DUBAI, UAE, Dec. 13, 2023 /PRNewswire/ — As per the recent report released by Kings Research, the global Bioinformatics Market is anticipated to grow from USD 10.10 billion in 2022 to USD 39.80 billion by 2030, depicting an 18.70% CAGR over the forecast period of 2023-2030. The increasing need for personalized medicine, which heavily depends on bioinformatics to develop treatment strategies tailored to individual patients, contributes significantly to market expansion.
Bioinformatics, a multidisciplinary field, employs computational and analytical techniques to process and extract insights from biological data. It encompasses a wide range of activities focused on comprehending and deciphering biological information. At its core, bioinformatics entails the collection, storage, analysis, and interpretation of various biological data types, such as DNA, RNA, proteins, and other biomolecules.
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In the pharmaceutical industry, bioinformatics has become increasingly crucial in the ongoing process of drug discovery and development. By utilizing bioinformatics, researchers can identify potential drug targets, predict interactions, and optimize candidate compounds, streamlining and enhancing efforts within the industry. This reliance on bioinformatics fosters efficiency and effectiveness in the pursuit of groundbreaking pharmaceutical advancements.
Trending Now: Fourth Bioinformatics and Wheat Genomics Workshop in South Africa Aiming to Expand Bioinformatic Capability
In February 2023, researchers at the John Innes Centre organized the 4th Bioinformatics & Wheat Genomics workshop in Worcester, South Africa, as part of a long-term investment for capacity-building funded by the British High Commission Africa Science & Innovation Network. The workshop was created to facilitate computational knowledge exchange for scientists in South Africa in order to enable them to apply the latest genomic advances in the wheat genetics sphere in the region. The training team provided structured training for participants in South Africa, aiming to expand bioinformatics capabilities.
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Competitive Landscape
Leading companies in the global bioinformatics market are prioritizing various key growth strategies, such as forming partnerships, engaging in mergers and acquisitions, introducing new products, and establishing joint ventures. These strategies are aimed at diversifying their product offerings and growing their market presence in different regions.
For instance, in April 2023, Absci, a prominent player in the field of synthetic biology, partnered with M2GEN, a company specializing in bioinformatics, with the objective of expediting the drug development process focused on oncology. With this partnership, the companies aimed to leverage M2GEN’s profound knowledge in bioinformatics to analyze extensive molecular data sets and identify promising targets for therapy. This collaboration also empowers Absci to streamline the creation of groundbreaking and impactful cancer treatments, ensuring efficiency.
The key players in the bioinformatics market include:
- Illumina, Inc.
- Thermo Fisher Scientific, Inc.
- Qiagen N.V.
- Agilent Technologies, Inc.
- PerkinElmer, Inc.
- Eurofins Scientific
- Genedata AG
- Partek Incorporated
- BGI Group
- DNAnexus, Inc.
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Specialized Services and Expertise Offered by Contract Research Organizations (CROs) to Support Bioinformatics Market Growth
Based on sector, the market is divided into pharmaceutical and biotechnology companies, academic and research institutions, hospitals and clinics, contract research organizations (CROs), and others.
The contract research organizations (CROs) segment is projected to exhibit a robust CAGR over the forecast period. This growth can be attributed to the burgeoning trend of firms in the pharmaceutical and biotechnology spaces opting to outsource their research and development activities to CROs.
These organizations offer specialized services and expertise, such as bioinformatics, aimed at expediting drug discovery, development, and clinical trial processes. By leveraging the capabilities of CROs, pharma companies gain access to accelerated and streamlined research initiatives, which is further propelling segment growth.
Increasing Significance of Sequence Data Analysis to Augment Bioinformatics Market Revenue
Based on type of data, the bioinformatics market is bifurcated into sequence data analysis, structural data analysis, functional data analysis, and comparative data analysis.
