Bioinformatics Market
Number of pages: 120 | Report Format: PDF | Published date: February 20, 2021
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 10.51 billion |
|
Revenue Forecast in 2031 |
US$ 33.92 billion |
|
CAGR |
13.9% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023-2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Products & Services, Applications, Sector, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the bioinformatics market was valued at US$ 10.51 billion in 2022 and is expected to register a revenue CAGR of 13.9% to reach US$ 33.92 billion by 2031.
Bioinformatics Market Fundamentals
Bioinformatics, also known as computational biology, is an interdisciplinary field that combines science, information science, and mathematics to analyze, visualize, and store biological data. Two significant components of bioinformatics include the development of software tools & algorithms and the analysis & interpretation of biological data using various software tools. Numerous programs are used by bioinformatics for a variety of tasks, including predicting the three-dimensional (3D) shapes of proteins, creating new drugs, figuring out how genes and proteins work, finding links between disease-related gene sequences and disorders, and figuring out how organisms evolved from one another. Bioinformatics can also be used to identify and modify the structure of natural products. Moreover, bioinformatics has several applications, such as personalized medicine, molecular medicine, drug development, preventive medicine, genomics, biotechnology, forensic analysis, and gene therapy. The field of bioinformatics is continuously evolving, driven by technological advancements, research breakthroughs, and emerging needs in the life sciences. AI and ML techniques are increasingly applied in bioinformatics to analyze large-scale biological data, make predictions, and discover patterns and relationships. These technologies enable the development of more accurate algorithms, predictive models, and data-driven insights, enhancing our understanding of complex biological systems. There is a growing emphasis on reproducibility and open science in bioinformatics. Standards, best practices, and open-source tools are being developed to enhance the transparency and reproducibility of bioinformatics analyses. Sharing of data, protocols, and algorithms is encouraged to foster collaboration and accelerate scientific discoveries.
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Bioinformatics Market Dynamics
Increased demand for protein and nucleic acid sequencing, increased government and commercial sector activities, the rapid advancement of proteomics and genomics, and increased study of molecular biology and drug discovery are all contributing reasons to the growth of the bioinformatics industry. The National Institute of Technology, Rourkela (NIT-R), in India, opened its Centre for Bioinformatics and Computational Biology (CBCB) in July 2021. Using big data analysis, the CBCB will assist in developing novel disease biomarkers and therapeutic approaches. Therefore, opening these computational biology-based centers in developing countries promotes market growth. Additionally, in June 2021, the US FDA and Centre for Drug Evaluation and Research (CDER) authorized 26 new molecular entities (NMEs), which was on par with the full-year approval rate of 53 times for 2020. This information was published in Mid-Year Review: New Drug Approvals. With the exception of 2018, when 59 NMEs were approved, 2020 saw the second-highest number of NMEs allowed in the previous ten years. Increased FDA approvals will spur more research and development, which will require databases and software to streamline the drug design and development process, accelerating the market's growth.
However, the absence of standardized formats, data repositories, and analysis pipelines poses challenges in data integration, comparison, and reproducibility across different studies and laboratories. Lack of standardization can hinder data sharing, collaboration, and the establishment of common benchmarks and metrics for evaluating bioinformatics tools and methods. Bioinformatics involves the integration of biological knowledge with computational expertise. The shortage of skilled bioinformaticians and a lack of interdisciplinary training programs can impede the widespread adoption and utilization of bioinformatics tools and methodologies. Bridging the skills gap and promoting interdisciplinary collaboration are crucial for fully realizing the potential of bioinformatics.
Bioinformatics Market Ecosystem
The global bioinformatics market is analyzed from the following perspectives: products & services, application, sector, and region.
Bioinformatics Market by Products and Services
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Based on the products and services, the bioinformatics market is segmented into bioinformatics platforms, knowledge management tools, and bioinformatics services.
The knowledge management tools segment accounted for the largest revenue share of the global bioinformatics market. This can be attributed to the increase in the use of knowledge management technologies brought on by the increased application of bioinformatics. Generalized knowledge management tools and specialized knowledge management tools make up the knowledge management tools market category. The bioinformatics market is further divided into platforms for data analysis, structural and functional analysis, sequence alignment, and other bioinformatics platforms.
Bioinformatics Market by Application
Based on the application, the global bioinformatics market is segmented into genomics, proteomics, metabolomics, transcriptomics, drug development, and other applications.
The genomic segment accounts for the largest revenue share in the global bioinformatics market. The use of cutting-edge technologies has increased the demand for bioinformatics in the field of genomics. Pharmacogenomics uses bioinformatics to handle and manage massive amounts of data and information in databases. In the process of developing new drugs, sequencing technology is frequently used. This has an immediate effect on the forecasted expansion of the genomic category.
