Global Bioinformatics Market, By Type (Knowledge Management Tools, Bioinformatics Software and Services), Sector (Medical Biotechnology, Academics, Animal Biotechnology, Agricultural Biotechnology, Environmental Biotechnology, Forensic Biotechnology and Others), Application (Genomics & Drug Development, Proteomics, Evolutionary Studies, Agricultural Studies, Veterinary Science, Metabolomics, Transcriptomics and Others), Purchase Mode (Group Purchase and Individual Purchase), Method (Genomics and Proteomics) End-User, (Research and Academic Institutes, Clinical Research Organization, Biotech and Pharmaceutical Companies, Research Laboratories, Hospital and Others) - Industry Trends and Forecast to 2029.
Bioinformatics Market Analysis and Insights
The drivers responsible for the growth of the global bioinformatics market are the less cost of genetic sequencing per base, growing need for bioinformatics, wide product portfolio offered by major market players and use of bioinformatics in personalized medicine and increased public-private sector funding for bioinformatics. However, factors expected to restrain the market growth are the rise in the cost of instrumentation, difficulty in clinical bioinformatics analysis and cyber security in bioinformatics.
On the other hand, strategic initiatives by market players, product development, advancements in bioinformatics technology and a rise in healthcare expenditure may act as an opportunity for the growth of the global bioinformatics market. However, the need for skilled expertise, challenges in implementing bioinformatics technology in clinical laboratories and regulatory approval may create challenges for the global bioinformatics market. There are recent developments related to the worldwide global bioinformatics market.
The wide product portfolio offered by major market players in bioinformatics is expected to cause a surge in the market growth. Data Bridge Market Research analyzes that the global Bioinformatics market will grow at a CAGR of 18.9% during the forecast period of 2022 to 2029.
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Million, Pricing in USD
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Segments Covered
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By Type (Knowledge Management Tools, Bioinformatics Software and Services), Sector (Medical Biotechnology, Academics, Animal Biotechnology, Agricultural Biotechnology, Environmental Biotechnology, Forensic Biotechnology and Others), Application (Genomics & Drug Development, Proteomics, Evolutionary Studies, Agricultural Studies, Veterinary Science, Metabolomics, Transcriptomics and Others), Purchase Mode (Group Purchase and Individual Purchase), Method (Genomics and Proteomics) End-User, (Research and Academic Institutes, Clinical Research Organization, Biotech and Pharmaceutical Companies, Research Laboratories, Hospital and Others)
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Countries Covered
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U.S., Chanda, Mexico, Germany, France, U.K., Italy, Russia, Spain, Switzerland, Netherlands, Belgium, Turkey, Rest of Europe, China, Japan, India, South Korea, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, South Africa, U.A.E, Egypt, Saudi Arabia, Israel, Rest of Middle East & Africa, Brazil, Argentina, Colombia and Rest of South America
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Market Players Covered
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Thermo Fisher Scientific Inc., Illumina, Inc., Agilent Technologies, Inc., QIAGEN, SOPHiA GENETICS., BGI, Eurofins Scientific, Water Corporation, Partek Incorporated, DNASTAR, Dassault Systèmes, Bayer AG, DNANEXUS, INC., PerkinElmer Inc., Seven Bridges Genomics, Quest Diagnostics Incorporated., AstridBio Technologies Inc., BioBam, Strand Life Science, GenoFAB, Inc.
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Market Definition
Bioinformatics combines computer programming, big data and Molecular Biology, which enables scientists to understand and identify patterns in biological data. It is particularly useful in studying genomes and DNA sequencing, as it allows scientists to organize large amounts of data.
From genetics to toxicology to mycology and radiobiology, there are scores of branches of Biology to specialize in. And out of the many, Bioinformatics is one of the intriguing fields which enables you to identify, evaluate, store and retrieve biological information. Being an interdisciplinary field of study, it incorporates various applications of Computer Science, Statistics and Biology to develop software applications for understanding biological data like DNA sequencing, protein analysis, evolutionary genetics, etc.
