Bioinformatics Market Size USD 45.9 BN by 2030 With a CAGR of 16.9%

According to Nova one advisor, the global Bioinformatics market size is expected to hit around USD 45.9 billion by 2030 from valued at USD 24.7 billion in 2021 and growing at a CAGR of 16.9% from 2022 to 2030. 

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Rise in demand for nucleic acid & protein sequencing, increase in initiatives by private & government organizations, growth of proteomics & genomics, and surge in research on molecular biology & drug discovery

Bioinformatics is an important tool for managing the large data generated during the drug discovery process, starting from pre-clinical trials to target identification and screening. Bioinformatics data management stores the data at one place, thereby enabling effective analysis of information whenever required. This helps in increasing R&D productivity of a company by recognizing drug targets.

Bioinformatics technologies can save time and money, as it combines data into different interactive models to highlight disease pathway and aid drug discovery. Drug development can take years to complete and the cost associated could exceed millions of dollars. Use of bioinformatics can cut down the cost by 35% to 40%. It can also help the companies to overcome the challenges of storing the valuable and extensive processing data.

Report Scope of the Bioinformatics Market

Global Bioinformatics Market: Segmental Overview

Based on product, the global bioinformatics market is segmented into bioinformatics platforms, knowledge management tools, and bio informative services. In 2021, the bioinformatics platforms segment accounted for the largest market share. The knowledge management tools segment is anticipated to register the highest CAGR during the forecast period. Based on application, the global bioinformatics market is segmented into genomics, proteomics, chemoinformatics & drug design, transcriptomics, metabolomics, and others.

The genomics segment held the largest market share in 2021; however, the chemo informatics and drug design segment are anticipated to register the highest CAGR during the forecast period. Based on sector, the global bioinformatics market is segmented into medical biotechnology, animal biotechnology, agricultural biotechnology, academics, environmental biotechnology, forensic biotechnology, and others. The medical biotechnology segment held the largest share of the market in 2021 and is anticipated to register the highest CAGR during the forecast period.

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Global Bioinformatics Market: Competitive Landscape and Key Developments

Agilent Technologies, Inc; Biomax Informatics Ag; Bruker Corporation; Dassault Systems; Eurofins Scientific; Geneva Bioinformatics; Illumina; Perkinelmer; Qiagen; and Thermofisher Scientific, Inc are among the key companies operating in the global bioinformatics market. Leading players focus on expanding and diversifying their market presence and clientele, thereby tapping prevailing business opportunities.

In May 2022, Bruker Corporation and TOFWERK AG announced a strategic partnership for high-speed, ultra-sensitive applied and industrial analytical solutions, in conjunction with a Bruker minority investment in TOFWERK. The partnership provides a basis for technology collaborations to advance instrument capabilities and develop novel analytical applications where high speed and ultra-sensitivity matter.

In October 2021, QIAGEN announced the completion of the move of its European Center of Excellence for Precision Medicine into facilities in Manchester's CityLabs 2.0, a new genomics campus developed with Health Innovation Manchester. The new center will anchor this world-leading genomics campus in the heart of Manchester's health-innovation district and underline the city's role as QIAGEN's global hub for diagnostics development, a crucial element of the company's global success.

Bioinformatics Market: Key Insights

The bioinformatics market growth is attributed to increasing funding and investments in bioinformatics and rising number of genomic research activities with the corresponding adoption of bioinformatics. However, the lack of interoperability and multiplatform capabilities hinders the overall market growth. The genomics segment dominated the global bioinformatics market and accounted for the largest market share of 28.33% in 2021. The medical biotechnology segment dominated the global bioinformatics market and held the largest market share of 29.18% in 2021.

