boosting the bioinformatics market
Bioinformatics Market - Competition Insights
Major players in the bioinformatics market are engaging in mergers & acquisitions and research collaborations to introduce new products and consolidate their position in the global market. Launch of Pan-Cancer in vitro diagnostics test and innovations in cloud-based bioinformatics platforms are some key expansion strategies adopted by key players in the bioinformatics market.
Players in the bioinformatics market are joining hands to launch next-gen sequencing-based assay that examines cancer-relevant genetic deviations from DNA and RNA obtained from a patient’s tumor in one integrated workflow.
Prominent players operating in the bioinformatics market are Accelrys Inc., Affymetrix Inc., Agilent Technologies Inc., Life Technologies Corporation, ID Business Solutions Ltd., CLC bio A/S, GenoLogics Life Sciences Software Inc., and Illumina Inc.
Share Your Exact Requirements with Us So We Can Provide the Best Solution
Bioinformatics Market - Key Findings of Study
Potential of Bioinformatics to Cut Cost for Drug Development Bioinformatics is a key tool for managing large data generated during drug discovery process, from pre-clinical trials to target identification and screening. It enables data to be stored in one place, which facilitates effective scrutiny of information whenever required. As a result, this accentuates R&D productivity of a company by recognizing drug targets.
Bioinformatics have other advantages too. It can save time and money, as it combines data into different interactive algorithms to highlight disease pathway and assist in drug discovery. Drug discovery using traditional processes can take a few years to complete and cost associated could be several million dollars. On the other hand, bioinformatics has the potential to slash these costs significantly. It can also help companies in overcoming challenges of storing extensive and valuable data.
Need for Life-saving Therapeutics– Need to identify drugs to prevent or alleviate clinical infection of SARS-CoV-2 caused by COVID-19 is fueling the bioinformatics market dynamics. In this scenario, stakeholders in the bioinformatics market are boosting efforts to increase R&D in different computational techniques to identify potential therapeutics. Furthermore, existing FDA-approved drugs that could obstruct coronavirus from entering cells are being studied. The large genome of coronavirus and its variants compel adoption of bioinformatics to discover existing therapeutic agents that can be effective in decreasing mortality and morbidity of patients.
Proliferation of IT – Currently, diverse solutions of bioinformatics platforms impede the growth of bioinformatics market. This is driving the need to combine available applications to build a composite application for current single-task tools. The tools need to be compatible with each other to use the data. Current bioinformatics platforms lack a well-defined data format, which, in turn, challenges the growth of the global market.
In terms of function, bioinformatics is used to manage the data obtained from research and development in life sciences, biopharmaceutical, and biotechnology industries. The industry growth is propelled by surge in applications of IT in the healthcare sector along with robust technological advances. The use of IT has enabled easy storage, processing, access, and data retrieval, thereby fueling market size.
Instrumental Role in Molecular Medicine & Preventive Medicine– Pharmaceutical companies are investing significantly in chemical and drug research, which is expected to broaden the market outlook in the next few years. Initially, bioinformatics platforms were considered IT tools; however, with continued advances, they are used as integrated solutions that serve to provide computational techniques and algorithms for data analysis. Bioinformatics solutions aid in integrating data management and analysis for applications such as gene sequencing.
Bioinformatics has applications in other areas, including preventive medicine, gene therapy, molecular medicine, gene therapy, and drug development. Of these, the molecular medicine segment held the leading market share in 2022. The drug development segment is expected to display the leading growth rate during the forecast period.
Browse the Full Report with Facts and Figures of the Bioinformatics Market at: https://www.transparencymarketresearch.com/checkout.php?rep_id=656<ype=S
The bioinformatics market is segmented as follows:
By Platforms, Tools, and Services
- Platforms
- Sequence Manipulation Platforms
- Sequence Alignment Platforms
- Structural Analysis Platforms
- Sequence Analysis Platforms
- Tools
- General Knowledge Management Tools
- Specialized Knowledge Management Tools
- Services
- Data Analysis
- Sequencing Services
- Database & Management
- Other Services
By Application
- Preventive Medicine
- Molecular Medicine
- Gene Therapy
- Drug Development
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
Contact:
Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com
