Bioinformatics Market to Reach USD 21.90 Billion By 2028- Reports and Data
Rising funds by private and public organizations to support ongoing research and development activities, high demand for protein and nucleic acid sequencing, and technological advancements in bioinformatics sector are key factors fueling global market growth
The global bioinformatics market size is expected to reach USD 21.09 Billion in 2028 and register a CAGR of 13.5%, according to the latest report by Reports and Data. Key factors such as rising demand for enhanced cost-effective therapeutic drugs and increasing need for data integration are driving global market revenue growth.
Bioinformatics is a combination of information technology and biology commonly used for managing and analyzing massive biological data. Bioinformatics tools and software aid in providing algorithms for data analysis and management of various applications such as next-generation sequencing, 3D drug designing, and proteomic and genomic modeling. Introduction of various user-friendly bioinformatics softwares such as AutoDock, Bioclipse, MODELLER, Gromacs, and RasMol, and wide usage of these tools in toxicity detection in drug development procedures are key factors fueling market growth. Rapid advancements in molecular biology, genomics, and rising demand for bioinformatics in various applications including DNA/RNA sequencing, and gene expression profiling is boosting growth of the bioinformatics market. In addition, increasing investments in research and development activities and need for data analysis for identifying treatment options for rising rare diseases is also expected to fuel global market growth going ahead.
However, factors such as unavailability of skilled laborers and lack of user-friendly tools at affordable prices are key factors that are expected to hamper growth of global bioinformatics market in the coming years.
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Key highlights in the report:
- Based on technology and services, the bioinformatics platform is expected to account for significantly higher revenue growth between 2021 and 2028. High revenue growth is attributable to extensive usage of bioinformatics platforms in various genomic applications, data analysis, and DNA sequencing.
- Among the end-use segments, the agriculture segment revenue is expected to expand at fastest CAGR throughout the forecast period as bioinformatics plays a crucial role in agriculture for collecting, storing, and analyzing genomic data.
- Based on application, the genomics segment is projected to dominate other application segments in the bioinformatics market over the forecast period. Factors such as high demand for bioinformatics in genomics field for gene-identification, biomarker identification for various chronic diseases and cancer, and rising funds by public and private sectors for ongoing research in genomics are supporting segment revenue growth.
- North America is projected to account for largest revenue share in the global market during the forecast period. Technological developments in bioinformatics sector, rising adoption of advanced bioinformatics tools for drug development and discovery processes and for handling large data, and advancements in genomics and proteomics are key factors fueling market growth in North America.
- Asia Pacific market is expected to register rapid revenue growth throughout the forecast period. Rapid revenue growth is attributed to factors such as increasing incidence of infectious diseases, growing research on drug discovery, rising disposable income, and increasing healthcare expenditure.
- Illumina Inc., Thermo Fisher Scientific, Qiagen Bioinformtaics, Agilent Technologies, PerkinElmer, Eurofins Scientific ABM, Accelrys Inc., Geneva Bioinformatics SA, Waters Corporation, Ontoforce, and Data4Cure Beijing Genomics Institute (BGI) are some key players operating in the global bioinformatics market.
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For this study, Reports and Data has segmented the global bioinformatics market based on technology and services, application, end-use, and region:
Technology and 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)
- Drug Design and Chemo-informatics
- Gene Engineering
- Microbial Genome
- Other Applications
End-Use Outlook (Revenue, USD Billion, 2018 - 2028)
- Academics Bioinformatics
- Medical Bioinformatics
- Agriculture Bioinformatics
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Regional Outlook (Revenue, USD Billion, 2018 - 2028)
- North America
- Rest Of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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