Number of pages: 120 | Report Format: PDF | Published date: 20 February, 2020
Historical Years – 2018 & 2019 | Base Year – 2020 | Forecasted Years – 2021-2031
The global bioinformatics market was pegged at US$ 22.24 billion in 2020 and is expected to witness a CAGR of 14.2% during the forecast period.
Bioinformatics is an interdisciplinary field that combines science, information science, and mathematics to analyze, visualize and store biological data. Bioinformatics is also known as computational biology. Two major components of bioinformatics include the development of software tools & algorithms and the analysis & interpretation of biological data with the help of a variety of software tools.
Bioinformatics uses multiple programs for a variety of applications such as predicting the 3D shapes of proteins; design novel drugs; determining gene and protein functions; identify correlations between gene sequences and diseases, and determine evolutionary relationships between organisms. Bioinformatics can also be used to identify and modify the structure of natural products. Further, bioinformatics is applied in various applications such as personalized medicine, molecular medicine, drug development, preventive medicine, genomics, biotechnology, forensic analysis, and gene therapy, among others.
The global bioinformatics market is mainly driven by increasing applications of bioinformatics in the field of drug discovery, personalized medicine, proteomics, and so on. Moreover, factors such as the integration of artificial intelligence (AI) in healthcare, and rising investments for the development of bioinformatics are also playing a key role in driving the growth of the bioinformatics market. However, lack of well-defined standards, challenges related to management & handling of large volumes of data, and shortage of skilled professionals are the key factors that are likely to restrain the market growth.
The global bioinformatics market has been analyzed from four perspectives: Products & Services, Application, End-User, and Region.
Bioinformatics Market by Products & Services
Based on products and services, the bioinformatics market has been segmented into bioinformatics platforms, knowledge management tools, and bioinformatics services. The knowledge management tools segment held the largest market share of the global bioinformatics market in 2020. Growing applications of bioinformatics have led to greater usage of knowledge management tools. This is a prime factor attributing to the largest share of this segment. The knowledge management tools market is further bifurcated into generalized knowledge management tools and specialized knowledge management tools. The bioinformatics platforms market is further segmented into data analysis platforms, structural & functional analysis platforms, sequence alignment platforms, and other bioinformatics platforms.
Bioinformatics Market by Application
Based on application, the global bioinformatics market has been segmented into genomics, proteomics, metabolomics, transcriptomics, and drug development, and other applications. The genomics segment held the largest market share of the bioinformatics market in 2020. Factors attributing to the segmental growth include research studies in the field of genetics coupled with rising public-private funds for supporting genomic studies.
Bioinformatics Market by End User
Based on the end-user, the market has been segmented into medical biotechnology, animal biotechnology, agricultural biotechnology, environmental biotechnology, forensic biotechnology, and other end users. Medical biotechnology segment held the largest market share in the global bioinformatics market. The large share of this segment can be attributed to factors such as increasing adoption of bioinformatics software and tools, growing research for drug development, and increasing demand for pharmacogenomics.
Bioinformatics Market by Region
Based on the region, the global bioinformatics market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America held the largest market share of the global bioinformatics market. Technological advancements, increasing investments, rising demand for nucleic acid and protein sequencing, and growing adoption of bioinformatics are the key factors propelling the growth of the North American bioinformatics market. In North America, the U.S. held the largest market share in 2020, owing to a large number of research activities in the field of genomics, metabolomics, and proteomics.
Some of the prominent players operating in the global bioinformatics market include:-