In the coming future, important decisions related to bioinformatics on drug discovery will be made by individuals who not only understand the biology but can also use the bioinformatics tools and the knowledge they release to develop hypotheses and identify quality targets
Global Bioinformatics Market Dynamics
Drivers
- Decrease in The Cost of Genetic Sequencing Per Base
Oral health is one of the most important aspects of maintaining the health of gums, teeth and the oral-facial system, which allows for speaking, chewing and smiling. According to World Health Organization's report on March 25th, 2020, around 2.3 billion people worldwide are suffering from caries of a permanent tooth, among which around 530 million children suffer from caries of the primary tooth. In Europe, periodontal disease has a high prevalence among all age groups. Thereby due to rising periodontal dental disorders, the availability and usage of intraoral scanners are anticipated to boost the market's growth.
- Growing Need for Bioinformatics
As genomics-focused pharmacology continues to play a greater role in the treatment of various chronic diseases, especially cancer, next-generation sequencing (NGS) is evolving as a powerful tool for providing a deeper and more precise insight into the molecular underpinnings of individual tumors and specific receptors. Informatics is essential in biological research involving biologists who learn programming, computer programmers, mathematicians, or database managers who learn the foundations of biology.
Opportunities
- Product Development in Recent Years
The growth curve for global bioinformatics market clinical applications is following an upward trend as established applications are gaining momentum and new ones are finding a foothold. Product development in the past years has helped the market size to grow. This also shows the support of the regulatory agency for allowing these products in the market.
For instance-
- In June 2021, Agilent Technologies, Inc. released a new exome design called Sure Select Human All Exon V8 that offers specific content and current coverage of protein-coding areas from Refuses, CCDS and GENCODE. Additionally, it includes exons that are challenging to capture and the TERT promoter, which are neglected by competing exomes
The product development in recent years has shown the potential of these technologies and the companies working in this market are trying to get the more advanced product in the market, which is expected to create a lucrative opportunity for market growth in the forecast period.
- Strategic Initiatives by Market Players
The demand for bioinformatics is increasing in the market owing to the increased levels of research and development along with the growth of the bioinformatics services market aided by the desire for innovative medications. Thus, the top market players have implemented a new strategy by developing new products and collaborating with other market players to improve business operations and profitability.
For instance-
- In January 2020, Charles River underwent a strategic alliance with FiOS Genomics to acquire knowledge in bioinformatics, statistics and biology to help with the collection and analysis of high-dimensional, multi-variant datasets related to drug development, such as microarrays, next-generation sequencing (NGS), proteomics, metabolomics and epigenetics, as well as the related meta-data
These strategic initiatives by the market players, including acquisition, conferences and focused segment product launches, are helping them grow and improve the company's product portfolio, ultimately leading to more revenue generation. Hence, these strategic initiatives by the market players may be expected to as an opportunity that is expected to drive market growth.
Restraints/Challenges
- Difficulty in Clinical Bioinformatics Analysis
The largely untapped potential of big data analytics is a feed buzz that has been exacerbated by the production of many next-generation data sets that seek to answer long-standing questions about the biology of human diseases. Although these approaches are likely to be a powerful means of unveiling new biological insights, several significant challenges currently hinder efforts to harness the power of big data. Typical challenges include the effective assessment of analytical software tools, the speeding up of the overall process using hybrid parallel computing (HPC) parallelization and acceleration technology, the advancement of automation strategies, data storage alternatives, and, finally, the development of new methods for the full utilization of results across multiple experimental conditions.
- Challenges to Implementing Bioinformatics Technology in The Clinical Labs
Bioinformatics technologies can perform massively complicated biological data analysis. This capacity simultaneously facilitates the computational tools for the organization and analysis of biological data, which helps improve diagnostic screening. The application of these powerful technologies in a clinical laboratory poses a challenge because of the data's scope, quantity and medico-technical consequences.
