Bioinformatics Market to Grow with a CAGR of 12.2% through 2028
Increased demand for
personalized medicine and increasing bioinformatics funding from the public and
private sectors is expected to drive the Global Bioinformatics Market growth in
the forecast period, 2024-2028.
According to TechSci Research
report, “Bioinformatics Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Bioinformatics
Market stood at USD 10.58 billion in 2022 and is anticipated to grow with a
CAGR of 12.2% in the forecast period, 2024-2028. The growth of personalized
medicine, drug discovery, precision agriculture, synthetic biology, and
environmental biotechnology are pivotal factors driving the Bioinformatics
Market.
Advancements in AI, data
integration, and ethical considerations are poised to enhance the impact of
bioinformatics on healthcare, agriculture, and the environment, positioning it
as a compelling investment opportunity with significant social and scientific
implications. Advanced genomic sequencing technologies, such as NGS, have
substantially reduced the cost of sequential studies while providing
high-variant detection power and sensitivity through multiple sequencing
capabilities. For instance, NGS enables the determination of millions of
fragments per run, delivering cost benefits by eliminating the need for
multiple sequencing cycles.
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Factors such as the advent of
NGS, DNA microarray, and CRISPR have brought about a paradigm shift in genomic
sequencing and editing procedures. These advancements enable targeted and
high-throughput sequencing and multiplexing, driving the growth of the
bioinformatics market during the forecast period.
The development of sophisticated
bioinformatics tools for NGS is an emerging trend that influences market
growth. Oxford Nanopore MinION, a key bioinformatics tool used for DNA
sequencing, facilitates real-time, on-site DNA sequencing and aids in the identification
of virus mutations and tracking their evolutionary history. While DNA
sequencing technologies have rapidly evolved and robust commercial platforms
have become more accessible, analyzing the data obtained through NGS remains a
significant challenge. To address this, various companies now offer commercial
solutions for NGS, alleviating issues associated with data analysis scale and
the need for command-line computer languages. These trends contribute to the
market's growth during the forecast period.
The growth of the global
bioinformatics market is primarily driven by data and technological
advancements in the field, improving the quality of services provided. Many
nations are investing in national population sequencing initiatives to better
understand the connection between genetics and diseases. Public and commercial
institutions worldwide are also making steady investments in bioinformatics. As
cutting-edge NGS technology becomes more prevalent, there is an increasing
demand for efficient, rapid, and accurate bioinformatics tools.
Bioinformaticians constitute a
small majority of scientists involved in experimental inquiry, emphasizing the
importance of user-friendly tools for bioinformatics platforms. However, many
existing bioinformatics programs lack appropriate user interfaces, often
requiring significant computer knowledge. In the coming years, the rising
significance of emerging economies in terms of research and development, along
with investments from international companies, is expected to offer a positive
outlook and opportunities for the growth of genomics, metabolomics, precision
medicine, drug discovery, and other related markets.
The rapid development of
next-generation sequencing technology has generated a significant amount of
biological data, and this volume continues to grow with increased usage of NGS.
Effective data analysis is crucial due to the extensive material available for
genomic analysis. Consequently, the residual data after bioinformatics analysis
holds great value and can be repurposed. However, challenges in data management
within bioinformatics are not adequately addressed by existing solutions.
Additionally, a lack of skilled personnel, common data formats, and the absence
of affordable user-friendly tools are projected to hinder market development
during the forecast period.
To maintain their market
positions and introduce new products globally, major players in the
bioinformatics market employ various strategies, such as collaborations and
acquisitions with other organizations. These key market players collaborate to
develop next-generation sequencing-based assays that assess cancer-relevant
genetic changes using RNA and DNA derived from a patient's tumor in a single
process. Furthermore, the release of technologically advanced bioinformatics
tools and software, such as AUTODOCK, BALL, and RasMol, combined with increased
market utilization of these tools for accurate and precise analysis of
biomarkers discovery programs, is expected to propel the growth of the global
bioinformatics market.
