Westford, USA, July 23, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global Bioinformatics Market will attain a value of USD 45.6 Billion by 2031, with a CAGR of 16.3% over the forecast period (2024-2031). Growth in the public and private sectors of the economy, the need for precision medicine, increased spending on pharmaceutical and biotech R&D, and falling genome sequencing prices are the main factors propelling the market growth. Some of the most promising opportunities exist in emerging markets such as Brazil, China, and India, however, the confidentiality of health records remains an issue. The world market share is 45.1% for North America on account of its robust genetic research initiatives and favourable government policies.
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Browse in-depth TOC on the " Bioinformatics Market "
- Pages - 197
- Tables - 95
- Figures – 76
Bioinformatics Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $15.35 Billion |
| Estimated Value by 2031 | $45.6 Billion |
| Growth Rate | Poised to grow at a CAGR of 16.3% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product & Services, Application and Sector |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | Advances in pharmacogenetics to create market opportunities |
| Key Market Opportunities | Lucrative opportunities in emerging markets |
| Key Market Drivers | Growing demand for protein sequencing for research initiatives to empower |
Bioinformatics Platforms to Dominate Due to their Surge in Demand from Life Science Firms
The growing need for personalized medicine, the integration of AI and machine learning, and developments in computational biology are what are propelling bioinformatics platforms to their dominant position in the worldwide bioinformatics market. By aiding complicated biological research, quickening drug discovery and enhancing information analysis ability, these parts reinforce their lead spot in the market.
Drug Development to be the Largest Growing Sub-Segment Due to Accelerating Target Identification
The global bioinformatics market is dominated by drug development, driven by the demand for effective tools for data management and analysis. Target identification and validation is made more efficient by continuous improvement in the bioinformatics analysis also making it more crucial in the bioscience industry due to faster and cheaper drug discovery and development.
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Ever Expanding R&D Helped North America to Dominate the Market
With the majority of the bioinformatics market share in 2022, North America dominated the bioinformatics market, and this trend is anticipated to be true for the duration of the forecast period. This is brought about by both an increase in the usage of cutting-edge technology and a growing need for better bioinformatics tools, which are necessary for medication research and development.
Bioinformatics Market Insight
Drivers:
- Growing Demand for Protein Sequencing for Research Initiatives
- Increased Research on Drug Delivery
- Technologically Advanced Bioinformatics Software
Restraints:
- Need for Complex Systems to Handle Bioinformatics
- Majority of Experimental Researchers not Being Bioinformaticians
- SME Pharmaceutical Companies Cannot Afford to Make Large Investments
The following are the Top Bioinformatics Companies
- Thermo Fisher Scientific, Inc. (US)
- Eurofins Scientific (Luxembourg)
- QIAGEN N.V. (Netherlands)
- Agilent Technologies, Inc. (US)
- Waters Corporation (US)
- DNASTAR (US)
- NeoGenomics Laboratories (US)
- Perkin Elmer, Inc. (US)
- BGI Group (China)
- Fios Genomics (UK)
Key Questions Answered in Global Bioinformatics Market Report
- By 2031, how much is the worldwide bioinformatics market estimated to be worth, and what is the anticipated compound annual growth rate (CAGR) for this industry?
- What are the primary reasons propelling the bioinformatics market's expansion globally?
- In the bioinformatics market in 2022, which region accounted for the highest proportion of the market, and why did it dominate?
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This report provides the following insights:
- Analysis of key drivers (Increasing demand for protein sequencing, nucleic acid along with initiatives from government, molecular biology accompanied by growth in genomics & proteomics and accurate analysis of biomarkers discovery programs), restraints (necessitating advanced computer skills, lack of a suitable user interface and processing large volume of biological data), opportunities (R&D investments from global players, growth of genomics & transcriptomics and increasing competition in bioinformatics markets), and challenges (Rapid influx of data in bioinformatics and lack of user-friendly tools) influencing the growth of bioinformatics market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the bioinformatics market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the bioinformatics market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
Artificial Intelligence (AI) in Healthcare Market
Next Generation Sequencing (NGS) market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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