Bioinformatics Market Insights

Bioinformatics Market, segmented by Type (Bioinformatics Products, Bioinformatics Services), by Bioinformatics Products (Knowledge Management Tools, Bioinformatics Platforms), by Application (Genomics, Proteomics, Transcriptomics, Others), by Sector (Medical Bioinformatics, Animal Bioinformatics, Agriculture Bioinformatics, Others), and by geography, is expected to grow at a steady CAGR forecast till 2030 owing to the rising demand for both nucleic acid and protein sequencing and the rising need for integrated data.

The global bioinformatics market size was valued at USD 20.12 billion in 2023, growing at a CAGR of 15.14% during the forecast period from 2024 to 2030 to reach USD 46.88 billion by 2030. The bioinformatics services market is witnessing positive growth owing to the rising demand for both nucleic acid and protein sequencing, the rising need for integrated data, and technological innovation in product development, thereby contributing to the growth of the bioinformatics market during the forecast period from 2024-2030.

Bioinformatics Market Dynamics

The bioinformatics market is witnessing a growth in product demand owing to various reasons. The rising demand for both nucleic acid and protein sequencing is the key bioinformatics market driver. Protein sequencing is the practical process of determining the amino acid sequence of all or parts of a protein or peptide. Protein sequencing is the process that helps in the identification of proteins or characterizing the post-translational modifications. DNA sequencing is the process for determining the nucleic acid sequence, the order of nucleotides in the DNA. It includes different methods or technologies for determining the order of the four bases, such as adenine, guanine, cytosine, and thymine. The introduction of various tools, such as DNAnexus Apollo and DNAnexus Titan by DNANEXUS INC., helps in accelerating the process of precision drug discovery. 

Furthermore, the bioinformatics platform also provides precision drug discovery programs by empowering scientists and clinicians to explore and analyze both omics and clinical data together, in a single environment based on a robust, scalable, cloud platform. These platforms will further contribute to the industry's growth. Furthermore, the need for disease management, prevention, and treatment, coupled with developments in bioinformatics, augments the market growth. Most importantly, the current COVID-19 pandemic and demand for newer treatments and vaccines will also increase the demand for nucleic acid and protein sequencing. 

Therefore, due to the rising demand for nucleic acid and protein sequencing, there will be an increase in the demand for bioinformatics, thereby fueling the bioinformatics market growth. However, higher costs associated with the bioinformatics software and services, and a dearth of skilled professionals, may be certain limiting factors for the bioinformatics market growth. 

The unprecedented COVID-19 outbreak had a profound impact on the bioinformatics services market. Most importantly, the current COVID-19 pandemic and the rising demand for newer treatments and vaccines help in providing better opportunities for the global bioinformatics market. Bioinformatics has always had huge potential when it comes to providing essential support to several areas of scientific research. One of the major focus areas for every country during COVID-19 has been to study and halt the progress of the virus. 

Bioinformatics Market Segment Analysis

Bioinformatics Market is segmented by Type (Bioinformatics Products, Bioinformatics Services), by Bioinformatics Products (Knowledge Management Tools, Bioinformatics Platforms), by Application (Genomics, Proteomics, Transcriptomics, Others), by Sector (Medical Bioinformatics, Animal Bioinformatics, Agriculture Bioinformatics, Others), and by Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the application segment of the Bioinformatics market, Genomics is estimated to hold a higher share in the Bioinformatics market during the forecast period (2024-2030). 

The growth can be attributed to the rising government bodies and private organizations across the globe that are readily investing in bioinformatics, rising use of bioinformatics for a variety of applications including determination of gene and protein functions, establishing revolutionary relationships and prediction of the three-dimensional shapes of the proteins.

Genomic technologies are helping to generate an extraordinary amount of information, unprecedented in the history of biology. Bioinformatics tends to address the specific needs in data acquisition, storage, analysis, and integration that genomics research generates.

The cost of genome sequencing has also come down, which is made possible due to a variety of bioinformatics tools and there has been an incessant rise in the speed of genome sequencing. 

For instance, the Human Genome Project that had begun in the year 1990, and during January 2003, 1.5 billion bases were sequenced, owing to an increase in the usage of bioinformatics tools. 

Hence, all the aforementioned factors will contribute to the growth of the genomics application in the bioinformatics services market.

North America is expected to dominate the overall Bioinformatics Market

Among all the regions, North America is expected to account for the largest global bioinformatics market share. Growing demand for advanced technologies in Bioinformatics, rising prevalence of the COVID-19 pandemic, higher requirement of personalized medicine in this region, and the launch of new and innovative bioinformatics software will boost the growth of the bioinformatics market. 

For instance, the rising cases of COVID-19 will lead to an increase in the growth of the North America bioinformatics market. For instance, as per the Centers for Disease Control and Prevention, the US reported 79 million COVID-19 cases since the pandemic began. Also, the COVID-19-related deaths in the US had topped 9,60,000 in the year 2021.

Also, the launch of various new bioinformatics platforms in the United States will aid in providing better and faster next-generation sequencing test results. For instance, on March 07, 2022, Arup had launched the new bioinformatics platform, Rio, a new world-class bioinformatics pipeline and analytics platform. It amplifies the ARUP’s existing cloud computing capabilities to move data more efficiently and with greater accuracy to speed targeted test results to clinicians for analysis and improved medical decision-making for patients.

Therefore, all the above-mentioned factors are anticipated to propel the United States Bioinformatics market.

Key Bioinformatics Companies

Some of the bioinformatics manufacturers include Agilent Technologies, Biomax Informatics AG, DNANEXUS, INC., Thermo Fisher Scientific, Inc., Eurofins Scientific, QIAGEN N.V., Illumina Inc., NeoGenomics Laboratories, Rosalind Inc., Perkin Elmer, Inc., GENEWIZ, BGI Corporation, Waters Corporation, DNASTAR, Fios Genomics, Partek Incorporated, SOPHiA Genetics, Source Bioscience, Biomax Informatics AG, Seven Bridges Genomics Inc., and others.

Recent Developmental Activities in the Bioinformatics Market:

• On March 02, 2022, BISC Global, a Bioinformatics, Biostatistics, and ML/AI consulting company, is partnering with CropSeq Bioinformatics, a company specialized in AgriGenomics consulting, to address the most pressing challenges in data-driven agriculture and plant research.
• In February 2022, Bruker Corporation announced its TIMS DIA-NN software for the high-throughput, deep, and unbiased 4D proteomics workflow. 

Key Takeaways from the Bioinformatics Market Report Study

• Market size analysis for the current Bioinformatics market size (2023), and market forecast for 6 years (2024-2030).
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the Bioinformatics market.
• Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years.
• Key bioinformatics companies dominating the global Bioinformatics market.
• Various opportunities available for the other competitors in the Bioinformatics market space.
• What are the top-performing segments in 2023? How will these segments perform in 2030?
• Which are the top-performing regions and countries in the current Bioinformatics market scenario?
• Which are the regions and countries where Bioinformatics companies should have concentrated on opportunities for the Bioinformatics market growth in the future?

Target Audience that can benefit from this Bioinformatics Market Report Study

• Bioinformatics product providers
• Research organizations and consulting companies 
• Bioinformatics-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders dealing in Bioinformatics 
• Various End-users who want to know more about the Bioinformatics market and latest technological developments in the Bioinformatics market.