The Global Bioinformatics Market is forecast to reach USD 21.46 Billion by 2027, according to a new report by Reports and Data. Bioinformatics is a field that develops software tools and methods for the understanding of biological data. It combines the study of various fields such as mathematics, statistics, computer science, information engineering, biology, and statistics for the comprehension of data. Recently, a high level of investment in research and development and extensive studies into this field has broadened its scope considerably.
An increase in collaborations between research institutes and companies and the rise in the popularity of personalized medicines will provide new opportunities for the growth of the market. Lack of skilled professionals, high cost of research and development, and lack of awareness are hindering the growth of the market.
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Increasing R&D in drug activity and molecular biology, growing initiatives by the private and public organizations, increase in applications of bioinformatics, increase in requirement for integrated bioinformatics structure and increase in clinical diagnostic and personalized medicines are driving the demand for the market.
North America dominates the market for Bioinformatics. Major contribution is from the U.S. owing to the consistent funding from private and government organization, the rise in the implementation of personalized medicine, early adoption of the latest technologies and the presence of state-of-the-art healthcare facilities.
In April 2018, Texas A&M AgriLife Research and their internationally recognized Genomics and Bioinformatics Service were expected to change the scenario of agriculture, with the help of the life science genome platform. They are creating a facility in Texas that will develop food that is healthy, good to taste, and are sustainable and high yielding.
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Further key findings from the report suggest
- Bioinformatics is also used in storing, retrieving, and analyzing data. With this information, it helps in forming biological information, which in turn helps in efficiently managing large databases related to innovation and the development of the drug.
- The application of bioinformatics in the medical sector is mainly driven by the increasing use of bioinformatics for drug development and discovery process. Pharmaceuticals hold a market share of over 23% in the year 2019.
- The increase in demand for computational epigenetics, differentially expressed genes, gene network, a meta-analysis of microarray data, and gene-associating studies are driving the growth of the market.
- Microbial Genome held a market share of 17% in the year 2019, and Gene Engineering is expected to grow with an annual growth rate of 12.4% in the forecast period.
- Genomics held the largest market share in the year 2019 as it is used in personalized and preventive medicines.
- Bioinformatics is used in agriculture-based industries, product utilization, and better management of the environment. The agriculture segment held a market share of over 21% in the year 2019.
- Forensic Science is forecasted to hold a market share of around 26% in the year 2027. Forensic Bioinformatics review cases involving forensic DNA testing.
- On the basis of Technology and Services, the market is segmented into Knowledge management tools, Bioinformatics Platform, and Bioinformatics Services.
- Knowledge Management tools held the largest market share of 37% in the year 2019.
- Asia Pacific is forecasted to grow with the highest CAGR of 14.3% during the forecast period. China, Japan, and India are expected to lead the bioinformatics market.
- Key participants include Illumina Inc., Life Technologies (Thermo Fisher Scientific), Qiagen NV, Agilent Technologies, PerkinElmer, ABM, Accelrys Inc., Geneva Bioinformatics SA, Ontoforce, and Data4Cure, among others.
- Qiagen NV acquired N-of-One, who is a pioneer in clinical interpretation services for complex genomic data, expanding its clinical bioinformatics capabilities in molecular oncology decision support in January 2019.
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For the purpose of this report, Reports and Data have segmented the global Bioinformatics Market on the basis of Technology and Services, Application, End-User, and Region:
Technology and Services Outlook (Revenue, USD Billion; 2017-2027)
- Knowledge Management Tools
- Bioinformatics Platform
- Surgical Stimulators
- Sequence Analysis Platform
- Sequence Alignment Platform
- Sequence Manipulation Platform
- Structural and Functional Analysis Platform
- Other Bioinformatics Platform
- Bioinformatics Services
- Sequencing Services
- Database and Management Services
- Data Analysis
- Other Bioinformatics Services
Application Outlook (Revenue, USD Billion; 2017-2027)
- Microbial Genome
- Gene Engineering
- Drug Design and Chemoinformatics
- Other Applications
End-User Outlook (Revenue, USD Billion; 2017-2027)
- Forensic Science
- Other End Users
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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