According to a new report published by Allied Market Research, titled, “Bioinformatics Market by Technology & Services, Application, and Sector: Opportunity Analysis and Industry Forecast, 2020–2027,” the global bioinformatics market size is $8,614.29 million in 2019, and is projected to reach $24,731.61 million by 2027, growing at a CAGR of 13.4% from 2020 to 2027. The bioinformatics platforms segment accounted for nearly half of the total bioinformatics market share in 2019.
Bioinformatics is the conceptualization of biology, in terms of molecules, along with application of information technology to organize and understand the data associated with these molecules on a large scale. Bioinformatics utilizes computer to collect, analyze, integrate, and store the molecular and biological data, which is subsequently utilized in applications, such as drug development and discovery. Technology and services are the two important segments of bioinformatics market.
The COVID-19 crisis has created significant challenges for healthcare systems worldwide and technology has proven crucial in responding to this. One of the major goals is understanding how virus triggers such different results in different people and bioinformatics tools and techniques have major role in it. Bioinformatics can incorporate a variety of different roles, including those for molecular life scientists and those involved in technology side of storing, retrieving and analyzing relevant data.
The bioinformatics market is expected to exhibit significant growth during the forecast period, due to rise in need for integrated data and increase in applications of proteomics & genomics. In addition, drug discovery & development is expected to boost the market growth during the forecast period. However, lack of skilled personnel and common data formats are projected to hamper the market growth during the forecast period. Conversely, increase in need for integrated solutions & systems is expected to offer remunerative opportunities for bioinformatics market players.
Based on application, the bioinformatics market is classified into matabolomics, molecular phylogenetics, transcriptomics, proteomics, chemoinformatics & drug design, genomics, and others. In 2019, the genomics segment garnered the leading position, in terms of revenue, owing to wide applications and usage of genomics in sequencing of biomolecules.
Region wise, the bioinformatics market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America dominated the market in 2019, accounting for the highest share, and is anticipated to maintain this trend throughout the forecast period. This is attributed to upsurge in adoption of advanced technology and increase in demand for advanced bioinformatics tools, which are required in the drug discovery and development process.
The report provides a comprehensive analysis of the key players operating in the global bioinformatics industry, namely, Agilent Technologies, Inc., Biomax Informatics AG, DNAnexus, Inc., Genedata AG, Intrexon Bioinformatics Germany GmbH, Illumina Inc., Perkinelmer Inc., Qiagen N.V., Seven Bridges Genomics Inc., and Thermo Fisher Scientific, Inc. The other players in the value chain include Geneva Bioinformatics (Genebio), Dassault Systems, Eurofins Scientific, Bruker Daltonics Inc., Accelrys, Inc., Affymetrix, Inc., SA Nonlinear Dynamics, Quest Diagnostics, Inc., and among others.
Key Findings Of The Study
- Based on technology & services, the bioinformatics services segment is expected to experience rapid growth in the bioinformatics market, registering a CAGR of 22.9% from 2020 to 2027.
- By sector, the medical bioinformatics segment was the major revenue contributor in 20179, and is anticipated to continue bioinformatics market trends during the forecast period.
- Depending on application, the transcriptomics segment is expected to exhibit the highest CAGR during the forecast period.
- U.S. generated the highest revenue in the global bioinformatics industry in 2019, accounting nearly two-fifths of the global bioinformatics market in 2019.
- LAMEA is estimated to grow at a CAGR of 16.8% during the forecast period.