|Fastest Growing Market:||Europe|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The Bioinformatics Market is expected to witness a registered CAGR of nearly 10.9% during the forecast period, 2022-2027.
During the pandemic, sequencing and analyzing the data can be a valuable tool for the characterization and detection of viruses in the environment, animals, and human beings. Information related to transmission chains is critical for public health control and containment measures, while knowledge of virus variability can guide the development of vaccines and cheaper diagnostic methods. For instance, in November 2021, Illumina Donated sequencing consumables and cloud-based Bioinformatics to Canadian COVID-19 projects. The donations will support the HostSeq and VirusSeq projects of Canada's COVID-19 Genomics Network or CanCoGen. These factors are likely to boost the market for bioinformatics over the forecast period.
The growth factors for the bioinformatics market include the rising demand for nucleic acid and protein sequencing, rising initiatives from private and government organizations, accelerating growth of proteomics and genomics, and rising research on molecular biology and drug discovery. Owing to the above factors, the global bioinformatics market is expected to experience rapid growth during the forecast period.
Bioinformatics is gaining importance, as huge amounts of data created through techniques like protein and nucleic acid sequencing require data interpretation and management for medical purposes and future research. Thus, the rising demand is expected to drive the bioinformatics market during the forecast period.
Additionally, the introduction of technologically advanced bioinformatics software such as BALL, Bioclipse, RasMol, and AUTODOCK and rising market usage of these tools for effective and accurate analysis of biomarkers discovery programs that assist in toxicity detection during the initial stage of the drug development process is expected to boost the industry growth over the upcoming years. For instance, in June 2022, My Intelligent Machines (MIMs) launched powerful software for drug development in oncology.
Furthermore, the demand for computational epigenetics, a meta-analysis of microarray data, differentially expressed genes, gene networks, systems biology requirements, and gene-associating studies, among others, have had a major impact on the growth of the bioinformatics market. However, the lack of well-defined standards and common data formats for integration of data and data complexity concerns, and lack of user-friendly tools are likely to hamper the market growth over the forecast period.
Thus the above-mentioned factors are expected to drive the growth of the market during the forecast period.
Scope of the Report
As per the scope of the report, bioinformatics is the application of computational technology to gather, store, analyze, and integrate biological data. This data is used to procure information and is applied to gene-based drug discovery and development, protein structure studies, and the determination of the therapeutic efficacy of drugs. The Bioinformatics Market is Segmented by Products and Services (Knowledge Management Tools, Bioinformatics Platform, and Bioinformatics Services), Applications (Microbial Genome, Gene Engineering, Drug Development, Personalized Medicine, Omics, and Other Applications), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.
|By Products and Services|
|Knowledge Management Tools|
Key Market Trends
The Personalized Medicine Segment is Expected to Grow the Fastest During the Forecast Period And Expected To Follow The Same Trend Over Forecast Period
Amid the current pandemic, personalized medicine is advancing at a breakneck speed. The healthcare industry is focused on conducting personalized medicine and genomics research to better understand COVID-19 susceptibility, measure its impact, and discover potential therapies.
Personalized medicine has increased collaborative efforts between medical institutions, governments, and researchers to swiftly develop effective treatments. For instance, in 2020, Summit Biolabs Inc. and the Colorado Center for Personalized Medicine (CCPM) entered a broad strategic partnership for conducting research, development, and commercialization of saliva liquid-biopsy tests for early cancer detection and diagnosis of COVID-19 and other viral contagions. Similarly, in April 2020, HealthCare Global Enterprises and Strand Life Sciences introduced the StrandAdvantage500, a Next-Generation Sequencing (NGS) based assay that analyzes cancer-relevant genetic alterations from DNA and RNA derived from a patient’s tumor in one integrated workflow.
Developments in systems biology and pharmacogenomics have helped personalized medicine to transit from disease-centered and reductionism-based medical practice to system-based, integrative, and human-centered care. For instance, in August 2021, the Atlantic Cancer Consortium (ACC was launched in Canada, which is a group of researchers from Canada focused on the development of precision medicine for cancer with over USD 3.6 million in new provincial and national funding. The group will work together under a joint pilot project over two years to become a member of the Terry Fox Research Institute’s new Marathon of Hope Cancer Centers Network (MOHCCN).
Personalized medicine generates a strong impetus for scaling up companion diagnostics tests to form personalized medicine for non-oncology cases. The rising prevalence of cancer, which boosts demand for personalized cancer therapeutics and diagnostics, is also one of the key factors responsible for the growth of the market. As per the data published by the European Cancer Information system in 2020, the estimated incidence of non-melanoma skin cancer in 2020 was 2,681,958 and was expected to be 3,244,076 by 2040. Growing cancer-related spending is also among the drivers of segmental growth.
