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Bioinformatics Market to Hit USD 22.3 Billion by 2030 at 15% CAGR – Report by Market Research Future (MRFR)

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New York, USA, June 16, 2022 (GLOBE NEWSWIRE) — Bioinformatics Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Bioinformatics Market Information by Application, Technology and Services, Sector, End-Use, and Region – Forecast till 2030”, the bioinformatics market is anticipated to reach USD 22.3 Billion at CAGR of 15% during the forecast period.

Bioinformatics Market Scope

Bioinformatics can be described as computer science, statistics, & mathematics, and biology associated with the storage, acquisition, dissemination, and analysis of biological data, which is primarily amino acid and DNA sequences. It makes use of computer programs for identifying gene & protein functions, predicting three-dimensional shapes of proteins, establishing evolutionary relationships, etc.

Bioinformatics has been gaining notable prominence in emerging regions like the Asia Pacific on account of the huge amounts of data produced through nucleic acid and protein sequencing, which need meticulous management and interpretation for medical research.

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Report Scope:

Report Attribute Details
Market Size USD 22.3 billion
CAGR 15%
Base Year 2021
Forecast Period 2022-2030
Historical Data 2020
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By Application, Technology, Services and Sector
Geographies Covered North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Drivers The rising investment from the government sector is the crucial driver for the market
High research and development will lead to variation and advancement in technology

Bioinformatics Market Competitive Landscape:

The eminent firms in the bioinformatics market include

  • Biomax Informatics AG
  • Source BioScience
  • QIAGEN N.V
  • Scientific, Inc
  • Sophia Genetics
  • NeoGenomics Laboratories
  • Perkin Elmer
  • Eurofins Scientific
  • Agilent Technologies, Inc
  • DYNASTAR
  • Waters Corporation

Market USP Covered:

Market Drivers:

The market development rate is fostered by the rising need for integrated bioinformatics in genomic, clinical diagnostics, and proteomic. Additionally, the accelerated demand for innovative computational tools in extensive biological research activities combined with the soring number of organizations offering outsourcing services will augment the bioinformatics market demand worldwide.

The business-friendly government policies in various countries due to less strict norms as well as data requirements will further cement the bioinformatics market’s position over the forecast years. Many private sector organizations worldwide are investing substantially in the bioinformatics sector, leading to multiple technological and data advances in bioinformatics services.

Market Restraints:

With the emergence of innovative NGS technologies, the need for accurate and quick bioinformatics tools has considerably risen. The majority of the scientists partaking in experimental studies are not bioinformaticians. As a result, the need for user-friendly tools is extremely vital for using bioinformatics platforms. Several bioinformatics tools need computer expertise, primarily since they don’t have a proper user-friendly interface.

Genomics instruments also comprise advanced functionalities and features and are therefore high priced. Since research laboratories and pharmaceutical companies require these types of systems, the capital spending on the procurement of multiple genomic instruments needs to be extremely high. However, small and medium-sized pharmaceutical vendors, as well as research laboratories, do not find it feasible to make such substantial investments, which could be a great challenge in the future.

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COVID 19 Analysis

The advent of the COVID-19 pandemic has been a time-testing period for several industries worldwide. But the bioinformatics market has somewhat experienced positive growth despite the crisis. The worldwide market was already witnessing strong growth before the pandemic because of the rising adoption of advanced bioinformatics tools for handling massive volumes of biological data.

Since controlling the spread of the pandemic has been a major focus area everywhere, it has become vital to decode the novel coronavirus’s genome & come up with vaccines. For this, numerous studies were carried out via bioinformatics. In this regard, a notable rise in the outsourcing of bioinformatics services was noticed worldwide.

With improved bioinformatics abilities of the providers, researchers got several insights into the novel coronavirus, including its origin, identification, spread, and functioning, in a very short period. all of these aspects have proved to be extremely beneficial for the global bioinformatics market.

Market Segmentation

By Product

Knowledge management tools, bioinformatics services, and bioinformatics platforms are the top product-based segments in the study. The bioinformatics platforms segment has garnered the highest traction in the worldwide market and will continue gaining momentum during the review period. This could be owing to the rising number of platform applications coupled with the mounting requirement for advanced drug development tools. The surge in platform applications can also be attributed to the soaring demand from life science firms for the modification and identification of structures. This should assist in the drug designing process as well as assessment of their therapeutic effects. On top of this, the safety and efficiency in drug discovery and development result in an enhanced requirement for advanced tools in drug development.

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By Application

The key applications of bioinformatics are proteomics, genomics, metabolomics, transcriptomics, chemoinformatics, and more. The genomics application can anticipate leading the worldwide market in the years ahead owing to the surge in technological innovations with respect to the management of huge amounts of genomic data, and the heightened demand for pharmacogenomics in drug development and sequence screening. Additionally, the surging number of opportunities and the potential importance of genomics in clinical research will further bolster the demand for genomics applications.

By Sector

The sectors considered in the report are medical biotechnology, forensic biotechnology, plant biotechnology, and environmental biotechnology.

Regional Insights

North America, followed by Europe and the Asia Pacific, is the market leader, thanks to the rising government funding for genomic research and the presence of renowned bioinformatics providers. The declining prices of sequencing, mounting awareness regarding bioinformatics services, and the soaring number of genomic-based research activities that use bioinformatics will further enhance the North American market share. North America witnesses a favorable funding scenario with respect to research activities and is characterized by an escalating number of government initiatives in terms of genomic testing.

The European market benefits from the accelerated use of advanced technologies along with the soaring demand for advanced bioinformatics tools. The market will capture significant traction in the following years, thanks to the surge in innovations in the genomics and proteomics fields.

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The APAC market is seeing a surge in technological advances with respect to the management of huge amounts of genomic data. India has been making a substantial contribution to the regional market, with bioinformatics emerging as one of the fastest domains in the biotechnology industry. The majority of the country’s growth can be attributed to the numerous collaborations and alliances between organizations part of IT & biotechnology, and the mounting need for bioinformatics in drug development and discovery. Other than this, the rising government support via funds, tax benefits, huge R&D investments, and incentives in gene sequencing for early detection cancer mutation will favor the market as well.

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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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