Increasing applications of bioinformatics and rise in nucleic acid and protein sequencing to drive global bioinformatics market through 2026
According to TechSci Research report, “Global Bioinformatics Market By Product & Services (Bioinformatics Tools, Bioinformatic Platforms and Bioinformatic Services), By Type (Genomics & Proteomics, Simulation Studies & Molecular Modelling, Genetic Engineering, Others), By Application (Metagenomics, Drug Discovery, Precision Medicine, Others), By End User (Institutional Research v/s Industrial Research), By Region, Competition, Forecast & Opportunities, 2016-2026F”, global bioinformatics market stood at USD12.37 billion in 2020 and is projected to grow at a CAGR of 10.87% to cross USD23.42 billion by 2026, on account of expansion of blockchain technology and cloud technology and integration of machine learning and artificial intelligence in healthcare. Moreover, increasing investment in development of bioinformatics solution by IT giants would further spur growth in the market. Accelerating proteomics and genomics growth coupled with rising research on molecular biology and drug discovery is anticipated to boost the market in the forthcoming years. Additionally, rising demand for differentially expressed genes, computational epigenetics, meta-analysis of microarray data, gene network, systems biology requirements, and gene-associating studies, among others, is positively influencing the growth of global bioinformatics market. However, lack of common formats for data integration is expected to restrain the growth of the market during forecast period as most of the research institutes have their own data formats. Furthermore, due to the frequent change in data models, the data integration process becomes difficult, which might hamper the growth of global bioinformatics market. Moreover, dearth of skilled bioinformatics personnel’s can further restrict the market growth through 2026. Also, growing competition from open source tools is further expected to slow down the market growth during the forecast period.
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Global bioinformatics market can be segmented based on product & services, type, application, end user, company and region. Based on type, the market can be categorized into genomics & proteomics, simulation studies & molecular modelling, genetic engineering and others. The simulation studies & molecular modelling segment is expected to witness the highest growth during the forecast period on account of the growing focus of biopharmaceutical companies on drug development and discovery. Additionally, increasing R&D on drug development by both industries and institutional sectors further supports the market growth. Based on application, the market can be fragmented into metagenomics, drug discovery, precision medicine and others. The precision medicine segment is expected to witness significant growth during the forecast period owing to the growing adoption of gene therapy across the globe. Additionally, advancements in cancer biology and increasing use of big data analytics in the field of bioinformatics is further expected to support the segmental growth over the next five years. Based on end user, the market can be split into institutional research and industrial research. The institutional research segment dominated the overall market in 2020 with a share of around 58.17%. This can be ascribed to the fact that all the bioinformatics tools, software’s, services and platforms are majorly being used by research laboratories, universities, research scholars, among others for research and development purposes.
Illumina Inc., Qiagen NV, Agilent Technologies, Inc., PerkinElmer, Inc., Thermo Fischer Scientific, Inc., 23AndMe, Biovia-Dassault Systemes, DataTrack International, Inc., Instem Plc., F. Hoffmann-La Roche AG, BGI Group (Beijing Genomics Institute), Waters Corporation, SOPHiA GENETICS, Biomax Informatics AG, WuXi NextCODE Genomics, among others. Major companies are developing advanced technologies in order to stay competitive in the market. For instance, In January 2021, Illumina Inc., launched a new bioinformatics solution Illumina Connected Analytics (ICA) which will help in multi-omics discovery on a large scale. This platform provides a comprehensive, private, cloud-based data platform which helps the customers to manage the voluminous multi-omics data in a secure, scalable and flexible manner. Other competitive strategies include mergers & acquisitions. For instance, In June 2020, Illumina Inc. announced the acquisition of a Netherlands based company BlueBee in order to enhance its capacities and capabilities of analysing and interpreting the data generated through the sequencing systems.
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“Global bioinformatics market is poised to grow at an impressive rate of 10.87% during the forecast period on account of its applicability in the study of genetics and genomes, growing demand for nucleic acid & protein sequencing due to reduction in sequencing cost and increasing need for integrated solutions & systems. Moreover, initiatives from government & private organizations is further anticipated to drive the growth of the market until 2026. Furthermore, adoption of advanced technologies such as cloud computing, nanopore sequencing, among others is expected to create lucrative opportunities for the market growth over the next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Bioinformatics Market By Product & Services (Bioinformatics Tools, Bioinformatic Platforms and Bioinformatic Services), By Type (Genomics & Proteomics, Simulation Studies & Molecular Modelling, Genetic Engineering, Others), By Application (Metagenomics, Drug Discovery, Precision Medicine, Others), By End User (Institutional Research v/s Industrial Research), By Region, Competition, Forecast & Opportunities, 2016-2026F” has evaluated the future growth potential of global bioinformatics market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global bioinformatics market.
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