Bioinformatics Market Size, Share, Demand and Market Forecast 2023-2030

Bioinformatics Market is segmented By Product Type (Knowledge Management Tools, Bioinformatics Platforms, Services), By Application(Medicine, Genomics, Proteomics, Transcriptomics, Cheminformatics, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Size, Share Outlook, and Opportunity Analysis, 2023-2030

Bioinformatics Market Overview

Bioinformatics Market is expected to grow at a high CAGR of 14% during the forecasting period (2023-2030).Bioinformatics is a hybrid science or an interdisciplinary field that develops methods and software tools for understanding biological data. It links biological data with information storage, distribution, and analysis techniques to support scientific research, including biomedicine. The data is used to procure information applicable to gene-based drug discovery and development, protein structure studies, and determine drugs' therapeutic efficacy. 

Bioinformatics Market Summary and Scope

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Bioinformatics Market Dynamics and Trends

The growth of the global bioinformatics market is driven by the accelerating expansion of proteomics and genomics due to the increasing demand for a large-scale study of proteins and protein sequencing, and nucleic acid.     

The rising demand for nucleic acid and protein sequencing will drive market growth.   

The growth factors for the bioinformatics market include the rising demand for nucleic acid and protein sequencing. Bioinformatics is gaining importance, as vast amounts of data created through techniques like protein and nucleic acid sequencing require data interpretation and management for medical purposes and future research. Thus, the rising demand is expected to drive the bioinformatics market during the forecast period.

The introduction of technologically advanced bioinformatics software such as BALL, Bioclipse, RasMol, and AUTODOCK and rising market usage of these tools for effective and accurate analysis of biomarkers discovery programs that assist in toxicity detection during the initial stage of the drug development process is expected to drive the industry growth over the forecast period. Furthermore, the demand for computational epigenetics, a meta-analysis of microarray data, differentially expressed genes, gene network, systems biology requirements, and gene-associating studies, among others, have had a significant impact on the growth of the bioinformatics market. 

Lack of well-defined standards of shared data is likely to hamper market growth.  

However, the lack of well-defined standards of common data formats for data integration and the lack of user-friendly tools and data complexity concerns may be expected to restrain the market growth.

COVID-19 Impact Analysis on Bioinformatics Market

COVID-19 pandemic was a real-life test for bioinformatics. One of the major focus areas for every country during the COVID-19 pandemic has been studying and understanding how to halt the virus's progress. Next-generation sequencing is the fundamental method for investigating SARS-CoV-2 genomes, offering basic information about the virus. Bioinformatics pipelines and biological & host-virus interaction databases are the critical tools for calculating such data and furthering comprehension of SARS-CoV-2. Thus, various studies are being undertaken to understand the genetic combination of the virus; these studies are driven by bioinformatics. In this context, the outsourcing of bioinformatics has increased during the pandemic. Due to the evolved and upgraded bioinformatics capabilities of service providers, scientists have uncovered numerous secrets of SARS-CoV-2, ranging from its identification to its origin (including its functioning and spread), in a short period. 

Bioinformatics Market Segment Analysis

The personalized medicine segment is expected to grow at the fastest CAGR during the forecast period (2021-2028)         

Personalized medicine has increased collaborative efforts between medical institutions, governments, and researchers to develop effective treatments swiftly. For instance, in 2020, Summit Biolabs Inc. and the Colorado Center for Personalized Medicine (CCPM) entered a broad strategic partnership to conduct research, develop, and commercial saliva liquid-biopsy tests for early cancer detection and diagnosis COVID-19 and other viral contagions. Developments in systems biology and pharmacogenomics have helped personalized medicine transition from disease-centered and reductionism-based medical practice to system-based, integrative, and human-centered care.

Personalized medicine generates a strong impetus for scaling up the companion diagnostics tests to form personalized medicine for non-oncology cases. The rising prevalence of cancer, which boosts demand for customized cancer therapeutics and diagnostics, is also one of the key factors responsible for the market's growth. As per data from GLOBOCAN 2020, the global burden of cancer increased to 19.3 million cases in 2020. Growing cancer-related spending is also among the drivers for segmental growth.

Bioinformatics Market Geographical Share

North America region holds the largest market share of the global bioinformatics market.

North America accounts for the largest share in the global bioinformatics market for 2020 and is expected to remain dominant over the forecast period. As the region is technologically advanced and with a developed nation such as the U.S., the ever-growing demand for bioinformatics across genomics and proteomics research and the broad base of significant market players and research institutes in the region contribute to its market expansion. 

The large share of the region in the market also attributed to factors such as government support for genomic research, presence of leading bioinformatics providers, decreased cost of sequencing, increased awareness of bioinformatics services, an increased number of genomic research activities (and the corresponding adoption of bioinformatics) in the region are driving the growth of the bioinformatics market in North America. North America has a favorable funding scenario for research activities. This regional market is characterized by increased government initiatives to reimburse genomic testing and optimistic funding scenario for research activities involving bioinformatics technologies. 

Bioinformatics Companies and Competitive Landscape

The bioinformatics market is a moderately competitive presence of local and global companies. Some of the key players contributing to the market's growth include Illumina Inc., Thermo Fischer Scientific, Qiagen NV, Agilent Technologies, PerkinElmer, Celera Corporation, Dassault Systèmes, Data4Cure, Geneva Bioinformatics SA, Lineage Cell Therapeutics (BioTime Inc.), among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which contribute to the growth of the bioinformatics market globally. For instance, in January 2019, OncoCyte Corporation, a developer of novel, non-invasive tests for the early detection of cancer, has transitioned to Thermo Fisher Scientific's Ion GeneStudio S5 next-generation sequencing (NGS) platform for targeted sequencing.   

Thermo Fischer Scientific 

Overview: 

Thermo Fisher Scientific Inc. develops, manufactures and sells a range of products. The Company operates through four segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Services.     

Product Portfolio:

Next-Generation Sequencing Bioinformatics Services:  Bioinformatics Professional Services provide complete end-to-end bioinformatics solutions for next-generation sequencing (NGS). From learning how to design custom assays online to monitoring, viewing, analyzing, and storing data. The service offers flexible options tailored to your needs, including bioinformatics and IT consulting and a range of training and data analysis opportunities.

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