Global Bioinformatics Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Bioinformatics Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global Bioinformatics market finds that the global Bioinformatics market reached a value of USD 7690.59 million in 2022. It’s expected that the market will achieve USD 16890.0 million by 2028, exhibiting a CAGR of 14.01% during the forecast period.

Impacts from the short-term

Due to the influence of COVID-19, bioinformatics can be used to study viruses and their possible treatments, analyze the coronavirus genome and its successive mutations, and find drugs and immunotherapy (antibodies and vaccines). In the short term, the surge in demand for products related to epidemic prevention and control and a large amount of investment from the country have boosted the performance of related production enterprises. This has great advantages for the development of bioinformatics.

Impacts from the long-term

As the downstream industry of bioinformatics is a special industry directly related to the epidemic, bioinformatics can be used to find treatments for diseases caused by coronaviruses, including the possibility of simulating computer replication to attack the virus. In the long run, as long as bioinformatics continuously updates its platforms and services, and introduces a large number of professionals and investments, the development opportunities of bioinformatics will increase day by day.

Strength

Bioinformatics is increasingly being used to identify genes in DNA sequences. The information collected is used to understand the molecular mechanisms of diseases. This assists in developing better treatments and diagnostic tests. Recently, due to significant reductions in costs of sequencing, many scientific research institutes and biotech companies have undertaken initiatives to perform sequencing studies at their own facilities. Similarly, sequencing and data analysis and interpretation can now be completed within days after the development of faster and sophisticated bioinformatics tools. With advancements in technology, there has been an increase in the speed of decoding genetic sequences, which has decreased the overall cost of sequencing and analysis per sample. The reasons behind this decrease in cost include the development of innovative DNA sequencing platforms and various bioinformatics tools.

Weakness

Standardization is crucial to ensure uniform and accurate results of samples for studies in healthcare. According to a social science research network, there is a lack of well-defined standards in bioinformatics, and because of this, every database or institute has its own exclusive identifiers, indexing schemes, data formats, and tools. In addition, as data models change frequently, the data integration process is often a significant challenge. Considering these factors, there is a need for standard bioinformatics infrastructure that can decrease data storage, increase data processing performance, and integrate diverse information.

Opportunities

The GDP of many emerging countries is growing, and the level of disposable income has increased significantly. This has led to a larger population base, the modernization of healthcare infrastructure, and the popularization of cutting-edge research and clinical laboratory technologies (including bioinformatics) in these countries, leading to increased healthcare spending. These factors will provide huge growth opportunities for bioinformatics companies operating in the region. The IT giant has begun to focus on bioinformatics for healthcare applications will also increase the market opportunities for bioinformatics.

Threat

Globally, there is a huge demand for bioinformatics experts in companies operating in various fields such as drug development, agriculture and IT. Due to advances in data generation technology, a large amount of data is being generated every second, which is accumulating and is expected to become redundant. A large number of skilled bioinformaticians are required to analyze the data to close the gap. To solve this problem, many companies are establishing contacts with universities to hire the best talent in bioinformatics. However, most scientists at the forefront of experimental research lack bioinformatics expertise, which is a limiting factor in making full use of bioinformatics solutions in life science research.

Region Overview:

North America dominated the Bioinformatics market in 2022, with a market share of 49.22%.

Company Overview:

Illumina is one of the major players operating in the Bioinformatics market, holding a share of 21.26% in 2023.

Illumina

Illumina is an American biotechnology company, founded in 1998 and headquartered in San Diego, California. The company specializes in bioinformatics analysis and provides services related to SNP genotyping, copy number variation (CNV), genome sequencing, DNA methylation research, transcriptome analysis, and gene expression profiling.

Thermo Fisher Scientific

Thermo Fisher Scientific Inc. is an American biotechnology and medical device company. Thermo Fisher Scientific Inc. mainly produces laboratory equipment, reagents, analytical instruments, consumables and software.

Segmentation Overview:

As for product types, the Bioinformatics Platform segment held the largest market share in 2022.

Knowledge Management Tools

Knowledge Management Tools has become a universal communication medium. It uses IT as a facilitator tool that everyone can access, share among members and use at any time in any workplace in the world to spread knowledge. In the context of the Department of Bioinformatics Institutions, Knowledge Management Tools explores opportunities and R & D for creating, collecting, accessing, organizing, distributing and disseminating knowledge to its practice community for various purposes (such as learning process, research and development).

Bioinformatics Platform

The bioinformatics platform is a platform that integrates various bioinformatics analysis software and performs nucleic acid and protein sequence analysis through web pages or command lines. Bioinformatics analysis uses a combination of cloud data analysis platform and local analysis platform to make full use of the advantages of different platforms to build a powerful storage and computing platform.

Bioinformatics Services

Bioinformatics services comprehensively use tools and methods of biology, medicine, pharmacy, statistics, computer science and other disciplines to mine and explain the biological significance contained in biological data. Bioinformatics services can provide professional analysis services according to customer needs.

Application Overview:

In the Bioinformatics market, 56.04% of the total value was generated through the Genomics segment by application in 2022.

Key Companies in the global Bioinformatics market covered in Chapter 3:

Genoox
Genomatrix (Intrexon)
Agilent Technologies
Biomax Informatics AG
BGI
DNAnexus
Interpace Diagnostics
Codexis
Oxford Gene Technology
Fabric Genomics
Tempus
QIAGEN
Illumina
Wuxi NextCODE
Eurofins Scientific
Seven Bridges Genomics
Thermo Fisher Scientific
Genedata

In Chapter 4 and Chapter 14.2, on the basis of types, the Bioinformatics market from 2018 to 2029 is primarily split into:

Knowledge Management Tools
Bioinformatics Platform
Bioinformatics Services

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Bioinformatics market from 2018 to 2029 covers:

Metabolomics
Molecular Phylogenetics
Transcriptomics
Proteomics
Chemoinformatics
Genomics
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)