Bioinformatics Market to Be Worth $31.71 Billion by 2031 - Exclusive Report by Meticulous Research®

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May 15, 2024, 10:31 ET

REDDING, Calif., May 15, 2024 /PRNewswire/ -- According to a new market research report titled, 'Bioinformatics Market Size, Share, Forecast, & Trends Analysis by Solutions & Services (Knowledge Management, Sequence Analysis, Data Analysis) Application (Genomics, Metabolomics, Transcriptomics) Industry (Health, Agriculture) – Global Forecast to 2031,' published by Meticulous Research^®, the bioinformatics market is expected to grow at a CAGR of 13.4% from 2024 to reach $31.71 billion by 2031.

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Genomic data is incredibly voluminous, as it involves information about thousands of genes across multiple individuals or species. Genomes contain several elements, such as genes, regulatory regions, non-coding RNAs, and repetitive sequences. Analyzing and interpreting these components is difficult without proper tools and software. Moreover, the data generated from multi-omics fields, including transcriptomics, metabolomics, and proteomics, needs bioinformatic tools and software to collect, analyze, and interpret this data. Globally, there is an increase in research and development activities in multi-omics which leads to the adoption of bioinformatics tools and services.

The growth of the global bioinformatics market is attributed to the growth of the biotech and pharmaceutical industries, initiatives supporting genomics research, and the rising need to develop novel drugs/drug molecules. Moreover, untapped markets in emerging economies, growing clinical applications of genomic technologies, and the increasing use of bioinformatics in agriculture offer market growth opportunities.

AI in Personalized Medicine a Prominent Trend in Bioinformatics Market

The integration of AI and bioinformatics has accelerated the development of personalized medicine, which involves tailoring medical treatments to an individual's genetic makeup and other biomarkers. AI-driven predictive models can assess a patient's risk of developing specific diseases and recommend personalized treatment plans, optimizing patient outcomes and reducing healthcare costs.

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Companies are focused on the development of personalized medicine using AI. For instance, in 2022, Sanofi S.A. (France) collaborated with Exscientia plc (U.K.), an AI-driven precision medicine company, to develop around 15 novel small molecule candidates for oncology and immunology applications. These molecule candidates are being developed using Exscientia's AI platform and actual patient samples.

The key players profiled in this market study are Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Qiagen N.V. (Netherlands), Agilent Technologies, Inc. (U.S.), Dassault Systèmes SE (France), Eurofins Genomic LLC (Germany), Revvity, Inc. (U.S.), Azenta, Inc. (U.S.), and DNAnexus, Inc. (U.S.). The report also includes an extensive assessment of the product portfolios, geographic presence, and key strategic developments of the leading market participants over the past years. The bioinformatics market has recently witnessed several new product launches and enhancements.

The global bioinformatics market is segmented by solutions & services (knowledge management software, bioinformatics platforms [sequence analysis & alignment platforms, functional & structural analysis platforms, and other bioinformatics platforms], services [data storage & database management services and data analysis services]), application (genomics, chemoinformatics, proteomics, transcriptomics, metabolomics and other applications), industry (healthcare, veterinary, agriculture and other industries), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on solutions & services, the bioinformatics market is segmented into knowledge management software, bioinformatics platforms, and services. In 2024, the knowledge management software segment is expected to account for the largest share of 42.2% of the bioinformatics market. However, the bioinformatics platforms segment is expected to grow at the highest CAGR during the forecast period. Bioinformatics platforms are essential tools for researchers, institutions, and organizations involved in life sciences, pharmaceuticals, and healthcare. Bioinformatics platforms provide a comprehensive suite of software, tools, and resources that empower scientists to extract meaningful insights from complex biological data, advancing research, drug discovery, and clinical applications. Bioinformatics platforms offer a wide range of functions and features that cater to the diverse needs of researchers and professionals across multiple domains, including genomics, proteomics, structural biology, and epidemiology, among others. The growing research and development activities in genomics, proteomics, structural biology, and epidemiology are expected to drive the segment growth.

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Based on application, the bioinformatics market is segmented into genomics, chemoinformatics, proteomics, transcriptomics, metabolomics, and other applications. In 2024, the genomics segment is expected to account for the largest share of 44% of the bioinformatics market. This segment's large market share is attributed to the growing amount of genomics data being generated, the application of genomics in chronic disease management, and the growing prevalence of chronic diseases. The increased focus on the study of cancer genomics to analyze the genomic alterations in cancer cells to identify potential driver mutations, predict treatment responses, and assist in developing targeted therapies has created a demand for bioinformatics tools to analyze and interpret genomic data. The growing prevalence of cancer globally further supports the segment's large share. For instance, the International Agency for Research on Cancer estimated that globally, the number of new cancer cases is estimated to increase to around 24 million by the year 2030 from 19 million cases in 2020.

Based on industry, the bioinformatics market is segmented into healthcare, agriculture, veterinary, and other industries. The healthcare segment is expected to grow at a higher CAGR during the forecast period of 2024 to 2031. The growth of this segment is attributed to the growing prevalence of diseases, the growth of biotech & pharmaceutical industries, and the need for the development of new drugs and biologics.

Geographically, in 2024, North America is expected to account for the largest share of 44.5% of the bioinformatics market. The North America bioinformatics market is estimated to be worth USD 6.0 billion in 2024. The large share of North America is attributed to the favorable government initiatives for genomics research, growing applications of genomic research, declining cost of sequencing, increasing research investments by pharmaceutical and biopharmaceutical companies, and the growing adoption of precision cancer medicine supported by the increasing cancer prevalence.

However, Asia-Pacific bioinformatics market is expected to record the highest CAGR during the forecast period of 2024 to 2031.

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Scope of the Report:

Bioinformatics Market Assessment, by Solutions & Services

Knowledge Management Software
Bioinformatics Platforms
- Sequence Analysis & Alignment Platforms
- Functional & Structural Analysis Platforms
- Other Bioinformatic Platforms

(Other bioinformatic platforms include Pathway Analysis, Network Analysis, Phylogenetic Analysis, Data Visualization, Among others)

Services
- Data Storage and Database Management Services
- Data Analysis Services

Bioinformatics Market Assessment, by Application

Genomics
Chemoinformatics
Proteomics
Transcriptomics
Metabolomics
Other Applications

(Other applications include system biology and computational biology, among others)

Bioinformatics Market Assessment, by Industry

Healthcare
Agriculture
Veterinary
Other Industries

(Other industries include environmental sciences, forensics sciences, and energy, among others)

Bioinformatics Market Assessment, by Geography

North America
- U.S.
- Canada
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
Asia-Pacific (APAC)
- Japan
- China
- India
- Rest of APAC (RoAPAC)
Latin America
- Brazil
- Mexico
- Rest of Latin America (RoLATAM)
Middle East & Africa

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