Thus due to the above-mentioned factors, the studied segment is expected to grow during the forecast period.
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Europe Witnessed the Fastest Growth and is Expected to Follow the Same Trend over the Forecast Period
The outbreak of COVID-19 had an impact on the European bioinformatics market because healthcare services were significantly reduced due to social distancing measures taken by several governments across the globe. Government organizations in various countries, research institutes, and many biotech and pharmaceutical firms are focusing their resources on novel technologies for a faster and more accurate diagnosis of COVID-19. There is also immense research and work going on aimed at developing vaccines, and these R&D workflows utilize sequencing technologies extensively.
A large number of healthcare investments in the European region are expected to drive the bioinformatics market. Furthermore, the high adoption of IoT technologies in this sector is expected to impact the market growth in the region positively. Key countries, including the United Kingdom, France, and Italy, are expected to propel the bioinformatics market in this region mainly.
Several companies are partnering and acquiring to strengthen their positions in the market. For example, in July 2021, Deepmind partnered with the European Molecular Biology laboratory (EMBL) to make the most complete and accurate database yet of predicted protein structure models for the human proteome. These mergers are promoting the market growth. In addition, in August 2020, M2GEN launched the oncology-focused Bioinformatics support services. Owing to these factors, the Europe bioinformatics market is expected to experience a boost during the forecast period.
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Many pharmaceutical companies are minimizing drug discovery budgets, as they are shifting their focus from outsourcing the software to developing in-house tools, thus allowing them to customize their required applications to meet their needs and increase workflow efficiency. The major global players in the bioinformatics market include Illumina, Thermo Fisher Scientific, and Agilent Technologies, among others.
- In June 2022, California's biotechnology research startup LatchBio launched an end-to-end bioinformatics platform for handling big biotech data to accelerate scientific discovery.
- In March 2022, ARUP launched Rio, a bioinformatics pipeline and analytics platform for better, faster next-generation sequencing test results.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Demand for Nucleic Acid and Protein Sequencing
4.2.2 Increasing Initiatives from Governments and Private Organizations
4.2.3 Accelerating Growth of Proteomics and Genomics
4.2.4 Increasing Research on Molecular Biology and Drug Discovery
4.3 Market Restraints
4.3.1 Lack of Well-defined Standards and Common Data Formats for Integration of Data
4.3.2 Data Complexity Concerns and Lack of User-friendly Tools
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Products and Services
5.1.1 Knowledge Management Tools
5.1.2 Bioinformatics Platform
126.96.36.199 Sequence Analysis Platform
188.8.131.52 Sequence Alignment Platform
184.108.40.206 Sequence Manipulation Platform
220.127.116.11 Structural and Functional Analysis Platform
18.104.22.168 Other Bioinformatics Platforms
5.1.3 Bioinformatics Services
22.214.171.124 Sequencing Services
126.96.36.199 Database and Management Services
188.8.131.52 Data Analysis
184.108.40.206 Other Bioinformatics Services
5.2 By Application
5.2.1 Microbial Genome
5.2.2 Gene Engineering
5.2.3 Drug Development
5.2.5 Personalized Medicine
5.2.6 Other Applications
5.3.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
184.108.40.206 South Africa
220.127.116.11 Rest of Middle-East and Africa
5.3.5 South America
18.104.22.168 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 3rd Millennium Inc.
6.1.3 Agilent Technologies
6.1.4 BioWisdom Ltd
6.1.5 Quest Diagnostics (Celera Corporation)
6.1.6 Dassault Systèmes
6.1.8 Geneva Bioinformatics SA
6.1.9 Illumina Inc.
6.1.10 Lineage Cell Therapeutics (BioTime Inc.)
6.1.13 Qiagen NV
6.1.14 Rosetta Biosoftware
6.1.15 Thermo Fischer Scientific (Life Technologies)
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Bioinformatics Market market is studied from 2019 - 2027.
What is the growth rate of Global Bioinformatics Market?
The Global Bioinformatics Market is growing at a CAGR of 10.9% over the next 5 years.
Which region has highest growth rate in Global Bioinformatics Market?
Europe is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Bioinformatics Market?
North America holds highest share in 2021.
Who are the key players in Global Bioinformatics Market?
Illumina Inc., Thermo Fischer Scientific, Qiagen NV, PerkinElmer, Agilent Technologies are the major companies operating in Global Bioinformatics Market.