Market Size
The Global Bioinformatics Market size reached USD 11.4 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 29.1 billion by 2031. The global bioinformatics market is expected to exhibit a CAGR 12.8% during the forecast period (2024-2031). The global bioinformatics market has grown significantly in recent years and is projected to continue on its upward trend.
The market is currently going through a period of significant change that is being fueled by a number of trends, such as cloud computing and big data analytics, use of artificial intelligence (AI) and machine learning (ML), and integration of multi-omics data.
Furthermore, increasing adoption of genomics and personalized medicine, growing focus on drug discovery and development, demand for efficient data management and analysis and rising demand for nucleic acid and protein sequencing are driving up the size of the bioinformatics market. Due to continuous research and developments by investment and funding from the government, the market is seeing an increase in demand from North American regions with significant competitors like Illumina Inc., Thermo Fischer Scientific, Qiagen NV, and others actively operating in the market.
Market Summary
| Metrics | Details |
| CAGR | 12.8% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Product & Services Type, Application |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Infection Type Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
Increasing Adoption of Genomics and Personalized Medicine to Drive the Growth of the Bioinformatics Market
The increasing adoption of genomics and personalized medicine is a major driver of the bioinformatics market. The study of genomic data is critical in understanding disease causes, finding biomarkers, and developing targeted therapeutics. Bioinformatics platforms and software aid in the interpretation of genomic data and the implementation of personalized healthcare treatments.
For instance, in February 2023, BioSkryb Genomics, a pioneer in comprehensive single-cell multi-omic research solutions, launched ResolveOME whole genome and transcriptome amplification system and the BaseJumper Bioinformatics Platform. ResolveOME enables users to analyze the whole genome, transcriptome, exomes, or targeted gene content from a single cell with high coverage and accuracy.
Furthermore, investigators may now completely study the cellular environment to improve our understanding of complicated human disease when combined with BioSkryb's BaseJumper Bioinformatics platform, which allows simple and dynamic visualization of multi-omic discoveries.
Growing Focus on Drug Discovery and Development will Drive the Demand for Bioinformatics Market
Bioinformatics is critical in accelerating the drug research and development process. It helps in identifying prospective therapeutic targets, forecasting drug efficacy, expediting translational drug development, and optimizing drug design, computational tools, and data analytic approaches are applied. Bioinformatics aids in the reduction of time and expense associated with drug discovery, as well as the creation of more efficient research and development pipelines.
For instance, in June 2022, My Intelligent Machines (MIMs), a pioneer in harnessing the power of systems biology, bioinformatics, and artificial intelligence, released a tool that has the potential to alter the way organizations prepare for clinical trials in oncology. MIMs' augmented-intelligence tool for indication prioritization and biomarker development in oncology places powerful bioinformatics capabilities directly in the hands of life scientists.
MIMs' oncology software solution combines expression data from 16,000 patients across more than 200 cancer types to deliver crucial insights on pharmacological mechanisms of action and therapeutic synergies in unique patient situations. This is expected to drive the market growth over the forecast period.
Lack of Skilled Professionals will Hamper the Growth of the Market
The shortage of competent people in bioinformatics is limiting market expansion. Bioinformatics requires expertise in both biology and computational analysis, yet appropriately trained professionals are scarce. The fast-changing nature of the field, transdisciplinary requirements, and limited training programs all contribute to the shortfall.
As a result, organizations experience difficulties in implementing bioinformatics tools and solutions, and data analysis efficiency may suffer. Furthermore, the pace of innovation and progress in the field is slow. Addressing this issue would necessitate coordinated efforts to extend training programs, give scholarships, and promote connections between academia and industry.
Market Segment Analysis
The global bioinformatics market is segmented based on product & services type, application, and region.
Owing to its Wide Application, the Genomics Segment Accounted for Approximately 34.3% of the Bioinformatics Market Share
The genomics segment is anticipated to dominate the bioinformatics market, owing to advances in sequencing technology, lower costs, and expanding applications in personalized medicine, disease genomics, agricultural genomics, population genomics, and other areas. Genomics is important in customizing medical treatments, identifying the genetic basis of diseases, analyzing population dynamics, and addressing big data difficulties. The genomics segment is likely to continue leading the bioinformatics market due to its broad effect and increasing demand for genomic data processing.