Various challenges of implementing next-generation sequencing in the clinical laboratory are as follows-
- One of the first areas where problems can creep in is often the most overlooked: "sample quality". Although platforms are often tested and compared using highly curated samples (such as the reference material from the Genome in a Bottle Consortium), real-world samples often present much more of a challenge and hence act as a challenge for the rise in demand
- High turn-around time is also a major challenge for the instruments working in this market
COVID-19 Impact on the Global Bioinformatics Market
During the pandemic, the global bioinformatics sector is one that focuses on using a combination of biology and information technology. At the heart of the industry is biological data, which is analyzed and transformed using IT techniques. Bioinformatics has always had huge potential when it comes to providing essential support to many areas of scientific research. The tools that Bioinformatics can provide allow scientists to get to grips with larger data sets and to mine and analyze them to discover crucial information that could lead to key discoveries. Genetics and genomes have been the primary focus of Bioinformatics in recent years, including comparative genomics, DNA microarrays and functional genomics.
Recent Development
In March 2022, Thermo Fisher Scientific Inc launched the CE-IVD Marked Next-Generation Sequencing (NGS) Instrument for Use in Clinical Labs. The CE-IVD Marked Next-Generation Sequencing Instrument is used to perform diagnostic testing and clinical research on a single instrument. The launch of the instrument resulted in the addition of a new product in the product range and the distribution of the NGS instrument, which is expected to increase the product revenue.
Global Bioinformatics Market Scope
The global bioinformatics market is segmented on the basis of six segments: type, sector, application, purchase mode, genomics and end user. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Knowledge Management Tools
- Bioinformatics Software
- Services
On the basis of type, the global bioinformatics market is segmented into knowledge management tools, bioinformatics software and services.
Sector
- Medical biotechnology
- Academics
- Animal Biotechnology
- Agricultural biotechnology
- Environmental Biotechnology
- Forensic biotechnology
- Others
On the basis of sector, the global bioinformatics market is segmented into medical biotechnology, academics, animal biotechnology, agricultural biotechnology, environmental biotechnology, forensic biotechnology and others.
Application
- Genomics and Drug Development
- Proteomics
- Evolutionary Studies
- Agricultural Studies
- Veterinary Science
- Metabolomics
- Transcriptomic
- Others
On the basis of application, the global bioinformatics market is segmented into genomics and drug development, proteomics, evolutionary studies, agricultural studies, veterinary science, metabolomics, transcriptomics and others.
Purchase Mode
- Group Purchase
- Individual Purchase
On the basis of purchase mode, the global bioinformatics market is segmented into group purchases and individual purchases.
Method
- Genomics
- Proteomics
On the basis of method, the global bioinformatics market is segmented into genomics and proteomics.
End User
- Research and Academic Institutes
- Clinical Research Organization
- Biotech and Pharmaceutical Companies
- Research Laboratories
- Hospital
- Others
On the basis of end-user, the global bioinformatics market is segmented into research and academic institutes, clinical research organizations, biotech and pharmaceutical companies, research laboratories, hospitals and others.
Global Bioinformatics Market Regional Analysis/Insights
The global bioinformatics market is analyzed and regions provide market size insights and trends, type, sector, application, purchase mode, genomics and end-user as referenced above.
The countries covered in the global bioinformatics market report are U.S., Chanda, Mexico, Germany, France, U.K., Italy, Russia, Spain, Switzerland, Netherlands, Belgium, Turkey, Rest of Europe, China, Japan, India, South Korea, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, South Africa, U.A.E, Egypt, Saudi Arabia, Israel, Rest of Middle East & Africa, Brazil, Argentina, Colombia and Rest of South America.
North America is expected to dominate the market due to rise in the incidence of chronic diseases and rise in research and development activity in bioinformatics software and drug development.
The country section of the report also provides individual market impacting factors and changes in regulations in the market domestically that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands impact sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Bioinformatics Market Share Analysis
The global bioinformatics market competitive landscape provides details of the competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, the global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth and application dominance. The above data points provided are only related to the companies' focus related to the global bioinformatics market.
Some of the major players operating in the global bioinformatics market are Thermo Fisher Scientific Inc., Illumina, Inc., Agilent Technologies, Inc., QIAGEN, SOPHiA GENETICS., BGI, Eurofins Scientific, Water Corporation, Partek Incorporated, DNASTAR, Dassault Systèmes, Bayer AG, DNANEXUS, INC., PerkinElmer Inc., Seven Bridges Genomics, Quest Diagnostics Incorporated., AstridBio Technologies Inc., BioBam, Strand Life Science, GenoFAB, Inc.
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