Bioinformatics Market Value is Expected to Rise Around Worth of US$ 44.9 Bn by 2028
Research Reports
Nov 30, 2022
Bioinformatics Market: Introduction
According to the report, the global bioinformatics market was valued at US$ 24.7 Bn in 2020 and is projected to expand at a CAGR of 5.9% from 2021 to 2028. Bioinformatics is used to manage the data gathered from research & development projects in the biopharmaceutical, life sciences, and biotechnology industries. Growth of the bioinformatics market is driven by rise in applications of IT in the healthcare sector, along with robust technological advancements. The usage of information technology or IT has enabled easy storage, processing, access, and retrieval of data.
Additionally, the demand for advanced treatment of several diseases and effective preventive solutions is rising. Hence, healthcare professionals focus on research & development projects. Moreover, surge in R&D activities has led to rise in data generation, which increases demand for efficient technology for data management in the healthcare sector.
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Usage of Bioinformatics in High Throughput Screening
The high throughput screening is an emerging bioinformatics field that performs biological tests at high speed with the help of data processing software, sensitive detectors, and liquid handling devices. Increase in importance of high throughput screening in drug discovery is likely to drive the global bioinformatics market over the next few years.
Platforms Segment to Dominate Global Market
The global bioinformatics market has been segmented into services, tools, and platforms. These are commercially available for the purpose of processing the data obtained from various research & development projects employing bioinformatics. In terms of consumption, the platforms segment dominated the global market in 2020, accounting for leading share. The growth of the segment can be attributed to rise in usage of bioinformatics in the process of drug discovery and increase in research & development activities. However, the services segment is projected to dominate the global market during the forecast period.
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Molecular Medicine Segment to Dominate Market
Bioinformatics has applications in preventive medicine, molecular medicine, gene therapy, drug development, and others. Other application areas include forensic analysis of microbes, genetic research for antibiotic resistance, and veterinary science. The molecular medicine segment accounted for the largest market share in 2020. The drug development segment is anticipated to expand at the highest CAGR from 2021 to 2028.
North America to Dominate Global Market
In terms of region, the global bioinformatics market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global bioinformatics market in 2020, followed by Europe. Availability of developed technology, structured regulatory framework, higher adoption rate of new technology, and significant investment in research & development by companies boost the growth of the bioinformatics market in North America and Europe. Asia Pacific is a lucrative market for bioinformatics. Factors such as surge in government initiatives to boost biotechnology research & development activities in respective country, increase in funding, rise in awareness about bioinformatics, and surge in literacy rate are expected to fuel the growth of the bioinformatics market in Asia Pacific.
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Competition Landscape
The global bioinformatics market is fragmented in terms of number of players. Key players in the global market include Accelrys, Inc., ID Business Solutions, Ltd., Affymetrix, Inc., CLC bio A/S, Agilent Technologies, Inc., GenoLogics Life Sciences Software, Inc., Life Technologies Corporation, and Illumina, Inc.
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