Rising initiatives by government bodies will drive the demand for bioinformatics market, for instance, in April 2023, The Africa Centres for Disease Control and Prevention (CDC), an African Union public health organization, launched the Africa PGI - Pathogen Genomics and Bioinformatics Fellowship Programme.
This program aims to improve the skills and capabilities of public health laboratories in African Union Member States by focusing on the effective use of pathogen genomic data for the objectives of detecting outbreaks and conducting disease surveillance. This continental workforce development program aims to increase African countries' capacity to use genomic and bioinformatics techniques for public health goals.
Also, many collaborations are boosting market growth. Ultima Genomics, Inc. and Genome Insight, Inc. agreed to work together to provide cancer patients with inexpensive whole genome sequencing options. Genome Insight will participate in the early access program for Ultima's high-throughput NGS instrument platform, the UG 100, and will produce an optimized version of its whole genome bioinformatics solution for Ultima's sequencing technology as part of the deal. Thus, owing to the above factors, the segment will continue to dominate the market over the forecast period.
Market Geographical Share
North America Accounted for Approximately 41.2% of the Market Share in 2022, Owing to the Better Healthcare Ecosystem
North America's bioinformatics market is currently at the forefront, owing to a variety of factors. These include an increase in nucleic acid and genetic engineering research, increased funding for drug discovery using proteomic and metagenomic techniques, and increased awareness about biological data. The region is seeing constant advancements in molecular biology techniques, a major increase in genomic and proteomic research projects due to a better startup ecosystem in the region. These reasons all contribute to the robust expansion of the North American bioinformatics market.
For instance, in June 2022, LatchBio, a biotechnology research startup based in California, launched an end-to-end bioinformatics platform aimed at accelerating scientific discovery by handling enormous biotech data sets. Biologists can use the platform to organize and handle data, while bioinformaticians can submit processes and computational biologists can undertake downstream analysis.
Moreover, LatchBio's streamlined web-based interface allows for the smooth import of files from existing data stacks and access to popular bioinformatics pipelines and data visualization tools, such as CRISPResso2, RNA-Seq, and AlphaFold, from any browser. The platform attempts to overcome delays caused by the massive volume of data generated in biotech research, providing researchers with a holistic solution.
Market Companies
The major global players in the bioinformatics market include Illumina Inc., Thermo Fischer Scientific, Qiagen NV, Agilent Technologies, PerkinElmer, Celera Corporation, Dassault Systèmes, Data4Cure, Geneva Bioinformatics SA, and Lineage Cell Therapeutics, among others.
COVID-19 Impact on Market
Russia Ukraine Conflict Analysis
The conflict between Russia and Ukraine has the potential to disrupt research collaboration, produce a brain drain of trained experts, create funding issues, disrupt infrastructure and supply chains, and cause regional market volatility in the bioinformatics industry. This restricted international collaboration, impair R&D efforts, and create an unpredictable business environment, affecting investments and market growth in the impacted regions. The intensity and length of the impact, however, will be determined by the precise conditions and dynamics of the conflict.
Key Developments
- On April 4, 2023, Absci Corporation, a generative AI drug creation company, and M2GEN, an oncology bioinformatics company with the most sophisticated lifetime-consented clinicogenomics data to accelerate the discovery research, have formed a collaboration to develop new cancer medications and bring them to market at an unparalleled velocity. Absci's generative AI drug creation platform, ORIEN AVATAR, will use M2GEN's clinical and molecular data set to speed the development of therapies for a variety of cancers and patient profiles, bringing AI drug creation to the fight against cancer.
- On March 30, 2023, Watershed Informatics, the developer of a multi-omics insight platform for biopharmaceutical discovery teams, announces the completion of a $14.5M Series A funding led by Canvas Ventures and including preexisting investors Bessemer Venture Partners and Accomplice Ventures. With the help of this financing, Watershed is better positioned to increase its commercial traction, quicken the pace of product creation, and ultimately change how researchers find new drugs using multi-omics.
- On May 11, 2022, Intomics, a Danish bioinformatics and systems biology company, was acquired by ZS. Intomics, a Danish company founded in Copenhagen, facilitates complicated analysis of biological data to speed up and enhance pharmaceutical medication discovery and development.
Why Purchase the Report?
- To visualize the global bioinformatics market segmentation based on product & services type, application, and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of bioinformatics market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global bioinformatics market report would provide approximately 53 tables, 54 figures and 195 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
