Bioinformatics market in terms of revenue was estimated to be worth $10.1 billion in 2022 and is poised to reach $18.7 billion by 2027, growing at a CAGR of 13.0% from 2022 to 2027 according to a latest report published by MarketsandMarkets™. Bioinformatics used in computer technology for the management and analysis of intricate biological data. Storage, analysis, and dissemination of biological data is part of this process. However, the high cost of equipment is hindering the growth of this market.
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Bioinformatics Market Scope:
| Report Coverage | Details |
| Market Revenue in 2022 | $10.1 billion |
| Estimated Value by 2027 | $18.7 billion |
| Growth Rate | Poised to grow at a CAGR of 13.0% |
| Market Size Available for | 2020–2027 |
| Forecast Period | 2022–2027 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product & Services, By Application, By Sector, & By Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunity | Lucrative opportunities in emerging markets |
| Key Market Drivers | Increasing public-private sector funding for bioinformatics |
On basis of product & services, the bioinformatics market is segmented into knowledge management tools, bioinformatics platforms, and bioinformatics services. In 2021, the knowledge management tools segment accounted for the largest share of 36.3% of the bioinformatics market. The large share of this segment is attributed to the growing demand for knowledge management tools to manage large volumes of data generated in life science research and drug discovery. However, the bioinformatics services segment is estimated to be the fastest-growing segment during the forecast period. The need to reduce sequencing costs and manage growing data volumes, as well as the growing government funding for genomics research, are responsible for the growth of this market segment.
On basis of application, the bioinformatics market is segmented into genomics, chemoinformatics & drug design, proteomics, transcriptomics, metabolomics, and other applications. In 2021, Genomics segment accounted for the largest share of 36.9% of the bioinformatics market. The constant rise in use of pharmacogenomic research for the development of precision medicine, the favourable funding scenario for genomic research, and strategic partnerships between various life sciences and informatics companies for the development of technologically advanced bioinformatics solutions and services are the major factors owing to the growth of the bioinformatics market for genomics segment.
On basis of sector, the bioinformatics market is segmented into medical biotechnology, animal biotechnology, plant biotechnology, environmental biotechnology, forensic biotechnology, and other sectors (which include food, homeland security & defense, law enforcement, bioweapon creation, and evolutionary biotechnology). The medical biotechnology segment commanded the largest share of the bioinformatics market in 2021. The large share of this segment can be attributed to the development of new databases for drug discovery, the use of bioinformatics for clinical diagnostics, and the increased funding for the development of bioinformatics solutions for clinical diagnostics.
The bioinformatics market has been segmented into four main regional segments, namely, North America, Europe, the Asia Pacific, and the Rest of the World. In 2021, North America accounted for the largest market share of 45.1%. However, the Asia Pacific market is projected to register the highest CAGR of 14.7% during the forecast period. The Asia Pacific region is expected to offer significant opportunities for players to offset revenue losses incurred in mature markets. Emerging countries in this region are witnessing growth in their GDPs and a significant rise in disposable income levels.
Key Market Players:
Some of the prominent players operating in the bioinformatics market are Thermo Fisher Scientific, Inc. (US), Eurofins Scientific (Luxembourg), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (US), and Illumina, Inc. (US), Waters Corporation (US), DNASTAR (US), NeoGenomics Laboratories (US), Perkin Elmer, Inc. (US), GENEWIZ (US) and BGI Group (China), Partek Incorporated (US), SOPHiA Genetics (Switzerland), Source BioScience (UK), and Biomax Informatics AG (Germany) among others.
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Top 3 Use Cases of Bioinformatics Market:
- Next-Generation Sequencing (NGS) Data Analysis: NGS data analysis is an important use case of bioinformatics, which involves the analysis of genomic data generated from sequencing technologies such as Illumina or Oxford Nanopore. This data can be used to identify and characterize genetic variants, detect gene fusions, and analyze gene expression.
- Genome Assembly: Genome assembly is a process of assembling short reads into a complete genome sequence. Bioinformatics tools are used for this task, as they can provide automated and accurate assembly of large genomes.
- Drug Discovery and Development: Bioinformatics can be used to develop and identify new drug targets and to discover and design new drugs. It can also be used to analyze existing drugs and to optimize drug delivery. Additionally, bioinformatics can be used to identify new biomarkers for drug development.
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