The Global Bioinformatics Market
is segmented into product & services, type, application, end user, regional
distribution, and company.
Based on its Product &
Services, the market is segmented into bioinformatics tools, bioinformatic
platforms and bioinformatic services. The bioinformatics platforms segment
emerged as the primary revenue contributor in 2022 and is projected to maintain
this trend throughout the forecast period. This is primarily attributed to the
increasing applications of bioinformatics platforms and the growing demand for
advanced tools in drug development. The rise in platform applications can be
attributed to the surging need among life science companies for the
identification and modification of complex structures. Such advancements play a
crucial role in the drug designing process and enable the evaluation of
therapeutic effects. Moreover, the emphasis on efficiency and safety in drug
development and discovery further fuels the demand for superior tools in this
field. As a result, the bioinformatics market is expected to witness
significant growth in the future, driven by the increasing need for better
tools and technologies in drug development and related research activities.
Based on region, North America
segment is expected to grow during the forecast period. North
America has witnessed substantial growth and is poised to continue this trend
over the forecast period. The region's leadership in the market can be
attributed to several factors, including increased research activities in
nucleic acids and genetic engineering, greater investment in novel drug
discovery using proteomic and metagenomic approaches, and a growing awareness
of biological data. Furthermore, the region benefits from ongoing innovations
in molecular biology procedures, a high adoption rate of cutting-edge
healthcare technologies, and a significant prevalence of genomic and proteomic
research studies. These factors serve as key drivers for the bioinformatics
market in North America.
The United States plays a crucial
role in drug discovery, genomics, and proteomics structure prediction research.
Notably, numerous universities and research institutes receive funding from
esteemed government organizations such as the National Institute of Health
(NIH) and private entities like the Gates and Melinda Foundation. These funds
support the development of various bioinformatics tools and devices capable of
handling the vast amount of data generated to advance our understanding of
disease prognosis and treatment options.
Given the substantial volume of
genomic and proteomic data generated in the United States, significant
investments are being made to ensure robust database development and effective
management of biological data. Additionally, both public and private research
sectors are dedicating substantial resources to gene therapy and drug
development. This is largely driven by the growing demand for new drugs among
consumers in the United States who are willing to pay a premium for innovative
treatments. As a result, research institutes are actively engaged in novel drug
discovery to meet these evolving preferences.
Major companies operating in
Global Bioinformatics Market are:
- 3rd Millennium Inc.
- Thermo Fisher Scientific, Inc.
- Agilent Technologies, Inc.
- BioWisdom Ltd
- Quest Diagnostics (Celera
Corporation)
- Dassault Systèmes SE
- Illumina, Inc.
- Geneva Bioinformatics SA
- Perkin Elmer, Inc.
- Lineage Cell Therapeutics (BioTime
Inc.)
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“The global market is primarily
driven by significant advancements in the field of biotechnology. Concurrently,
the growing demand for nucleic acid and protein sequencing for proteomics and
drug discovery contributes to market growth. The data and information collected
aid in understanding the molecular mechanisms of diseases, facilitating the
development of more efficient diagnostic tests and treatment methods. Moreover,
the widespread adoption of bioinformatics in the agriculture sector propels
market growth by studying the genetic, proteomic, and phenome information of
seeds to improve crop productivity. Additionally, technological advancements
such as the integration of artificial intelligence (AI) and big data technology
in the healthcare sector drive the demand for this technology. Increasing
investments by IT companies for bioinformatics solutions and the rising
preference for personalized medicines globally are expected to further drive
the market.,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Bioinformatics Market Segmented
By Product & Services (Bioinformatics Tools, Bioinformatic Platforms and
Bioinformatic Services), By Type (Genomics & Proteomics, Simulation Studies
& Molecular Modelling, Genetic Engineering, Others), By Application
(Metagenomics, Drug Discovery, Precision Medicine, Others), By End User
(Institutional Research v/s Industrial Research), By Region and Competition, Forecast &
Opportunities, 2018-2028F”, has evaluated the future growth
potential of Global Bioinformatics Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Bioinformatics Market.
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