Global Bioinformatics Market Size & CAGR (2021 to 2026)
The size of the global bioinformatics market is expected to be valued at USD 31.99 billion by 2026 and USD 13.24 billion in 2021, rising at a CAGR of 19.29% over the forecast period.
Impact of COVID-19 on the global bioinformatics market:
The COVID-19 pandemic put bioinformatics to the test. During the COVID-19 pandemic, one of the key priority areas for each country has been studying and understanding ways to stop the virus’s spread. As a result, scientists have uncovered several secrets of SARS-CoV-2, spanning from its identification to its origin (including its functioning and propagation), in a short period of time, due to the evolved and enhanced bioinformatics capabilities of service providers. As a result, some companies have struggled due to the COVID-19 epidemic, while others have benefited, one of which being the bioinformatics industry.
SARS-CoV-2 genomes are investigated using next-generation sequencing, which provides basic information about the virus. For generating such data and enhancing knowledge of SARS-CoV-2, bioinformatics pipelines and biological & host-virus interaction databases are crucial tools. As a result, several investigations are being conducted to comprehend the virus’s genetic combination better; these studies are driven by bioinformatics. In addition, the NHS, Public Health Agencies, the Wellcome Sanger Institute, and numerous university institutions help compensate for the COVID-19 Genomics UK Consortium (COG-UK). Over the forecast period, these factors are likely to boost the bioinformatics market.
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KEY DRIVING FACTORS:
Growing usage of bioinformatics in the agricultural sector’s development is expected to boost the overall market’s growth rate.
Agro-based industries, agricultural by-product usage, and better environmental management all benefit from the technique. Bioinformatics allows researchers to identify genomic, proteomic, metabolomic, and phenome data, then utilized to develop novel techniques to boost crop productivity. Developing countries create over a quarter of the world’s agricultural value, and many of these countries identify agriculture as contributing 30% of their GDP. Vendors in the bioinformatics market will have a lot of chances as a result of this.
Rising government and private-sector initiatives are expected to favor further bioinformatics market expansion.
Rising government and private-sector initiatives are key drivers of market expansion. Bioinformatics is becoming increasingly important to many governments and corporate entities throughout the world. These expenditures have primarily resulted in data and technological advancements in bioinformatics services, which has resulted in higher service quality. Many governments are investing in national population sequencing programs to understand the link between genetics and diseases better. Millions of citizens’ genomes are being sequenced by government institutions to promote research and discover new ways to diagnose and cure cancer, uncommon disorders, and other diseases.
High equipment costs are expected to restrict the market’s growth rate during the forecast period.
Pharmaceutical businesses and research institutions spend a lot of money on various genomic equipment since they need many. However, small and medium-sized pharmaceutical companies and research facilities cannot make significant investments in various genomics equipment due to budget reasons. Furthermore, over the forecast period, the lack of well-defined standards and standardized data formats for data integration, data complexity issues, and a lack of user-friendly tools are anticipated to hinder the global bioinformatics market expansion.
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KEY MARKET INSIGHTS:
- Based on products & services, due to an increase in platform applications and the demand for better tools in drug development, the bioinformatics platforms segment was the leading revenue generator in 2020.
- Based on Application, due to the rise in demand for companion diagnostics and personalized therapeutics, the transcriptomics segment is expected to grow at the highest CAGR during the forecast period. Furthermore, the bioinformatics market is predicted to rise due to innovative gene sequencing, ongoing biomarker development, and the global acceptance of transcriptomics technology.
- The global market was dominated by North America in 2020 and accounted for the majority of the market. This is due to a growth in demand for improved bioinformatics tools, which are required in the drug research and development process, and an increase in the usage of modern technologies.
- Many pharmaceutical companies are reducing drug development costs by moving their attention from outsourcing software to developing in-house solutions, which allows them to modify their required applications to meet their demands and improve workflow efficiency. Thermo Fisher Scientific Inc., Illumina Inc., Sophia Genetics, Partek, DNASTAR, Dassault Systèmes, DNAnexus, Inc., Genebio, ASEBIO, Agilent Technologies, Inc., QIAGEN, BGI, Wuxi NextCODE, Eurofins Scientific, Waters Corporation, and PerkinElmer Inc. are among the key competitors.
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RECENT MARKET DEVELOPMENTS:
- BGI and Brunei’s Ministry of Health expanded their collaboration in January 2021 to include reproductive health, individualized drug counseling, early cancer screening, and the discovery of unknown diseases utilizing BGI’s cutting-edge sequencing technology.
- Charles River Laboratories, Inc. announced cooperation with Fios Genomics in January 2020 to access Fios Genomics’ expertise in bioinformatics, statistics, and biology.
- The StrandAdvantage500, a Next-Generation Sequencing (NGS)-based assay that examines cancer-relevant genetic changes from DNA and RNA obtained from a patient’s tumor in one integrated workflow, was unveiled in April 2020 by Healthcare Global Enterprises and Strand Life Sciences.
SEGMENTS COVERED IN THE REPORT:
- Animal Biotechnology
- Environmental Biotechnology
- Alternative Energy Sources
- Waste Clean-Up/Bioremediation
- Climate Change Studies
- Agricultural Biotechnology
- Crop Yield Improvement
- Pest Resistance
- Improvement of Plant Resistance
- Biodiversity Informatics
- Nutritional Quality Improvement
- Forensic Biotechnology
- Medical Biotechnology
- Drug Development
- Clinical Diagnostics
- Molecular Medicine
- Personalized Medicine
- Preventive Medicine
- Gene Therapy
- Reproductive Biotechnology
- Other Sectors
By-Products and Services:
- Bioinformatics Platforms
- Sequence Analysis Platforms
- Sequence Alignment Platforms
- Sequence Manipulation Platforms
- Structural and Functional Analysis Platforms
- Other Bioinformatics Platforms
- Knowledge Management Tools
- Generalized Knowledge Management Tools
- Specialized Knowledge Management Tools
- Bioinformatics Services
- Data Analysis
- Sequencing Services
- Other Bioinformatics Services
- Database and Management Services
- Molecular Phylogenetics
- Drug Design
- North America
- Latin America
- Middle East and Africa
BROWSE REGIONAL REPORTS:
- North America Bioinformatics Market
- Europe Bioinformatics Market
- APAC Bioinformatics Market
- Latin America Bioinformatics Market
- MEA Bioinformatics Market
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