Growing demand for nucleic acid and protein sequencing, initiatives from government and private organizations, growing applications of bioinformatics, and the increasing number of collaborations between companies and research institutes are the major factors driving the growth of the market.
What the Market Looks Like?
Predicted to grow at a CAGR of 14.5% during the forecast period, the Global Bioinformatics Market is estimated to reach USD 13.50 billion by the end of 2023. North America is expected to dominate the bioinformatics market.
On the basis of product & service, the market is broadly segmented into knowledge management tools, bioinformatics platforms, and services. The bioinformatics platform segment is projected to grow at the highest CAGR during the forecast period. This high growth can be attributed to the increasing usage of different bioinformatics platforms in various genomic and proteomics applications. Additionally, there is an increase in the use of bioinformatics platforms in drug discovery and development, which also contributes to the growth of the market.
On the basis of applications, the global market is divided into genomics, chemoinformatics and drug design, proteomics, transcriptomics, and metabolomics. The genomics segment is expected to account for the largest share of the overall market. The rising application of genomics in personalized and preventive medicine is positively affecting market growth.
On the basis of sector, the global market is divided into medical biotechnology, academics, animal biotechnology, agricultural biotechnology, environmental biotechnology, and forensic biotechnology. The medical biotechnology is again subdivided into drug discovery & development, clinical diagnostics & precision medicine, reproductive health. The medical biotechnology segment is estimated to account for the largest share of the bioinformatics market. The rising adoption of bioinformatics tools in pharmaceutical and clinical applications is driving market growth.
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What Drives the Market?
The growth of the global market for Bioinformatics is primarily influenced by the following factors:
- Growing Demand for Nucleic Acid and Protein Sequencing Due to Reduction in Sequencing Cost and Technological Advancement
- Initiatives From Government and Private Organizations
- Growing Applications of Bioinformatics
- Proteomics and Drug Discovery
- Clinical Diagnostics and Personalized Medicine
- Number of Collaborations Between Companies and Research Institutes
One of the major factors restraining market growth is the lack of well-defined standards and common formats for data integration. Most of the research institutes have their own exclusive identifiers, indexing schemes, and data formats. As data models change frequently, the data integration process becomes difficult. This may limit the growth of the market to a certain extent.
Geographical growth scenario of Bioinformatics Market:
Geographically, the Bioinformatics market has been studied for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among the four geographic regions, North America is expected to account for the largest share of the global market, followed by Europe, APAC, and the RoW. The large share of North America is attributed to the steady funding from the government and private sector for life sciences research and bioinformatics.
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Leading market players and strategies adopted:
The prominent players in the Bioinformatics market include Thermo Fisher Scientific (US), Illumina Inc (US), Agilent Technologies (US), QIAGEN (Netherlands), BGI (China), Wuxi NextCODE (China), Eurofins Scientific (Luxembourg), Waters Corporation (US), Sophia Genetics (Switzerland), Partek (US), and DNASTAR (US). These players focus on both organic and inorganic growth strategies such as product launches, partnerships, and agreements to maintain and enhance their market share in the market.
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