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Bioinformatics Market to Reach $27.98 Billion by 2030
Meticulous Research®—a leading global market research company, published a research report titled ‘Bioinformatics Market by Solutions & Services (Knowledge Management, Platforms, Sequence Analysis, Services, Data Analysis), Application (Genomics, Metabolomics, Transcriptomics), Industry (Healthcare, Veterinary, Agriculture) Global Forecast to 2030’.Download Free Research PDF @ https://www.meticulousresearch.com/download-sample-report/cp_id=5731?utm_source=article&utm_medium=social&utm_campaign=product&utm_content=03-01-2024
According to this latest publication from Meticulous Research®, the bioinformatics market is expected to grow at a CAGR of 13.3% from 2023 to reach $27.98 billion by 2030. The growth of this market is driven by the growth of the biotech and pharmaceutical industries, initiatives supporting genomics research, and the rising need to develop novel drugs/drug molecules. However, interoperability limitations in bioinformatics analytical platforms due to multiple data types restrain the growth of this market.
Furthermore, untapped markets in emerging economies, growing clinical applications of genomic technologies, and the increasing use of bioinformatics in agriculture are expected to generate growth opportunities for the players operating in this market. However, data privacy and confidentiality concerns and the shortage of skilled bioinformaticians are major challenges for market stakeholders.
Key Players
The key players operating in the bioinformatics market are Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Qiagen N.V. (Netherlands), Agilent Technologies, Inc. (U.S.), Dassault Systèmes SE (France), Eurofins Genomic LLC (Germany), Revvity, Inc. (U.S.), Azenta, Inc. (U.S.), and DNAnexus, Inc. (U.S.).
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Bioinformatics market: Future Outlook
The global bioinformatics market is segmented by solutions & services (knowledge management software, bioinformatics platforms [sequence analysis & alignment platforms, functional & structural analysis platforms, and other bioinformatics platforms], services [data storage & database management services and data analysis services]), application (genomics, chemoinformatics, proteomics, transcriptomics, metabolomics and other applications), industry (healthcare, veterinary, agriculture and other industries), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on solutions & services, the bioinformatics market is segmented into knowledge management software, bioinformatics platforms, and services. In 2023, the knowledge management software segment is expected to account for the largest share of the market. Expanding genomic datasets, growing adoption of precision medicine, growing investments in pharmaceutical R&D, and growing research in the application of genomics for several fields, including agriculture, clinical decision-making, predictive medicine, and advances in knowledge management software, support a large share of the segment. Artificial intelligence (AI) and machine learning (ML) technologies are being readily used in bioinformatics, including in knowledge management software. Through techniques like data mining and AI-driven analytics, these software solutions can identify intricate patterns, correlations, and new insights within vast datasets.
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Based on application, the bioinformatics market is segmented into genomics, chemoinformatics, proteomics, transcriptomics, metabolomics, and other applications. The proteomics segment is expected to grow at the fastest CAGR during the forecast period. The importance of proteomics in studying cancer, neurodegenerative disorders, and metabolic diseases is associated with alterations in protein expression, function, and interactions, the growing prevalence of diseases globally, growing research in the field of proteomics, and initiatives for the identification of new protein biomarkers drive the segment growth. For instance, in 2023, researchers from the National Institute on Aging and Johns Hopkins University School of Medicine (U.S.) examined the link between the proteins and dementia risk in nearly 11,000 adults aged between 45 to 65. It was found that 32 proteins that may be responsible for the early onset of dementia could be used to predict the disease earlier in life.
Based on industry, the bioinformatics market is segmented into healthcare, agriculture, veterinary, and other industries. In 2023, the healthcare segment is expected to account for the largest share of the market. This large share is attributed to the high expenditure on research and development of new drugs and biologics by pharma and biotech, the high burden of chronic diseases globally, and the growing adoption of precision medicine. Precision medicine is an emerging approach to patient care. Physicians choose a treatment method based on the patient's genetic makeup (also considering genetic changes resulting from a disease) and lifestyle habits. It is an emerging disease treatment and prevention approach that considers individual variability in genes, environment, and lifestyle. Due to the major advantages offered by precision medicine, there has been an increasing adoption of personalized medicine, leading to increased approvals for the same. For instance, in 2021, approvals for personalized medicine increased to 35% of total new molecular and cell-based therapies compared to 25% in 2019.
Geographic Review
This research report analyzes major geographies and provides a comprehensive analysis of the bioinformatics market in North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and RoE), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America (Brazil Mexico, and RoLATAM), and the Middle East & Africa. North America is expected to dominate the bioinformatics market in 2023, followed by Europe and Asia-Pacific. Favorable government initiatives for genomics research, growing applications of genomic research, declining cost of sequencing, increasing research investments by pharmaceutical and biopharmaceutical companies, and the growing adoption of precision cancer medicine supported by the increasing cancer prevalence are expected to support North America’s largest share.
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