Bioinformatics Market Size, Share, Trends, Growth Opportunities & Developments 2027
The Global Bioinformatics Market is expected to grow at a healthy growth rate of 13-14% by 2027. Growing government initiatives and funding for genomics research, an increasing applications of bioinformatics in drug discovery and development, and technological advancements in sequencing technology are some of the key factors driving the market growth.
Bioinformatics is an interdisciplinary field which 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 Global Bioinformatics Market
The global 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.
Growing Demand for Bioinformatics in the Field of Genomics
With the growing demand 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 bioinformatics 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 fueling the growth of the global bioinformatics market.
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 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 Market Constraints/Challenges: Bioinformatics Market
The lack of skilled professionals with expertise in both biology and computer science, the higher costs 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.
North America Accounts for the Largest Share of the Global Bioinformatics 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 market players in the region.
However, the Asia-Pacific region is expected to witness the highest CAGR in the forecast period. Other factors such as rapid advancements in the field of genomics and an increasing investments in the healthcare sector are driving the Asia-Pacific market.
Competitive Landscape Analysis: Bioinformatics Market
The key and established players operating in the global bioinformatics market are Agilent, Biomax Informatics, QIAGEN, Thermo Fisher, PerkinElmer Inc., Illumina, Eurofins Scientific, DNASTAR, NeoGenomics Laboratories, Fios Genomics, Source BioScience, SOPHiA GENETICS, among others.
Organic and Inorganic Growth Strategies Adopted by Leading Market Players to Establish Their Foothold in the Bioinformatics Market
Leading players operating in the global bioinformatics market are adopting both organic and inorganic growth strategies such as collaborations, acquisitions, and new product launches to garner a larger market share in the worldwide market.
For instance,
- 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.
- In July 2019, NEC Corporation acquired OncoImmunity AS (a Norway-based bioinformatics company). This collaboration will enhance individualized cancer treatments through Artificial Intelligence (AI) and will provide the patient most appropriate medication.
The global bioinformatics market is a growing market which is expected to gain a further momentum in the upcoming years due to a strong emphasis on developing new drugs and therapies, increasing investments in R&D activities to introduce several advanced products, and aggressive organic and inorganic growth strategies followed by the leading market players.
Key Strategic Questions Addressed in this Research Report:-
- What is the market size & forecast for the bioinformatics market?
- What are the historical, present, and forecasted market shares and growth rates of various segments and sub-segments of the bioinformatics market?
- How has Covid-19 impacted the bioinformatics market?
- What are the major growth drivers, restraints/challenges impacting the bioinformatics market?
- What are the opportunities prevailing in the bioinformatics market?
- What is the investment landscape of bioinformatics market?
- 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 bioinformatics market? What is the competitive positioning of key players?
- Who are the new players entering the global bioinformatics market?
- What are the key strategies adopted by players in bioinformatics market?
1. Research Methodology
1.1. Secondary Research
1.2. Primary Research
1.3. Market Estimation
1.4. Market Forecasting
2. Executive Summary
3. Market Overview
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Key Market Trends
3.2. Industry Speaks
4. Key Revenue Pockets
5. Global Bioinformatics Market - Size & Forecast (2019-2027), By Product and Services
5.1. Knowledge Management Tools
5.2. Bioinformatics Platform
5.3. Bioinformatics Services
6. Global Bioinformatics Market - Size & Forecast (2019-2027), By Application
6.1. Metabolomics
6.2. Molecular Phylogenetics
6.3. Transcriptomics
6.4. Proteomics
6.5. Chemoinformatics and Drug Design
6.6. Genomics
6.7. Other Applications
7. Global Bioinformatics Market - Size & Forecast (2019-2027), By Sector
7.1. Medical Bioinformatics
7.2. Animal Bioinformatics
7.3. Agriculture Bioinformatics
7.4. Academics
7.5. Others
8. Global Bioinformatics Market - Size & Forecast (2019-2027), By Region
8.1. North America (U.S. & Canada)
8.2. Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
8.3. Asia Pacific (China, India, Japan, Rest of Asia Pacific)
8.4. Rest of the World (Latin America, Middle East & Africa)
9. Competitive Landscape
9.1. Key Players and their Competitive Positioning
9.1.1. Competitive Positioning of Key Players (2022)
9.1.2. Offerings Assessment, By Player
9.2. Key Strategies Assessment, By Player (2021-2023)
9.2.1. New Product & Service Launches
9.2.2. Partnerships, Agreements, & Collaborations
9.2.3. Mergers & Acquisitions
9.2.4. Geographic Expansion
10. Key Companies Scanned (Indicative List)
10.1. Agilent Technologies
10.2. Biomax Informatics AG
10.3. QIAGEN N.V.
10.4. Illumina
10.5. Thermo Fisher Scientific
10.6. PerkinElmer Inc.
10.7. DNASTAR
10.8. NeoGenomics Laboratories
10.9. Fios Genomics
10.10. Source BioScience
10.11. Eurofins Scientific
10.12. SOPHiA GENETICS
10.13. Other Prominent Players
The study has been compiled based on the extensive primary and secondary research.
Secondary Research (Indicative List)
Primary Research
To validate research findings (market size & forecasts, market segmentation, market dynamics, competitive landscape, key industry trends, etc.), extensive primary interviews were conducted with both supply and demand side stakeholders.
Supply Side Stakeholders:
- Senior Management Level: CEOs, Presidents, Vice-Presidents, Directors, Chief Technology Officers, Chief Commercial Officers
- Mid-Management Level: Product Managers, Sales Managers, Brand Managers, R&D Managers, Business Development Managers, Consultants
Demand Side Stakeholders:
- Stakeholders in Hospitals, Clinics, Research Centers and Other End Users.
Breakdown of Primary Interviews
Market Size Estimation
Both ‘Top-Down and Bottom-Up Approaches’ were used to derive market size estimates and forecasts.
Data Triangulation
Research findings derived through secondary sources & internal analysis were validated with Primary Interviews, Internal Knowledge Repository, and Company Sales Data.
