Bioinformatics Market to grow at an impressive rate of 10.87% through 2026
Increasing applications of
bioinformatics and rise in nucleic acid and protein sequencing to drive global
bioinformatics market through 2026
According to TechSci Research report, “Global Bioinformatics
Market 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, Competition,
Forecast & Opportunities, 2016-2026F”, global bioinformatics market stood at USD12.37
billion in 2020 and is projected to grow at a CAGR of 10.87% to cross USD23.42
billion by 2026, on account of expansion of blockchain technology and cloud
technology and integration of machine learning and artificial intelligence in
healthcare. Moreover, increasing investment in development of bioinformatics
solution by IT giants would further spur growth in the market. Accelerating
proteomics and genomics growth coupled with rising research on molecular biology
and drug discovery is anticipated to boost the market in the forthcoming years.
Additionally, rising demand for differentially expressed genes, computational
epigenetics, meta-analysis of microarray data, gene network, systems biology
requirements, and gene-associating studies, among others, is positively
influencing the growth of global bioinformatics market. However, lack of common
formats for data integration is expected to restrain the growth of the market during
forecast period as most of the research institutes have their own data formats.
Furthermore, due to the frequent change in data models, the data integration
process becomes difficult, which might hamper the growth of global
bioinformatics market. Moreover, dearth of skilled bioinformatics personnel’s
can further restrict the market growth through 2026. Also, growing competition
from open source tools is further expected to slow down the market growth
during the forecast period.
Browse 132 Figures spread through 110 Pages and an in-depth TOC on "Global
Bioinformatics Market"
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Global bioinformatics market can be segmented based on
product & services, type, application, end user, company and region. Based
on type, the market can be categorized into genomics & proteomics,
simulation studies & molecular modelling, genetic engineering and others.
The simulation studies & molecular modelling segment is expected to witness
the highest growth during the forecast period on account of the growing focus
of biopharmaceutical companies on drug development and discovery. Additionally,
increasing R&D on drug development by both industries and institutional
sectors further supports the market growth. Based on application, the market
can be fragmented into metagenomics, drug discovery, precision medicine and
others. The precision medicine segment is expected to witness significant
growth during the forecast period owing to the growing adoption of gene therapy
across the globe. Additionally, advancements in cancer biology and increasing
use of big data analytics in the field of bioinformatics is further expected to
support the segmental growth over the next five years. Based on end user, the
market can be split into institutional research and industrial research. The
institutional research segment dominated the overall market in 2020 with a
share of around 58.17%. This can be ascribed to the fact that all the
bioinformatics tools, software’s, services and platforms are majorly being used
by research laboratories, universities, research scholars, among others for
research and development purposes.
Illumina
Inc., Qiagen NV, Agilent Technologies, Inc., PerkinElmer, Inc., Thermo Fischer
Scientific, Inc., 23AndMe, Biovia-Dassault Systemes, DataTrack International,
Inc., Instem Plc., F. Hoffmann-La Roche AG, BGI Group (Beijing Genomics
Institute), Waters Corporation, SOPHiA GENETICS, Biomax Informatics AG, WuXi
NextCODE Genomics, among others. Major companies are developing advanced
technologies in order to stay competitive in the market. For instance, In
January 2021, Illumina Inc., launched a new bioinformatics solution Illumina
Connected Analytics (ICA) which will help in multi-omics discovery on a large
scale. This platform provides a comprehensive, private, cloud-based data
platform which helps the customers to manage the voluminous multi-omics data in
a secure, scalable and flexible manner. Other competitive strategies include
mergers & acquisitions. For instance, In June 2020, Illumina Inc. announced
the acquisition of a Netherlands based company BlueBee in order to enhance its
capacities and capabilities of analysing and interpreting the data generated
through the sequencing systems.
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“Global bioinformatics market is poised to grow
at an impressive rate of 10.87% during the forecast period on account of its
applicability in the study of genetics and genomes, growing demand for nucleic
acid & protein sequencing due to reduction in sequencing cost and increasing
need for integrated solutions & systems. Moreover, initiatives from
government & private organizations is further anticipated to drive the
growth of the market until 2026. Furthermore, adoption of advanced technologies
such as cloud computing, nanopore sequencing, among others is expected to
create lucrative opportunities for the market growth over the next five years.”
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Global Bioinformatics Market 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, Competition, Forecast & Opportunities, 2016-2026F” 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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