Dublin, Feb. 22, 2024 (GLOBE NEWSWIRE) -- The "Bioinformatics Market by Solutions & Services (Knowledge Management, Platforms, Sequence Analysis, Services, Data Analysis), Application (Genomics, Metabolomics, Transcriptomics), Industry (Healthcare, Veterinary, Agriculture) - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The bioinformatics market is expected to reach $27.98 billion by 2030, at a CAGR of 13.3% from 2023 to 2030.
The growth of the bioinformatics market is attributed to the biotech and pharmaceutical industries, initiatives supporting genomics research, and the rising need to develop novel drugs/drug molecules. However, interoperability limitations in bioinformatics analytical platforms due to multiple data types restrain the growth of this market.
Furthermore, untapped markets in emerging economies, growing clinical applications of genomic technologies, and the increasing use of bioinformatics in agriculture are expected to generate growth opportunities for the players operating in this market. However, data privacy and confidentiality concerns and the shortage of skilled bioinformaticians are major challenges for market stakeholders.
In 2023, the knowledge management software segment is expected to account for the largest share of the bioinformatics market. Knowledge management software helps in identifying, organizing, storing, and disseminating biological information within or across organizations. Knowledge management tools help consolidate data and information.
It also serves as a comprehensive data hub, providing a centralized repository for various types of biological information, including genomics, proteomics, metabolomics, and clinical data. Expanding genomic datasets, growing adoption of precision medicine, growing investments in pharmaceutical R&D, and growing research in the application of genomics for several fields, including agriculture, clinical decision-making, and predictive medicine, were the factors contributing to the segment's large share.
In 2023, the genomics segment is expected to account for the largest share of the market. Genomics involves investigating the complete or partial genetic and epigenetic sequence information of organisms, with the aim of comprehending both the arrangement and the operational aspects of these sequences. This segment's large market share is attributed to the growing amount of genomics data being generated, the application of genomics in chronic disease management, and the growing prevalence of chronic diseases.
Based on industry, the bioinformatics market is segmented into healthcare, agriculture, veterinary, and other industries. In 2023, the healthcare segment is expected to account for the largest share of the market. The large market share of this segment is attributed to the wide applications of bioinformatics in the biotechnology and pharmaceutical industry, the growth of the pharmaceutical and biotech industry, supportive initiatives for the growth of pharmaceutical and biotech companies, the growing prevalence of chronic diseases, and growing adoption of precision medicine.
Precision medicine is a tailored treatment approach as per an individual's genetic makeup, making the treatments more effective while preventing adverse drug reactions. The growing prevalence of chronic diseases like cancer is leading to the adoption of precision medicine treatment. For instance, in 2022, OncoDNA (Belgium), a precision medicine company, collaborated with Eli Lilly Italia (Italy) to provide biomarker testing for thyroid cancer in Italy. Under this collaboration, they offer next-generation sequencing-based molecular testing on thyroid cancer biopsies to help clinicians identify gene alterations in tumors and link patients with targeted therapies.
Asia-Pacific is slated to register the highest CAGR during the forecast period. The market growth in this region is attributed to the growing pharmaceutical and biotech industry, growth in genomics research, growing use of genetic engineering in the agriculture sector, favorable government initiatives to develop novel bioinformatics tools, and growing clinical trials in the region.
Bioinformatic analyses are used for the data generated from pre-clinical and clinical trials as the amount of data generated is huge, and the integration of this generated biological data is necessary to interpret the results. The number of clinical trials in Malaysia is expected to increase to 3,779 from 1,400 clinical trials in 2019 (Source: Clinical Trials Malaysia).
Market Dynamics
Drivers
- Growth of the Biotech and Pharmaceutical Industries
- Initiatives Supporting Genomics Research
- Rising Need to Develop Novel Drugs/Drug Molecules
Restraints
- Interoperability Limitations in Bioinformatics Analytical Platforms Due to Multiple Data Types
Opportunities
- Untapped Markets in Emerging Economies
- Growing Clinical Applications of Genomic Technologies
- Increasing Use of Bioinformatics in Agriculture
Challenges
- Shortage of Skilled Bioinformaticians
- Data Privacy and Confidentiality Concerns
- Factor Analysis
Trends
- Integration of Artificial Intelligence (AI) and Machine Learning with Bioinformatics
- AI in Genomics and Sequence Analysis
- AI-driven Drug Discovery
- Proteomics and AI Applications
- AI for Personalized Medicine
Case Studies
- Integration of the Client's Multi-Disease Platform into A Single Solution
- Provision of a Connected Analytic Solution for NGS Workflow Scaling Challenges
- Facilitating Faster Processing and Lowering Plasmid Analysis Costs
Company Profiles (Business Overview, Financial Overview, Product Portfolio, and Strategic Developments)
- Illumina Inc.
- Thermo Fisher Scientific Inc.
- F. Hoffmann-La Roche Ltd.
- Qiagen N.V.
- Agilent Technologies Inc.
- Dassault Systemes SE
- Eurofins Genomic LLC
- Revvity Inc.
- Azenta Inc.
- DNAnexus Inc.
Scope of the Report
Bioinformatics Market Assessment, by Solutions & Services
- Knowledge Management Software
- Bioinformatics Platforms
- Sequence Analysis & Alignment Platforms
- Functional & Structural Analysis Platforms
- Other Bioinformatic Platforms (Other bioinformatic platforms include Pathway Analysis, Network Analysis, Phylogenetic Analysis, Data Visualization, Among others)
- Services
- Data Storage and Database Management Services
- Data Analysis Services
Bioinformatics Market Assessment, by Application
- Genomics
- Chemoinformatics
- Proteomics
- Transcriptomics
- Metabolomics
- Other Applications (Other applications include system biology and computational biology, among others)
Bioinformatics Market Assessment, by Industry
- Healthcare
- Agriculture
- Veterinary
- Other Industries (Other industries include environmental sciences, forensics sciences, and energy, among others)
Bioinformatics Market Assessment, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- Japan
- China
- India
- Rest of APAC (RoAPAC)
- Latin America
- Brazil
- Mexico
- Rest of Latin America (RoLATAM)
- Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/4mftxj
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