The global bioinformatics market size is projected to surpass around US$ 45.6 billion by 2030 from US$ 13.2 billion in 2021, progressing at a CAGR of 16.3% during the forecast period 2022 to 2030.
The combination of biology and information technology is known as bioinformatics. Various tools and software are used in bioinformatics such as data management, data creation, data warehousing, and data mining. The market for bioinformatics is growing due to the expansion of pharmaceutical sector. The pharmaceutical industry in Europe was valued at $139,287 million in 2000 as per the European Federation of Pharmaceutical Industries and Associations’ statistics of 2019, and it climbed to $284,028 million in 2018. In addition, due to various benefits provided by bioinformatics is driving the market growth.
The COVID-19 pandemic had a positive impact on the growth of global bioinformatics market. The early detection of virus using bioinformatics opened new growth opportunities for global bioinformatics market. The bioinformatics were also used for the development of drugs and vaccines. Moreover, various strategic alliances were formed during COVID-19 pandemic in global bioinformatics market. The UK government, for example, announced the COVID-19 Genomics UK Consortium in March 2020 with a $21 million investment to sequence the genomes of SARS-CoV-2, the virus involved during COVID-19 epidemic, using genome sequencing. The Public Health Agencies and the NHS and a number of research institutes make up the COVID-19 Genomics UK Consortium.
Another factor boosting the growth of global bioinformatics market is growing investments in biology and information technology sectors. Moreover, government all around the world is taking constant efforts for the development of global bioinformatics market. The bioinformatics tools and software are mostly used for cutting down the extra cost and expenses related to drug development process. This factor is supporting the growth of global bioinformatics market.
On the other hand, the growth of global bioinformatics market is being restricted by lack of skilled professionals and lack of resources in developing economy. Moreover, the use of alternative tools will also hinder the expansion of global bioinformatics market.
To offer latest and new products and maintain their market positions around the globe, major market players in the global bioinformatics market are using various methods such as collaborations and acquisitions with other organizations. The key market players are collaborating to develop a next-generation sequencing based assay that assesses cancer relevant genetic changes using RNA and DNA produced from a patient’s tumor in a single process.
Furthermore, the release of technologically developed bioinformatics tools and software such as AUTODOCK, BALL, and RasMol as well as increased market utilization of these tools for accurate and precise analysis of biomarkers discovery programs that aid in contamination sensing during the early stages of the drug development process are expected to propel the growth of global bioinformatics market.
Report Scope of the Bioinformatics Market
|Market Size by 2030||USD 45.6 Billion|
|Growth Rate from 2022 to 2030||
CAGR of 16.3%
|Largest Market||North America|
|Fastest Growing Market||Europe|
|Forecast Period||2022 to 2030|
|Segments Covered||Product, Application, Sector, Geography|
|Companies Mentioned||Thermo Fisher Scientific Inc., Eurofins Scientific, QIAGEN N.V., Agilent Technologies Inc., Illumina Inc., Waters Corporation, NeoGenomics Laboratories, Perkin Elmer Inc., Fios Genomics, and Source BioScience|
The bioinformatics services segment dominated the bioinformatics market in 2021. The factors such as growing initiatives regarding research and development as well as surge in demand for novel drugs are boosting the growth of bioinformatics services segment. Furthermore, the technological advancements are resulting into the growing demand for bioinformatics services in the global market.
The bioinformatics platforms segment is fastest growing segment of the bioinformatics market in 2020. The growing usage of various tools for database management is driving the growth of bioinformatics platforms. The high utilization of next generation sequencing is also contributing to the growth of bioinformatics platforms. In addition, the growing demand for exome and genome technologies is driving the segment growth.
The genomic segment dominated the bioinformatics market in 2021. The demand for bioinformatics is growing in genomics due to adoption of new and innovative technologies. The bioinformatics in pharmacogenomics are used for handling and managing large amount of data and information in database. The sequencing technology is widely used in drug development process. This is directly impacting the growth of genomic segment over the forecast period.
The proteomics segment is fastest growing segment of the bioinformatics market in 2020. The growth of proteomics segment is attributed to the rising research and development initiatives and high investments for the development of technologies. These technologies help to analyze and manage data on a large scale. Moreover, algorithms are also used for managing and monitoring data in database. All these factors are driving the growth of the proteomics segment.
North America dominated the bioinformatics market in 2021. The bioinformatics market in North America is growing due to the favorable government regulations in favor of market players. In addition, the growth of North America bioinformatics market is also attributed to the existence of major market players. The government of the U.S. is investing towards the development of bioinformatics market. Furthermore, expanding research and development activities are paving way for the expansion of bioinformatics market in the region.
Europe, on the other hand, is expected to develop at the fastest rate during the forecast period. The UK, Italy, and France dominate the bioinformatics market in Europe region. The growing investments in healthcare sector are driving the growth of Europe bioinformatics market. Moreover, the adoption of innovative technologies such as artificial intelligence and internet of things are contributing towards the growth of bioinformatics market in Europe. The market players operating in Europe bioinformatics market are adopting strategies such as partnership and acquisition.
Some of the prominent players in the global bioinformatics market include:
Segments Covered in the Report
No cookie-cutter, only authentic analysis – take the 1st step to become an Precedence Research client