Bioinformatics Market - By Technology & Services, By Application, By End-Use Sector & Global Region - Market Size, Trends, Opportunity, Historical Review and Forecast 2022-2027
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Bioinformatics is a field which primarily involves the collection, storage, retrieval, manipulation, and modeling of biological data for analysis, visualization, or prediction, when the data sets are huge and complex. By integrating biology, computer science, information engineering or technology, mathematics, and statistics to analyze and interpret the biological data, it supports multiple areas of scientific research.
Bioinformatics as a science has wide application in various fields such as next-generation sequencing, forensic science, genomic and proteomic structuring and modeling, personalized medicine, bioweapon creation, crop improvement, preventative medicine, and three-dimensional drug designing. Accordingly, it aids in gaining better insight of the genetic basis of diseases, unique adaptations, desirable properties and distinctive attributes in populations.
The global bioinformatics market size is anticipated to grow at a CAGR of around 15.2% over the period of next 5 years.
The growth of this market is attributed towards major pertaining factors including; the growing demand for nucleic acid and protein sequencing on the global level, the rising demand for the process of novel therapeutic drug, the increasing robust developments in the field of genomics and biomedical research worldwide, the surging application of bioinformatics in various fields and the augmenting market usage of bioinformatics tools for accurate and effective analysis of biomarkers discovery programs that assist in toxicity detection during the initial and other stages of the drug development process etc.
Additionally, the recent years have witnessed a vast proliferation in the number of research and development activities along with funding initiatives for the same by government as well as private entities in the sector. This has also led to new advancements in genetics analysis and synthesis methods & techniques and the introduction of advanced technologies such as nanopore sequencing (third generation sequencing technique) and cloud computing. The nanopore sequencing technology is known to offer high throughput, low cost, longer reads to the analyst and helps in the collection of data which is a vital part of bioinformatics. These factors are set to offer significant opportunities for manufacturers of bioinformatics solutions and contribute to the growth of the market effectively.
Moreover, several regulatory bodies for quality and compliance of bioinformatics platforms are being setup across different regions around the world. These bodies evaluate the quality, feasibility, data privacy and protection as per international standards and govern the entire bioinformatics system. For example, The Biotechnology Industry Research Assistance Council (BIRAC), set up by Department of Biotechnology (DBT), Government of India, which introduces Technology Readiness Levels (TRLs) which aids in measuring and estimating the maturity of technologies while in the evaluation phases until these technologies are ready to be offered commercially. This makes the entire bioinformatics market reliable and eventually aids in the growth of the market comprehensively.
Furthermore, other factors such as the emergence of complex and rare diseases, the growing application of bioinformatics in the agriculture sector, the rising need for integrated solutions & systems, the integration of machine learning & AI in healthcare and the reduction in sequencing cost will further propel the growth of the bioinformatics market soon.
However, factors such as high costs, lack of interoperability among data formats, dearth of skilled and trained workforce to ensure proper use of bioinformatics tools, lack of integration of a wide variety of data generated through various bioinformatics platforms, lack of well-defined standards and common formats for data integration and the lack of appropriate infrastructure in developing economies for bioinformatics hinder the growth of this market.
BIOINFORMATICS MARKET SEGMENTATION:
By Technology & Services:
- Knowledge Management Tools
- Generalized Knowledge Management Tools
- Specialized Knowledge Management Tools
- Bioinformatics Platforms
- Sequence Analysis Platforms
- Sequence Alignment Platforms
- Sequence Manipulation Platforms
- Structural Analysis Platforms
- Bioinformatics Services
- Sequencing Services
- Database Management
- Data Analysis
- Molecular Phylogenetics
- Chemoinformatics & Drug design
- Preventive Medicine
By End-Use Sector:
- Environmental & Gene Therapy
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
The North American region holds the largest share in the bioinformatics market followed by Europe and is anticipated to maintain this dominance in the upcoming years as well. The growth in the region can be accounted to factors such as surge in adoption of advanced technology, increase in demand for better bioinformatics tools, the growing applications of bioinformatics in drug discovery and development, the increasing IT applications in bioinformatics, rising number of R&D activities, the technological advancements in data science and analytics, increasing government initiatives regarding healthcare, extensive research in the healthcare and pharmaceutical industries for the discovery of novel drug therapies for the treatment of chronic diseases, and the presence of state-of-the-art healthcare facilities in the region etc. The major contributor in the region is the U.S.
The Asia Pacific region is the fastest growing regional market for bioinformatics and the trend is expected to continue in the coming years as well. The growth in the region can be attributed to various factors such as the increasing prevalence of chronic diseases, increasing investment in the research and development activities in genomics and proteomics, increasing healthcare spending, healthcare infrastructure modernization, rising penetration of cutting-edge research and clinical laboratory technologies, the growing number of government initiatives for R&D coupled with th improving IT infrastructure and the presence of skilled and trained bioinformaticians in the region etc. The main contributors in the region include India, Japan and China.
FEW KEY PLAYERS IN BIOINFORMATICS MARKET:
- Celera Corporation
- Rosetta Biosoftware
- BioWisdom Ltd.
- Dassault Sytemes Biovia Corp
- Applied Biologicals Materials.
- Seven Bridges Genomics Inc.
- Thermo Fisher Scientific Inc.
- Geneva Bioinformatics
- Eurofins Scientific
- Bruker Daltonics Inc.
- Accelrys Inc.
- Affymetrix Inc.
- SA Nonlinear Dynamics
- Quest Diagnostics Inc.
- Agilent Technologies Inc.
- Biomax Informatics AG
- DNAnexus Inc.
- Genedata AG
- Intrexon Bioinformatics Germany GmbH
- Illumina Inc.
- Perkinelmer Inc.
- Qiagen N.V.
- Waters Corporation
- Sophia Genetics
- Wuxi Nextcode
- Beijing Genomics Institute
- IBM Life Sciences
- Life Technologies Corporation
- 3rd Millennium Inc.
- Other Players
- In February 2021, Mind Cure Health Inc. announced that it completed the beta testing of its proprietary bioinformatics platform PsyCollage, achieving its Q1 testing milestone. The PsyCollage tool will drive decision-making for drug lead optimization and assist in the discovery of target receptors.
- In February 2021, Microvi announced that they have been awarded a $1.12 million grant from the National Institutes of Health to apply machine learning and bioinformatics to develop a new generation of biological treatment processes. In collaboration with Nexilico, Inc., the project will drive breakthrough improvements in the removal of complex pollutants in water at unprecedented rates and effectiveness.
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