Global Bioinformatics Market Research Report 2023: Market to Reach $27.98 Billion by 2030 - Increasing Use in Agriculture, Untapped Opportunities in Emerging Economies

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Feb 22, 2024, 17:30 ET

DUBLIN, Feb. 22, 2024 /PRNewswire/ -- The "Bioinformatics Market by Solutions & Services (Knowledge Management, Platforms, Sequence Analysis, Services, Data Analysis), Application (Genomics, Metabolomics, Transcriptomics), Industry (Healthcare, Veterinary, Agriculture) - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The bioinformatics market is expected to reach $27.98 billion by 2030, at a CAGR of 13.3% from 2023 to 2030.

The growth of the bioinformatics market is attributed to the biotech and pharmaceutical industries, initiatives supporting genomics research, and the rising need to develop novel drugs/drug molecules. However, interoperability limitations in bioinformatics analytical platforms due to multiple data types restrain the growth of this market.

Furthermore, untapped markets in emerging economies, growing clinical applications of genomic technologies, and the increasing use of bioinformatics in agriculture are expected to generate growth opportunities for the players operating in this market. However, data privacy and confidentiality concerns and the shortage of skilled bioinformaticians are major challenges for market stakeholders.

In 2023, the knowledge management software segment is expected to account for the largest share of the bioinformatics market. Knowledge management software helps in identifying, organizing, storing, and disseminating biological information within or across organizations. Knowledge management tools help consolidate data and information.

It also serves as a comprehensive data hub, providing a centralized repository for various types of biological information, including genomics, proteomics, metabolomics, and clinical data. Expanding genomic datasets, growing adoption of precision medicine, growing investments in pharmaceutical R&D, and growing research in the application of genomics for several fields, including agriculture, clinical decision-making, and predictive medicine, were the factors contributing to the segment's large share.

In 2023, the genomics segment is expected to account for the largest share of the market. Genomics involves investigating the complete or partial genetic and epigenetic sequence information of organisms, with the aim of comprehending both the arrangement and the operational aspects of these sequences. 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.

Based on industry, the bioinformatics market is segmented into healthcare, agriculture, veterinary, and other industries. In 2023, the healthcare segment is expected to account for the largest share of the market. The large market share of this segment is attributed to the wide applications of bioinformatics in the biotechnology and pharmaceutical industry, the growth of the pharmaceutical and biotech industry, supportive initiatives for the growth of pharmaceutical and biotech companies, the growing prevalence of chronic diseases, and growing adoption of precision medicine.

Precision medicine is a tailored treatment approach as per an individual's genetic makeup, making the treatments more effective while preventing adverse drug reactions. The growing prevalence of chronic diseases like cancer is leading to the adoption of precision medicine treatment. For instance, in 2022, OncoDNA (Belgium), a precision medicine company, collaborated with Eli Lilly Italia (Italy) to provide biomarker testing for thyroid cancer in Italy. Under this collaboration, they offer next-generation sequencing-based molecular testing on thyroid cancer biopsies to help clinicians identify gene alterations in tumors and link patients with targeted therapies.

Asia-Pacific is slated to register the highest CAGR during the forecast period. The market growth in this region is attributed to the growing pharmaceutical and biotech industry, growth in genomics research, growing use of genetic engineering in the agriculture sector, favorable government initiatives to develop novel bioinformatics tools, and growing clinical trials in the region.

Bioinformatic analyses are used for the data generated from pre-clinical and clinical trials as the amount of data generated is huge, and the integration of this generated biological data is necessary to interpret the results. The number of clinical trials in Malaysia is expected to increase to 3,779 from 1,400 clinical trials in 2019 (Source: Clinical Trials Malaysia).

Market Dynamics

Drivers

Growth of the Biotech and Pharmaceutical Industries
Initiatives Supporting Genomics Research
Rising Need to Develop Novel Drugs/Drug Molecules

Restraints

Interoperability Limitations in Bioinformatics Analytical Platforms Due to Multiple Data Types

Opportunities

Untapped Markets in Emerging Economies
Growing Clinical Applications of Genomic Technologies
Increasing Use of Bioinformatics in Agriculture

Challenges

Shortage of Skilled Bioinformaticians
Data Privacy and Confidentiality Concerns
Factor Analysis

Trends

Integration of Artificial Intelligence (AI) and Machine Learning with Bioinformatics
AI in Genomics and Sequence Analysis
AI-driven Drug Discovery
Proteomics and AI Applications
AI for Personalized Medicine

Case Studies

Integration of the Client's Multi-Disease Platform into A Single Solution
Provision of a Connected Analytic Solution for NGS Workflow Scaling Challenges
Facilitating Faster Processing and Lowering Plasmid Analysis Costs

Company Profiles (Business Overview, Financial Overview, Product Portfolio, and Strategic Developments)

Illumina Inc.
Thermo Fisher Scientific Inc.
F. Hoffmann-La Roche Ltd.
Qiagen N.V.
Agilent Technologies Inc.
Dassault Systemes SE
Eurofins Genomic LLC
Revvity Inc.
Azenta Inc.
DNAnexus Inc.

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

For more information about this report visit https://www.researchandmarkets.com/r/ll1nh7

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