Burlingame, Nov. 28, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, The global bioinformatics market was valued at US$ 22.1 Billion in 2023 and is forecast to reach a value of US$ 83.9 billion by 2030 at a CAGR of 21.0% between 2023 and 2030.
To offer the latest and new products and maintain their market positions around the globe, major market players in the global bioinformatics market are using various methods such as collaborations and acquisitions with other organizations. The key market players are collaborating to develop a next-generation sequencing-based assay that assesses cancer-relevant genetic changes using RNA and DNA produced from a patient’s tumor in a single process. This factor is supporting the growth of the global bioinformatics market.
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Market Driver:
Introduction of technologically advanced bioinformatics software such as BALL, Bioclipse, RasMol, and AUTODOCK and the rising market usage of these tools for effective and accurate analysis of biomarker discovery programs that assist in toxicity detection during the initial stage of the drug development process is expected to boost the industry's growth over the upcoming years. For instance, in June 2022, My Intelligent Machines (MIMs), provides biopharma companies with easy-to-implement and interactive augmented intelligence systems, allowing for accurate biological simulations at early drug development stages, to assist life scientists in the development of precisely targeted and personalized therapies, launched powerful software for drug development in oncology.
Market Opportunity
Introduction of cost-effective and reliable bioinformatics is expected to offer lucrative growth opportunities for players in the market. The companies operating in this market are now focusing on the development of cost-effective and reliable test methods. For instance, in October 2020, Norlase, reinventing bioinformatics for the treatment of geneomics, announced a cost-effective product with the 510(k) clearance from the US FDA and the immediate commercial launch of Norlase LION more efficiently and with greater accuracy to speed targeted test results to clinicians for analysis and improved medical decision-making for patients.cost of product US$ 8,000.
Market Cross Sectional Analysis:
Among Product type, product type segment is dominant during the forecast period in North America region as the key players are focusing on new drug approvals in health care service. For instance, according to the data published in Mid-Year Review: New Drug Approvals in June 2021, the U.S. FDA and Center for Drug Evaluation and Research (CDER) have authorized 26 new molecular entities (NMEs) at the halfway point of 2021 (as of June 28, 2021), which was on par with the full-year 2020 approval rate of 53 times. Except for 2018, when 59 NMEs were granted, the number of NMEs approved in 2020 was the second-highest in the last decade.
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Market Key Developments:
On April 26, 2023, Agilent Technologies Inc. is a global company headquartered in Santa Clara, California, that provides instruments, software, services, and consumables, announced the recent signing of a Memorandum of Understanding (MOU) with Theragen Bio in South Korea to boost precision oncology through advancing bioinformatics (BI) solutions. As part of the partnership agreement, Agilent and Theragen Bio will combine their respective strengths in cancer genomic profiling (CGP) design, engineering knowledge, and software expertise to drive localized analysis capabilities and accelerate treatment decisions.
In November 2020, Active Motif, a leading provider of kits and reagents for the study of epigenetic phenomena, announced the acquisition of privately-owned Genpathway Inc, of San DiegoAcquires Genpathway Inc. specializes in providing complete service solutions for the genome-wide analysis of epigenetic events, including DNA methylation, histone modification, and transcriptional regulation. Further Expanding Epigenetics Product Offerings
In June 2020, Life Technologies Corporation announced the introduction of two bioinformatics offerings - Oncomine(R) Gene Browser and Ion Reporter Oncomine(R) Workflow - that has been allow cancer researchers new avenues of access to one of the largest genomics databases available, compiled by the former Compendia Bioscience.
In November 2020, Affymetrix, Inc. made glass chips for analysis of DNA Microarrays called GeneChip arrays, and sold mass-produced GeneChip arrays, announced that it has acquired substantially all the assets of Hercules, CA-based Eureka Genomics Corporation for US$15 Billion in an all-cash transaction. Eureka Genomics is a developer of cost-effective, low- to mid-plex, high-throughput genotyping assays that use common next-generation sequencing (NGS) platforms for signal readout. These assays enable the detection of hundreds to thousands of genetic markers which are increasingly in demand for routine crop and animal agrigenomics testing.
Key Market Takeaways:
The global bioinformatics market is expected to exhibit a CAGR of 21.0% during the forecast period due to launching advance feature of product. For instance, In July 2021, the National Institute of Technology, Rourkela (NIT-R), India, launched its Center for Bioinformatics and Computational Biology (CBCB), which will help develop novel disease biomarkers and therapeutic strategies using big data analysis. Thus, the launch of such centers using computational biology in developing countries is boosting market growth.
Among Product type, bioinformatics platforms is expected to dominate the market over the forecast period. Major players in the global bioinformatics market are focused on R&D to expand their product portfolio. For instance, in June 2020, Intomics announced that the company is a part of the newly funded translation project on personalized diabetes treatment. As part of the TRANSLATE project funded by the Innovation Fund Denmark, Intomics will develop a new software platform facilitating personalized treatment of diabetes patients.
Key players operating in the global bioinformatics market include Active Motif, Inc., Illumina, Inc., Life Technologies, Affymetrix, Inc., Agilent Technologies, Bio-Rad Laboratories, Inc., Qiagen, Knome, Inc., GE Healthcare, Geneva Bioinformatics SA, Quest Diagnostics, bitBiome, Inc., Intomics, Advanced BioInformatics GmbH, and Fios Genomics Ltd.
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Market Restraint:
High equipment costs is expected to hinder growth of the global bioinformatics market. Genomics instruments are also outfitted with advanced features and functions, and as a result, they are priced at a premium, ranging from US$ 10–20 Billion. Since pharmaceutical companies and research institutes require a large number of such devices, the financial investment in acquiring many genomic instruments is substantial. Small and medium-sized pharmaceutical companies and research facilities cannot afford to make such large expenditures on numerous genomics equipment. For instance, In March 2022, Associated Regional and University Pathologists, Inc. provide reference laboratory testing for hospitals and health centers, serving the diagnostic needs of patients, Launched a New Bioinformatics Platform for Better, Faster Next Generation Sequencing Test Results, ARUP’s next generation sequencing (NGS) tests are now faster and more precise to the launch of Rio, a new world-class bioinformatics pipeline and analytics platform. Rio amplifies ARUP’s existing cloud computing capabilities to move data more efficiently and with greater accuracy to speed targeted test results to clinicians for analysis and improved medical decision-making for patients.
Read complete market research report, "Bioinformatics Market, By Product, By Application, By Region, and Segment Forecast 2023-2030", Published by Coherent Market Insights.
Detailed Segmentation:
- Global Bioinformatics Market, By Product Type:
- Bioinformatics Platforms
- Bioinformatics Services
- Global Bioinformatics Market, By Application:
- Genomics
- Chemoinformatics and drug design
- Proteomics,
- Transcriptomics
- Metabolomics
- Molecular Phylogenomics
- Others
- Global Bioinformatics Market, By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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