Advancements in genomics and proteomics research, rising investment to accelerate drug discovery and development, and development of next-generation sequencing techniques are some key factors expected to drive market growth.
Advancements in genomics and proteomics research, rising investment to accelerate drug discovery and development, and development of next-generation sequencing techniques are some key factors expected to drive market growth
The global bioinformatics market size is expected to reach USD 24.84 Billion in 2028 at a CAGR of 13.5% during the forecast period, according to latest report by Reports and Data. Increasing focus on personalized medicine due to rising prevalence of chronic diseases, rapid advancements in genomics and proteomics research, growing need for efficient analysis and management of massive datasets, and increasing investment in pharmaceutical and biotechnology R&D activities are some key factors expected to drive market revenue growth over the forecast period. In addition, increasing demand for better treatment approaches and advancements in sequencing programs to understand pathophysiology of genetic diseases are some other factors contributing to increased adoption of bioinformatics solutions, which will continue to fuel revenue growth of the market.
Bioinformatics is a multidisciplinary field and is a combination of various sciences including mathematics, biology, and information science. Development of software tools and algorithms and analysis and interpretation of biological data by utilizing a wide range of software tools and algorithms are two major components of bioinformatics. Bioinformatics has played a crucial role in in-depth analysis of sequenced genomes and comparative analysis of larger datasets.
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Bioinformatics aims to develop models to effectively study the functioning of cells, multicellular systems, and an entire organism, and bridge the gap between data interpretation and software development. Advancements in molecular biology have led to rapid integration of bioinformatics in understanding and executing modern molecular pathology studies to accelerate understanding of diseases and infections. This is expected to further contribute to revenue growth of the market.
Bioinformatics is being increasingly used to enhance discovery of drug targets and development of individualized therapeutic approaches. Progress of personalized medicine is expected to further boost the adoption of bioinformatics platforms. However, high costs of equipment and sequencing techniques, lack of skilled professionals, and need for high capital investment are some key factors expected to restrict market growth to certain extent.
Some Key Highlights from the Report:
- Bioinformatics platform is expected to account for largest revenue share over the forecast period due to growing employment of bioinformatics platforms in drug discovery and development, genomics and proteomics, and microbiology research, and their importance in providing deep insights on genomic sequencing.
- The genomics segment is expected to dominate other application segments in terms of revenue share over the forecast period, owing to increasing advancements in genomics research, growing use of bioinformatics tools and software to compare, analyze, and interpret genomic data, and rising application of bioinformatics in accelerating development of genome-based therapies for chronic diseases.
- The forensic science segment is expected to register robust revenue CAGR over the forecast period, mainly due to rapid integration of bioinformatics platforms to study hard-to-read areas of DNA, interpret new and extensive data generated by parallel sequencing platforms in forensic science, availability of open access forensic DNA databases, and increasing demand for robust analysis platforms due to rising crime rates across the globe.
- North America is expected to account for largest revenue share in the global market between 2021 and 2028, which can be attributed to increasing biomedical research, rapid technological advancements in bioinformatics software and tools, growing focus on personalized medicine and targeted drug therapy, and presence of key players in the region.
- Major companies operating in the market include Illumina Inc., Life Technologies (Thermo Fisher Scientific), Qiagen NV, Agilent Technologies, PerkinElmer, ABM, Accelrys Inc., Geneva Bioinformatics SA, Ontoforce, and Data4Cure.
- In December 2021, M2GEN, a bioinformatics company focusing on accelerating oncology research using data and analytics, announced a strategic partnership with Microsoft to advance its unparalleled bioinformatics solution for discovery and development of novel cancer therapies.
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For this report, Reports and Data has segmented the global bioinformatics market on the basis of products & services, application, end-use, and region:
Product & Services Outlook (Revenue, USD Billion; 2018-2028)
- 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; 2018-2028)
- Proteomics
- Genomics
- Drug Design and Chemoinformatics
- Gene Engineering
- Microbial Genome
- Other Applications
End-Use Outlook (Revenue, USD Billion; 2018-2028)
- Medical Biotechnology
- Animal Biotechnology
- Forensic Science
- Pharmaceutical
- Environmental Biotechnology
- Academics
- Others
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Rest of MEA
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