Bioinformatics Market
Bioinformatics Market Trend, Opportunity, and Forecast Analysis, 2024-2032
Bioinformatics Market is segmented by Product & Services, Application, Sector and by Region. KDMI analyst foresees market revenue to cross USD 46.50 Billion by 2032 by growing with a CAGR of 13.9% during 2024-2032.
Bioinformatics Market Highlights
The global bioinformatics market is expected to cross a value of USD 46.50 billion by the end of 2032. The market was valued at USD 11.50 billion in 2023 and is expected to expand at a CAGR of 13.9% between 2024-2032.
- Over the mid-term, the growing demand for precision medicine is the primary factor anticipated to drive the global bioinformatics market.
- The unavailability of proper infrastructure is a major factor to challenge the market growth.
- The North America bioinformatics market is projected to dominate the global market.
Bioinformatics Market: Report Scope |
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Base Year |
2023 |
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Base Year Market Size |
USD 11.50 Billion |
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Forecast Year |
2024-2032 |
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Forecast Year Market Size |
USD 46.50 Billion |
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CAGR Value |
13.9% |
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Bioinformatics Market Key Trends/Major Growth Drivers |
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Restraint Factors |
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Bioinformatics Market Segmentation |
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Bioinformatics Market Key Players |
Thermo Fisher Scientific, Inc., Eurofins Scientific, QIAGEN N.V., Agilent Technologies, Inc., Illumina, Inc., Waters Corporation, DNASTAR, NeoGenomics Laboratories, Perkin Elmer, Inc., GENEWIZ, BGI Group, Fios Genomics, Partek Incorporated, SOPHiA Genetics, Source BioScience, Biomax Informatics AG, and others. |
Bioinformatics Market Outlook
An interdisciplinary field that combines biology, computer science, mathematics, and statistics for analyzing and interpreting biological data is known as bioinformatics. These data are related to the genomic information, i.e., DNA, RNA, and protein sequences.
According to our experts at KD Market Insights, one of the primary factors anticipated to drive the growth of the global bioinformatics market is the growing demand for precision medicine. In the recent years, due to the advancements in genomics and precision medicine technologies, the demand for personalized medicine is gaining traction. With the help of bioinformatics, analysis of patient-specific genetic information can be studies to guide treatment decisions. This helps in the adoption of personalized medicine, which in turn, is expected to drive the demand for bioinformatics solutions. Thermo Fisher Scientific, Inc., Eurofins Scientific, and QIAGEN N.V., are some of the significant parties in the global market for bioinformatics.
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Bioinformatics Market Drivers – Analyst’s Observation
According to the analysts at KD Market Insights, some key growth drivers for the global bioinformatics market are:
- Growing Advancements in Genomic Research: The field of genomic science has been witnessing rapid advancements over the past few years and has generated vast amounts of biological data, such as gene expression profiles, protein structures, and DNA sequences. The World Health Organization (WHO) reported that between March 2021 and January 2022, genomic surveillance increased from 54% to 68% as a result of the major investments made during the COVID-19 pandemic. By utilizing bioinformatics tools and techniques, analyzing, interpretation and managing this complex genomic data becomes easier. Owing to such benefits associated with bioinformatics tools, these solutions are in high demand among research institutions, pharmaceutical companies and healthcare service providers.
- Increasing Investments in Drug Discovery: Pharmaceutical companies all around the globe are increasing their investments for drug discovery. Our experts have found that the pharmaceutical industry spent close to USD 120 billion on research and development in the year 2023. With these rapid investments for drug discovery, pharmaceutical companies are increasingly opting for analytical tools that can help them in identifying potential drug targets, predict drug interactions, and optimize drug design. These tools are used for virtual screening, molecular modeling, and pharmacogenomics analysis in the drug discovery process. Hence, with the increasing investments in drug discovery, the demand for bioinformatics is expected to increase.
Which Probable Factors Could Hamper the Growing Bioinformatics Market Trend?
As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of bioinformatics are:
- Lack of Skilled Professionals for Operating Bioinformatics Tools: The biological data that is available worldwide are much complex and variable in nature. Owing to this, the analysis of these data requires professionals who are skilled enough to analyze the available information and generate accurate results. The unavailability of such skilled professionals is therefore expected to hinder the market growth.
- Unavailability of Proper Infrastructure: The bioinformatics tools require high-performance computing (HPC) infrastructure for its optimal utilization. Due to the unavailability of such infrastructure in several regions globally, the demand for these solutions are significantly affected.
How is the Global Bioinformatics Market Segmented?
Our experts at KD Market Insights have segmented the global bioinformatics market as:
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By Product & Services |
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By Application |
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By Sector |
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By Region |
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What are the Probable Factors Influencing the North America Bioinformatics Market Forecast?
The North America bioinformatics market is majorly driven by the availability of a strong healthcare infrastructure in the region, along with the presence of several bioinformatics solution providing companies. The healthcare companies in the region are increasingly working on advancement in the field of genomic research and are rapidly adopting genomic technologies, such as next-generation sequencing (NGS), and high-throughput omics. Moreover, the region boasts a rich ecosystem for academic research in the field of healthcare sciences, supported by a strong R&D expenditure by the pharmaceutical companies. Our researchers have found that the pharmaceutical industry in the United States along spent close to USD 100 billion as R&D expenditure in the year 2021. The region possesses several universities, medical centers, and government research agencies who are working continuously for developing new medicines.
As per our analysts at KD Market Insights, the following five players lead the North America bioinformatics market growth:
- Illumina, Inc.
- Thermo Fisher Scientific Inc.
- Qiagen N.V.
- DNAnexus, Inc.
- 10x Genomics, Inc.
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Key Countries to Watch for in North America Bioinformatics Market |
Key Insights |
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United States Bioinformatics Market to Register the Largest Regional Market Share in 2032 |
USD 13.02 Billion |
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Canada Bioinformatics Market to Grow with the Highest CAGR During 2024-2032 |
14.2% |
Which Key Players Top the Global Bioinformatics Market Share?
As per our analysts at KD Market Insights, the competitive landscape of global bioinformatics market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with bioinformatics market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global bioinformatics market share:
- Thermo Fisher Scientific, Inc.
- Eurofins Scientific
- QIAGEN N.V.
- Agilent Technologies, Inc.
- Illumina, Inc.
- Waters Corporation
- DNASTAR
- NeoGenomics Laboratories
- Perkin Elmer, Inc.
- GENEWIZ
- BGI Group
- Fios Genomics
- Partek Incorporated
- SOPHiA Genetics
- Source BioScience
- Biomax Informatics AG
What are the Recent Developments Observed in the Bioinformatics Market?
Over the years, the experts at KD Market Insights have been observing the recent developments associated with global bioinformatics market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.
For instance, Illumina, Inc. shared that it has collaborated with AstraZeneca for expediting the discovery of therapeutic targets that combines both of these organization’s strengths in AI-based genome interpretation and genomic analysis tools.
Further, BGI stated that it has partnered with Ministry of Health of Brunei for carrying out extensive cooperation in public health emergency response and public health testing screening and diagnostic services.
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- Publication date: 9th April 2024
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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