North America dominates the global bioinformatics market. The US bioinformatics market holds the largest share in North America. The market growth is attributed to growing healthcare and research expenditure, increasing pharmaceutical and biopharmaceutical companies, and growing government support to enhance the research and academic institutes. According to US Centers for Medicare & Medicaid Services, the national healthcare expenditure in the US increased by 9.7% in 2019 to reach US$ 4.1 trillion in 2020. National health spending is expected to grow at a 5.4% annual rate from 2019 to 2028, and it is expected to reach US$ 6.2 trillion by 2028.

The US government initiated various research programs to boost genomic research, including the "All of Us Research Program" led by NIH, which provided US$ 28.6 million in funding to develop three genome centers across the US. This research program will accelerate precision medicine discoveries through bioinformatics services in different institutions in the US. Further, rapid healthcare expenditure growth results in new diagnostic tools for evaluating various genetic diseases and cancer studies for potential medical treatments. Likewise, the pharmaceutical & biopharmaceutical industry's growth is significantly contributing to the US bioinformatics market growth.

Bioinformatics Market Insights - Rising Demand for Personalized Medicine:

Personalized medicine is an emerging practice of medicine in which the genetic profile of an individual is used to lead decisions regarding prevention, diagnosis, and treatment of disease. The genetic profile of a patient assists doctors in precisely calculating a patient's susceptibility to specific diseases and allows them to prescribe the patient a proper medication with reduced side effects. In personalized medicine, bioinformatics can be used to explore any possible mutations or gene variants affecting a patient's response to a particular drug/treatment by analyzing the patient's genome sequencing or microarray gene expression.

The patient-specific medication is developed through bioinformatics tools. Bioinformatics devices may furnish better conclusions at the genomic level with prior identification of infection and better focus on treatment through improved personalized medicine. Therefore, the rising demand for personalized medicine, especially for rare diseases and cancer, is expected to provide growth opportunities for the bioinformatics market.

In January 2021, Illumina, Inc. transformed genomic data bottlenecks into catalysts with the launch of Illumina Connected Analytics (ICA). The new and integrated bioinformatics solution provides a comprehensive, private, cloud-based data platform that empowers customers to manage, analyze, and explore large volumes of multi-omic data in a secure, scalable, and flexible environment.

North America holds the largest share in this market

North America dominated the bioinformatics market, with a share of 46.9% in 2021, followed by Europe and Asia Pacific. The large share of North America in the global bioinformatics market can be attributed to factors such as government support for genomic research, presence of leading bioinformatics providers, decreased cost of sequencing, increased awareness of bioinformatics services, and increased number of genomic research activities (and the corresponding adoption of bioinformatics) in the region are driving the growth of the bioinformatics market in North America. North America has a favorable funding scenario for research activities. This regional market is characterized by increased government initiatives for the reimbursement of genomic testing and favorable funding scenario for research activities involving the use of bioinformatics technologies.

Some of the prominent players in the Bioinformatics Market include:

• Thermo Fisher Scientific Inc.
• Eurofins Scientific
• QIAGEN N.V. 
• Agilent Technologies Inc.
• Illumina Inc.
• Waters Corporation
• NeoGenomics Laboratories
• Perkin Elmer Inc.
• Fios Genomics
• Source BioScience

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Bioinformatics market

By Product

• Bioinformatics Platforms
  • Sequence Analysis Platform
  • Sequence Alignment Platform
  • Sequence Manipulation Platform
  • Structural and Functional Analysis Platform
  • Other
• Bioinformatics Services
  • Sequencing Services
  • Database and Management Services
  • Data Analysis
  • Other
• Knowledge Management Tools
  • Generalized Knowledge Management Tools
  • Specialized Knowledge Management Tools
• Biocontent

By Application

• Genomics
• Molecular Phylogenetics
• Metabolomics
• Proteomics
• Transcriptions
• Chemoinformatics and Drug Designing
• Others

By Sector

• Medical Biotechnology
• Animal Biotechnology
• Plant Biotechnology
• Environmental Biotechnology
• Forensic Biotechnology
• Other Sectors

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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