Bioinformatics Market Research, 2027
The global bioinformatics market was valued at USD 10.1
billion in 2022 and is projected to reach USD 18.7 billion by 2027, at a CAGR
of 13.0% during the forecast period. The growth of the bioinformatics market is
driven by the increasing public and private-sector funding for bioinformatics,
growing demand for personalized medicine, increasing pharmaceutical and
biotechnology R&D expenditure, and decreasing cost of genome sequencing.
To know about the assumptions considered for the study
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Bioinformatics refers to the application of computational
techniques, statistical methods, and data analysis tools to analyze and
interpret biological data.
Here are some key points about the bioinformatics market:
Genomics and NGS: Genomic sequencing, especially NGS,
has been a major driver of the bioinformatics market. The ability to sequence
entire genomes quickly and cost-effectively has led to a surge in demand for
bioinformatics tools and services to analyze and make sense of the vast amount
of genetic data.
Drug Discovery: Bioinformatics tools are essential in
drug discovery and development. They are used to identify potential drug
targets, predict drug interactions, and analyze the effects of candidate drugs
on biological systems.
Personalized Medicine: The concept of personalized
medicine, tailoring medical treatment to individual genetic profiles, relies
heavily on bioinformatics for analyzing patient-specific genomic data.
Data Analysis Software: Numerous companies have emerged
in the bioinformatics sector, offering specialized software tools and platforms
for data analysis, genome annotation, and interpretation of biological data.
Cloud-Based Solutions: Cloud-based bioinformatics
solutions have become increasingly popular, allowing researchers to access
powerful computational resources and analysis tools remotely.
Collaboration and Integration: Bioinformatics often
involves collaboration between biologists, bioinformaticians, and data
scientists.
Regulatory Environment: As the bioinformatics field
grows, there may be increasing regulatory scrutiny, especially regarding data
security, privacy, and the validation of computational methods in the context
of clinical applications.
Key
Market Players
Some of the prominent players operating in the
bioinformatics market are Thermo Fisher Scientific, Inc. (US), Eurofins
Scientific (Luxembourg), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc.
(US), and Illumina, Inc. (US), Waters Corporation (US), DNASTAR (US), NeoGenomics
Laboratories (US), Perkin Elmer, Inc. (US), GENEWIZ (US) and BGI Group (China),
DNASTAR (US), Partek Incorporated (US), SOPHiA Genetics (Switzerland), Source
BioScience (UK), and Biomax Informatics AG (Germany) among others.
Thermo Fisher Scientific, Inc. is the leading player
in the bioinformatics market. The company mainly develops technologically
advanced bioinformatics solutions to outstand its offerings. It invests into
organic and inorganic growth strategies like acquisitions to strengthen its
market presence.
PerkinElmer is one of the leading players in the
global bioinformatics market. The company provides data analytics, computing,
and scientific application software services. PerkinElmer competes in this
market based on services offered, price, technological innovation, operational
efficiency, product differentiation, product availability, quality, and
reliability.
Illumina, Inc. is holds strong position in the
bioinformatics market. Illumina has a wide range of product and service portfolio
for the end users in this market, a well-established distribution network, and
has geographic presence worldwide.
North America dominated the bioinformatics market is
expected to grow at an 12.7% CAGR during the forecast period.
The North America holds large share in the global
bioinformatics market owing to factors such as government support for genomic
research, presence of top key players in the region, reduced cost of
sequencing, increased awareness of bioinformatics services, and 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.
Bioinformatics Market Dynamics:
Drivers:
1. Increasing
public-private sector funding for bioinformatics
2. Increasing demand
for personalized medicine
3. Increasing
pharmaceutical and biotechnology R&D expenditure
4. Decreasing costs
of genome sequencing
Restraints:
1. High equipment
costs
Opportunities:
1. Lucrative
opportunities in emerging markets
2. Adoption of
blockchain technology and cloud computing
3. Integration of
machine learning and AI in healthcare
4. Investments by
leading IT companies in the development of bioinformatics solutions
Challenges:
1. Management of
large data volumes
2. Lack of
interoperability and multiplatform capabilities
3. Growing
competition from in-house development and publicly available tools
4. Shortage of
skilled bioinformatics professionals
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