Bioinformatics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The bioinformatics market is expected to register a CAGR of nearly 10.9% during the forecast period, with a revenue of approximately USD 9,665 million in 2020, and it is expected to reach 19,125 million by 2026.

During viral pandemics, 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 March 2020, the UK government has launched a new alliance called COVID-19 Genomics UK Consortium (COG-UK) to sequence the genomes of SARS-CoV-2 with whole-genome sequencing (WGS), the virus responsible for the current COVID-19 pandemic with an investment of EUR 20 million. The COVID-19 Genomics UK Consortium (COG-UK) is comprised of the NHS, Public Health Agencies, the Wellcome Sanger Institute, and several academic institutions. Thus, has likely to boost the market for bioinformatics over the forecast period.

The growth factors for the global 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 a rapid growth during the forecast period.

Bioinformatics is gaining importance, as a huge amounts of data created through techniques, like protein and nucleic acid sequencing, require data interpretation and management for medical purposes and future researches. Thus,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, 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 are expected to boost the industry growth over the upcoming years.

Furthermore, the demand for computational epigenetics, meta-analysis of microarray data, differentially expressed genes, gene network, systems biology requirements, and gene-associating studies, among others, has had a major impact on the growth of the global 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 is likely to hamper the market growth over 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, bioinformatics services), application (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 report offers the value (in USD million) for the above segments.

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Key Market Trends

Personalized Medicine is the Segment under Application that 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 into 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.

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.

Personalized medicine generates a strong impetus for scaling up the companion diagnostics tests to form personalized medicine for non-oncology cases. 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 data GLOBOCAN 2020, the global burden of cancer has increased to 19.3 million cases in 2020. Growing cancer-related spending is also amongst the drivers for segmental growth.

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