The global Bioinformatics Market size was valued at USD 8,028.4 million in 2019 and is expected to touch USD 18,261.8 billion by 2025, registering a compounded annual growth rate (CAGR) of 14.7% during the forecast period 2019-2025. Increased funding for research and development initiatives in novel biological discoveries and demand for advanced bioinformatics systems are the key factors contributing to the growth of market. This global report by iCognition Insights provides a detailed market analysis of bioinformatics market by Product (Structural & Functional Analysis Platforms, Sequence Analysis, Data Management, Data Analysis Service, Sequencing), By Application (Genomics, Metabolomics, Molecular Phylogenetics, Proteomics), by Sectors (medical, academics, and agriculture), and by region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa).
This in-depth analysis of the global bioinformatics industry pinpoints the market’s revenue size and forecasts through 2025. Our domain specialists and seasoned market analysts performed an extensive study using proprietary Domain-Assisted Cognition (DAC) research framework to examine potential opportunities based on historical market scenario and current industry trends. In addition, the regional and sectoral analysis provides detailed information on high-growing areas and sectors, their market share, and the factors impacting the bioinformatics industry growth.
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Bioinformatics is a branch of biology and computer science that deals with acquiring, storing, analyzing, and disseminating biological data, most commonly DNA and amino acid sequences. Bioinformatics makes use of computer algorithms to determine gene and protein functions, establish evolutionary linkages, and forecast the three-dimensional structures of proteins, among other applications. Growth in demand for novel system with advanced applications in the field of proteomics, drug discovery and precision medicine has been a significant benefactor towards the growth of the global Bioinformatics market.
Market Driver and Restraint:
Rise in demand for novel bioinformatics systems in pharmaceutical drug discovery and development to offer lucrative growth opportunities
Rising adoption of bioinformatics tools in the pharmaceutical industry with applications in the field of biological discovery and validation has triggered the demand for advanced and user-friendly bioinformatics tools, driving growth of the medical segment of bioinformatics market. Recently, Kiromic Biopharma has announced the launch of their Artificial Intelligence (AI) bioinformatics platform (CancerDiff and Diamond AI) to find new solid tumor targets and develop oncology therapeutics.
Complexities involved in several platform integrations and control may hamper market growth
Disparate data formats and complex bioinformatics platform integrations offer challenges in handling the tools. The requirement of highly trained personnel and technology infrastructure may further slowdown the segmental growth.
Market Share Analysis:
Rise in adoption of bioinformatics tools & the availability of skilled workers to accelerate growth in the North America region:
In 2019, North America accounted for the highest revenue share of 43.2% globally and is expected to continue its dominance during the forecast period. This is due to the increased adoption of bioinformatics tools and the availability of skilled expertise to operate the systems in U.S. and Canada.
Asia Pacific to exhibit the fastest CAGR over the forecast period
Supporting government policies, upgrading healthcare infrastructure, and the potential to provide outsourcing services in terms of clinical trials and contract development to developed countries will attribute to the growth of Asia Pacific region and is expected to grow at the fastest CAGR during the forecast period.
Applications in pharmacogenomics to drive the growth of the bioinformatics market:
In 2019, the specialized biocontent product segment accounted for the largest revenue share due to its high demand in pharmacogenomics by companies involved in drug development and pharmaceutical services. For instance, Interpace Pharma Solutions announced in May 2021 that it would begin offering Digital Spatial Profiling services using the new GeoMx® testing platform. Interpace Biosciences delivers services such as pharmacogenomics testing, genotyping and biorepository management to pharmaceutical and biotech sectors via its subsidiary Interpace Pharma Solutions.
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Competitive Landscape Analysis:
This global analysis examines the key strategies and techniques used by major companies to stay ahead of the competition and gain the most market share. Some of the key players in the bioinformatics market are:
To achieve maximum revenue share, leading companies are employing various approaches, including collective focus on research and development and new product developments in the areas of proteomics and genomics. Recently, Bruker launched two new and advanced tims TOF instruments, offering more depth to proteomics research and new applications in epiproteomics/PTM characterization and biomarker discovery.
This market research report is categorized into following segments & sub-segments:
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