The proteomics segment is projected to grow at a high revenue CAGR in the global bioinformatics market during the forecast period. The expansion of R&D initiatives and significant financial investments in technology development is credited with driving the proteomics market. These tools aid in the large-scale management and analysis of data. Additionally, algorithms are employed in database management and data monitoring. All of these causes are driving the growth of the proteomics market.
Bioinformatics Market by Sector
Based on the sector, the market is segmented into medical biotechnology, animal biotechnology, agricultural biotechnology, environmental biotechnology, forensic biotechnology, and other sectors.
The medical biotechnology segment accounts for the largest market share in the global bioinformatics market. This can be attributed to an increase in the usage of bioinformatics software and tools, a surge in drug development-focused research, and an increase in demand for pharmacogenomics.
Bioinformatics Market by Region
Geographically, the global bioinformatics market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest revenue share of around 38% in the global bioinformatics market. This is because more research is being done on genetic engineering and nucleic acids, more funding is allocated for finding new drugs utilizing proteome and metagenomic methods, and more people are aware of the value of biological data. The region's bioinformatics market is primarily driven by rising molecular biology technological advancements, the quick uptake of new medical technologies, and the broad use of genomic and proteomic research studies. The United States makes a significant contribution to the science being done in the areas of genomics, proteomics structure prediction, and drug development. For the development of various bioinformatics tools and devices that can handle a large amount of data being generated to understand the prognosis of diseases and treatment options, several universities and research institutions have received funding from government organizations like the National Institutes of Health (NIH) and private organizations like the Gates and Melinda Foundation.
Europe accounts for the second-largest revenue share in the global bioinformatics market. Europe has a strong and well-established biotechnology and pharmaceutical industry. The presence of numerous biotech companies, research institutions, and academic centers creates a favorable environment for adopting and utilizing bioinformatics tools and services. Europe has a collaborative ecosystem that encourages cooperation and knowledge sharing among academia, industry, and research organizations. Networks and consortia, such as ELIXIR (the European life-science Infrastructure for Biological Information), promote the development and utilizing bioinformatics infrastructure, data resources, and analysis tools across the region. Europe has established regulatory frameworks that promote data sharing, privacy, and ethical use of biological data. Initiatives such as the General Data Protection Regulation (GDPR) ensure that data privacy and security are prioritized while facilitating data access for research and innovation in bioinformatics. The increasing adoption of data-driven approaches in healthcare, such as genomic medicine and digital health, is driving the demand for bioinformatics solutions in Europe. Bioinformatics tools and platforms enable the integration and analysis of diverse datasets, supporting clinical decision-making, drug discovery, and population health studies.
Asia Pacific is projected to grow at a high revenue CAGR in the global bioinformatics market. The Asia Pacific region is witnessing rapid growth in the biotechnology and pharmaceutical sectors. Increasing investments in research and development, rising demand for personalized medicine, and a focus on drug discovery and development are driving the adoption of bioinformatics tools and services. Next-generation sequencing technologies have become more accessible and affordable, enabling increased genomic data generation in the Asia Pacific region. Bioinformatics tools are essential for processing and analyzing the massive amount of data produced by NGS, facilitating genomic research and clinical applications. Governments in the Asia Pacific region recognize the importance of bioinformatics and its potential for advancing healthcare and biotechnology. Initiatives and funding programs are being established to support bioinformatics research, infrastructure development, and the training of bioinformatics professionals.
Bioinformatics Market Competitive Landscape
The prominent players operating in the global bioinformatics market are: -
Bioinformatics Market Strategic Developments
Bioinformatics is an interdisciplinary field that combines biology, computer science, mathematics, and statistics to analyze and interpret biological data. It involves the application of computational tools and algorithms to understand biological processes, analyze large-scale biological datasets, and make sense of complex biological information.
The global bioinformatics market is projected to grow at 13.9% revenue CAGR during the forecast period.
Thermo Fisher Scientific Inc., Illumina Inc., QIAGEN NV, PerkinElmer Inc., and Agilent Technologies Inc. are some of the key players in the global bioinformatics market.
Asia Pacific region is projected to grow at a high revenue CAGR in the global bioinformatics market.
Bioinformatics relies heavily on large-scale and complex datasets, such as genomics, proteomics, and metabolomics data. The analysis and interpretation of such data require sophisticated algorithms and computational resources. Challenges arise due to data quality issues, variability, noise, and the need for standardization, which can limit the accuracy and reliability of the results.
*Insights on financial performance are subject to the availability of information in the public domain