Bioinformatics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

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.

Report scope can be customized per your requirements. Click here.

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.

To understand key trends, Download Sample Report