Bioinformatics Market Size, Share, Trends, Growth Opportunities & Developments for Forecast 2024 to 2029

Bioinformatics is an interdisciplinary field that connects computer technology, mathematics, physics, and biology. It is a field of science that develops software tools and methods to manage and analyze data for modern biology and medicine. It aids researchers to analyze & extract valuable information from vast amounts of medical data and identify connections between multiple studies.

Technological Advancements in Bioinformatics Drive the Market   

The bioinformatics market is a rapidly growing market. The new technological developments in genomic and proteomic research have led to the generation of a huge amount of data that requires bioinformatics tools and software for analysis and interpretation. The rising adoption of cloud-based solutions and AI in drug discovery and development has created new growth opportunities for bioinformatics in the global market. For instance,

• In November 2022, the bioinformatics business division QDI of QIAGEN, launched its new cell line database developed through its partnership with ATCC, the leading biological materials organization, developer, and supplier of authenticated cell lines. This collaboration will provide access to unique and valuable cell line data to help its customers answer research questions more quickly and efficiently
• In October 2022, Illumina Inc. entered into a strategic research collaboration with AstraZeneca, to accelerate drug target discovery by combining their strengths in artificial intelligence (AI) based genome interpretation and genomic analysis techniques along with industry expertise. The collaboration will observe whether the combined technologies can enhance the target discovery and develop promising drugs based on human omics insights.

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Growing Demand for Bioinformatics in the Field of Genomics

With the growing need for personalized medicine and precision healthcare, there is a rise in demand for nucleic acid and protein sequencing which in turn is driving the growth of the bioinformatics market. The rising number of funds from private and public organizations, and supportive government initiatives for promoting genomics research are driving the adoption of bioinformatics tools and services in the global market. The key market players are making huge investments in genome and information technology projects for conducting R&D activities and are launching new products which is also fuelling the growth of the global bioinformatics market.   For instance,

• In May 2022, ZS announced that it has acquired the Danish bioinformatics and systems biology company, Intomics. This collaboration will combine their academic and scientific expertise, technology and artificial intelligence which will ultimately accelerate drug discovery and improve the probability of success for innovative medicines

Key Constraints/Challenges

The lack of skilled professionals with expertise in both biology and computer science, the high cost of bioinformatics tools and software, and the need to integrate huge amounts of data from various sources are some of the key challenges that might hamper the growth of the global bioinformatics market.

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Product & Services Outlook

In the Bioinformatics Market, Bioinformatics Platforms segment, offers comprehensive software solutions for data analysis and interpretation, dominates the market owing to their versatility and integration capabilities across various research domains. Knowledge Management Tools facilitate efficient organization and retrieval of biological data, holding a significant market share due to their crucial role in data management and analysis pipelines. Bioinformatics Services, providing expert analysis and consultation on genomic and proteomic data, although essential, hold a smaller market share compared to tools and platforms due to their specialized nature and reliance on specific expertise.

Application Outlook

Genomics applications hold the dominant market share, encompassing the analysis of DNA sequences and variations, owing to their widespread use in areas such as personalized medicine and agriculture. Transcriptomics, focusing on the study of RNA expression patterns, follows closely behind in market share due to its pivotal role in understanding gene regulation and disease mechanisms. Chemoinformatics and Drug Design, aiding in rational drug discovery through computational methods, possess a notable market share, driven by the pharmaceutical industry's demand for efficient drug development tools. Molecular Phylogenetics, analyzing evolutionary relationships between species using molecular data, holds a substantial share, primarily driven by research in biodiversity and evolutionary biology. Metabolomics, studying small molecule metabolites and their interactions within biological systems, maintains a smaller market share compared to other segments, yet is gaining traction in fields like drug discovery and precision medicine.

North America Accounts for the Largest Share of the Global Market

North America is expected to continue to dominate the global bioinformatics market in the coming years. This can be mainly attributed due to rise in the number of genomic research studies, increasing awareness and adoption of bioinformatic services, well-developed healthcare system and presence of key players in the region.

However, the Asia-Pacific region is expected to witness the highest CAGR in the forecast period. Factors such as advancements in field of genomics and rising investments in the healthcare sector are driving the Asia-Pacific market.

Competitive Landscape

The key players operating in the bioinformatics market include Agilent, Biomax Informatics, QIAGEN, Thermo Fisher, PerkinElmer Inc., Illumina, Eurofins Scientific, DNASTAR, NeoGenomics Laboratories, Fios Genomics, Source BioScience, SOPHiA GENETICS, among others.

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Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Foothold in the Market

Players operating in this market are adopting both organic and inorganic growth strategies such as collaborations, acquisitions, and new product launches to garner market share. For instance,

• In April 2023, Agilent Technologies signed a Memorandum of Understanding (MOU) with Theragen Bio to enhance precision oncology through advancing bioinformatics (BI) solutions. This collaboration will combine their respective strengths and accelerate treatment decisions
• In April 2022, IPA (IMMUNOPRECISE ANTIBODIES LTD.) acquired BioStrand which is a group of Belgian biotech entities and pioneers in the field of bioinformatics and biotechnology. This collaboration will enhance its antibody discovery capabilities by adding the BioStrand AI-driven technologies

The bioinformatics market is a growing market that is expected to gain further momentum in the coming years due to a strong emphasis on developing new drugs and therapies, investment in R&D to introduce several advanced products, and aggressive organic and inorganic growth strategies followed by the players.

Key Strategic Questions Addressed

• What is the market size & forecast for the Global Bioinformatics Market?

• What are the historical, present, and forecasted market shares and growth rates of various segments and sub-segments of the Global Bioinformatics Market?

• How has Covid-19 impacted the Global Bioinformatics Market?

• What are the major growth drivers, restraints/challenges impacting the market?

• What are the opportunities prevailing in the market?

• What is the investment landscape?

• Which region has the highest share in the global market? Which region is expected to witness the highest growth rate in the next 5 years?

• Who are the major players operating in the market? What is the competitive positioning of key players?

• Who are the new players entering the market?

• What are the key strategies adopted by players?