Chicago, April 14, 2023 (GLOBE NEWSWIRE) -- The bioinformatics industry is expected to experience tremendous growth in the near future as advances in technology and genetics allow for more efficient data analysis. The use of artificial intelligence, machine learning, and big data analytics are expected to increase, leading to more efficient and accurate data analysis. Additionally, the growth of the bioinformatics industry will be driven by the increased demand for personalized medicine, as well as the need for more efficient and accurate diagnostics and treatments. As the industry matures, new partnerships between healthcare providers, pharmaceutical companies, and bioinformatics companies are expected to form, leading to more opportunities for both collaboration and competition. Finally, the development of cloud-based solutions for bioinformatics will enable more efficient data sharing and analysis. All in all, the near future of the bioinformatics industry looks very promising.
Bioinformatics market in terms of revenue was estimated to be worth $10.1 billion in 2022 and is poised to reach $18.7 billion by 2027, growing at a CAGR of 13.0% from 2022 to 2027 according to a latest report published by MarketsandMarkets™. Bioinformatics used in computer technology for the management and analysis of intricate biological data. Storage, analysis, and dissemination of biological data is part of this process. However, the high cost of equipment is hindering the growth of this market.
Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=39
Bioinformatics Market Scope:
| Report Coverage | Details |
| Market Revenue in 2022 | $10.1 billion |
| Estimated Value by 2027 | $18.7 billion |
| Growth Rate | Poised to grow at a CAGR of 13.0% |
| Market Size Available for | 2020–2027 |
| Forecast Period | 2022–2027 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product & Services, By Application, By Sector, & By Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunity | Lucrative opportunities in emerging markets |
| Key Market Drivers | Increasing public-private sector funding for bioinformatics |
On basis of product & services, 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.
On basis of application, the bioinformatics market is segmented into genomics, chemoinformatics & drug design, proteomics, transcriptomics, metabolomics, and other applications. In 2021, Genomics segment accounted for the largest share of 36.9% of the bioinformatics market. The constant rise in use of pharmacogenomic research for the development of precision medicine, the favourable funding scenario for genomic research, and strategic partnerships between various life sciences and informatics companies for the development of technologically advanced bioinformatics solutions and services are the major factors owing to the growth of the bioinformatics market for genomics segment.
On basis of sector, the bioinformatics market is segmented into medical biotechnology, animal biotechnology, plant biotechnology, environmental biotechnology, forensic biotechnology, and other sectors (which include food, homeland security & defense, law enforcement, bioweapon creation, and evolutionary biotechnology). The medical biotechnology segment commanded the largest share of the bioinformatics market in 2021. The large share of this segment can be attributed to the development of new databases for drug discovery, the use of bioinformatics for clinical diagnostics, and the increased funding for the development of bioinformatics solutions for clinical diagnostics.
The bioinformatics market has been segmented into four main regional segments, namely, North America, Europe, the Asia Pacific, and the Rest of the World. In 2021, North America accounted for the largest market share of 45.1%. However, the Asia Pacific market is projected to register the highest CAGR of 14.7% during the forecast period. The Asia Pacific region is expected to offer significant opportunities for players to offset revenue losses incurred in mature markets. Emerging countries in this region are witnessing growth in their GDPs and a significant rise in disposable income levels.
Key Market Players:
Some of the prominent players operating in the bioinformatics market are Thermo Fisher Scientific, Inc. (US), Eurofins Scientific (Luxembourg), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (US), and Illumina, Inc. (US), Waters Corporation (US), DNASTAR (US), NeoGenomics Laboratories (US), Perkin Elmer, Inc. (US), GENEWIZ (US) and BGI Group (China), Partek Incorporated (US), SOPHiA Genetics (Switzerland), Source BioScience (UK), and Biomax Informatics AG (Germany) among others.
Enquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=39
Hypothetic Challenges of Bioinformatics Market in Near Future:
- Increasing demand for data storage and computing power: As the amount of data generated by bioinformatics tools continues to grow, bioinformatics companies need to invest in faster and larger data storage and computing power to support their operations.
- Growing need for privacy and security: Bioinformatics companies need to ensure that confidential data is kept secure and private, especially as the industry transitions to cloud computing.
- Rising competition from other players: With the growing number of bioinformatics companies, the industry is becoming increasingly competitive. Companies need to differentiate themselves from the competition and focus on delivering quality services.
- Need for new and innovative solutions: As the industry grows and evolves, there is a need for new and innovative solutions to improve current products and services. Companies need to focus on research and development in order to stay ahead of the competition.
- Increasing complexity of data: As the amount of data grows, companies need to invest in tools and software that can effectively manage, analyze, and interpret the data.
- Growing need for regulatory compliance: As bioinformatics tools become more prevalent, governments and regulatory bodies will likely require companies to comply with certain standards and regulations. Companies need to ensure that they are up to date with the latest regulations.
Top 3 Use Cases of Bioinformatics Market:
- Next-Generation Sequencing (NGS) Data Analysis: NGS data analysis is an important use case of bioinformatics, which involves the analysis of genomic data generated from sequencing technologies such as Illumina or Oxford Nanopore. This data can be used to identify and characterize genetic variants, detect gene fusions, and analyze gene expression.
- Genome Assembly: Genome assembly is a process of assembling short reads into a complete genome sequence. Bioinformatics tools are used for this task, as they can provide automated and accurate assembly of large genomes.
- Drug Discovery and Development: Bioinformatics can be used to develop and identify new drug targets and to discover and design new drugs. It can also be used to analyze existing drugs and to optimize drug delivery. Additionally, bioinformatics can be used to identify new biomarkers for drug development.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=39
Recent Developments:
- In October 2022, Illumina, Inc. and AstraZeneca formed a strategic research collaboration to expedite the discovery of therapeutic targets by combining their strengths in AI-based genome interpretation and genomic analysis tools with industry knowledge. The cooperation would assess if a framework made of both these technologies can boost target discovery yield and confidence in order to identify prospective therapeutics based on human omics insights.
- In September 2022, Thermo Fisher Scientific joined the Pennsylvania Biotechnology Center (PABC) as a founding sponsor of both the Philadelphia-based B+Labs incubator and the PABC site in Doylestown, Pennsylvania, where emerging life science enterprises can accelerate their progress to commercialization.
- In January 2021, BGI and the Ministry of Health of Brunei expanded their partnership to carry out extensive cooperation in public health emergency response and public health testing screening and diagnostic services, including reproductive health, personalized drug guidance, early cancer screening, and detection of unknown pathogens by using BGI’s cutting-edge sequencing technology.
- In January 2020, Charles River Laboratories, Inc. entered into a partnership with Fios Genomics to gain access to the expertise of Fios Genomics in the field of bioinformatics, statistics, and biology.
Related Reports:
Next Generation Sequencing Market
Bioinformatics Services Market
Drug Discovery Informatics Market