The sequence data analysis segment held the largest share of the market in 2022. The rapid expansion of genetic data volume has made bioinformatics tools and sequencing analysis platforms crucial for researchers, pharmaceutical companies, and healthcare providers. The significance of this segment is highlighted by the critical role played by efficient and accurate data analysis in propelling advancements in genomics and its allied domains.
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Exponential Increase in Biological Data to Fuel Bioinformatics Market Progress
The exponential increase in biological data is a significant factor driving the growth of the global bioinformatics market. The ongoing development in genomics, proteomics, and other omics technologies has led to a considerable surge in data creation and accumulation.
The field of bioinformatics is poised to observe notable growth over the assessment timeframe as it incorporates artificial intelligence and machine learning, leading to enhanced data analysis capabilities. The fusion of genomics and proteomics data, in addition to compliance with regulatory standards, is likely to be a catalyst for innovation.
Advanced Healthcare Infrastructure of Bioinformatics in North America to Propel Market Development
Based on region, North America accounted for the largest share of the bioinformatics market revenue in 2022. The growth of the industry is backed by the presence of the advanced healthcare infrastructure and the widespread implementation of bioinformatics solutions in clinical settings, research institutions, and pharmaceutical companies across the region. Moreover, the robust pharmaceutical industry in the region heavily depends on bioinformatics for drug development, which is promoting domestic market growth. Government initiatives supporting genomics and personalized medicine research projects, along with regulatory contributions, are further fostering the industry outlook in North America.
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Key Points from TOC:
Chapter 1 Introduction of the Global Bioinformatics Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
Chapter 2 Executive Summary
Chapter 3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
Chapter 4 Global Bioinformatics Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter’s Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Bioinformatics Market, By Product And Services
Chapter 7 Global Bioinformatics Market, By Sector
Chapter 8 Global Bioinformatics Market, By Type Of Data
Chapter 9 Global Bioinformatics Market, By Geography
Chapter 10 North America
Chapter 11 Europe
Chapter 12 Asia-Pacific
Chapter 13 Middle East & Africa
Chapter 14 Latin America
Chapter 15 Global Bioinformatics Market Competitive Landscape
15.1 Overview
15.2 Key Developments
15.3 Key Strategic Developments
15.4 Company Market Ranking
15.5 Regional Footprint
15.6 Industry Footprint
Chapter 16 Company Profiles
16.1 llumina, Inc.
16.1.1 Key Facts
16.1.2 Financial Overview
16.1.3 Product Benchmarking
16.1.4 Recent Developments
16.1.5 Winning Imperatives
16.1.6 Current Focus & Strategies
16.1.7 Threat from competition
16.1.8 SWOT Analysis
16.2 Thermo Fisher Scientific Inc.
16.2.1 Key Facts
16.2.2 Financial Overview
16.2.3 Product Benchmarking
16.2.4 Recent Developments
16.2.5 Winning Imperatives
16.2.6 Current Focus & Strategies
16.2.7 Threat from competition
16.2.8 SWOT Analysis
16.3 Qiagen N.V.
16.3.1 Key Facts
16.3.2 Financial Overview
16.3.3 Product Benchmarking
16.3.4 Recent Developments
16.3.5 Winning Imperatives
16.3.6 Current Focus & Strategies
16.3.7 Threat from competition
16.3.8 SWOT Analysis
16.4 Agilent Technologies, Inc.
16.4.1 Key Facts
16.4.2 Financial Overview
16.4.3 Product Benchmarking
16.4.4 Recent Developments
16.4.5 Winning Imperatives
16.4.6 Current Focus & Strategies
16.4.7 Threat from competition
16.4.8 SWOT Analysis
16.5 PerkinElmer, Inc.
16.5.1 Key Facts
16.5.2 Financial Overview
16.5.3 Product Benchmarking
16.5.4 Recent Developments
16.5.5 Winning Imperatives
16.5.6 Current Focus & Strategies
16.5.7 Threat from competition
16.5.8 SWOT Analysis
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