Bioinformatics involves the development and application of computational tools for management and analysis of biological data such as gene sequences, macromolecular structures and functions of cells. It includes development of new algorithms for accessing, storing, distributing and analysing biological data. The market has gained wide traction due to growing applications in genomics, proteomics, molecular screening, molecular modelling and drug discovery. Several pharmaceutical and biotechnology companies are utilizing bioinformatics tools for developing personalized drugs and treatment of complex diseases like cancer and neurological disorders.
The global bioinformatics Market is estimated to be valued at US$ 22.1 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing healthcare expenditure: Growing healthcare spending across developed as well as developing countries is driving the bioinformatics market growth. Global healthcare spending is projected to reach US$ 10 trillion by 2022. Governments are investing heavily in genomics, precision medicine and biotechnology research. This is fueling adoption of bioinformatics tools for genomic data management and analysis.
Evolution of Precision Medicine: Precision medicine represents an emerging approach for disease treatment and prevention by considering individual variability in genes, environment and lifestyle of each person. Bioinformatics plays a crucial role in this field by enabling integration and analysis of large datasets for understanding interactions between genetic, clinical and environmental factors. Growing focus on development of precision therapeutics is boosting demand for specialized bioinformatics solutions.
Segment Analysis
The bioinformatics market is dominated by the genomics sub segment which accounts for over 45% of the total market share. Genomics deals with sequencing of genomes and analyzing the sequence data which has wide applications in medical research related to cancer, genetic disorders etc. It helps in developing diagnostics and personalized medicine approaches. Advances in genome sequencing technologies have made genomics a very active area of research driving higher investments and market growth for this sub segment.
PEST Analysis
Political: Government funding for genomic research and investment in healthcare and biotechnology has been increasing to support development of precision medicine approaches which is positively impacting the bioinformatics market.
Economic: Lower cost of genome sequencing technologies and trend towards outsourcing of genomic data analysis is fueling commercial opportunities and market expansion especially in developing nations.
Social: Increasing consumer awareness about genetics influencing health and disease risk isacceptance of personalized medicine concept which is generating demand for advanced bioinformatics solutions.
Technological: Advancements in artificial intelligence, cloud computing and big data analytics are enabling more sophisticated data integration, interpretation and knowledge discovery from large and complex genomic and molecular datasets. This is promoting wider adoption of bioinformatics strategies across various industries.
Key Takeaways
The global bioinformatics market share is expected to witness high growth over the forecast period supported by ongoing research in genomics, transcriptomics, proteomics and other omics fields. The global bioinformatics Market is estimated to be valued at US$ 22.1 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Regionally the North American region currently dominates the market attributed to wide scope of genome projects and biobanks in the US for disease research. The Asia Pacific region is anticipated to be the fastest growing market in future spearheaded by countries like China and India due to extensive funding for genomics and increasing need for bioinformatics expertise.
Key players operating in the bioinformatics market are The 3M Company, Dow Corning Corporation, Honeywell International, Inc., Indium Corporation, Henkel AG & Co, KGaA, Parker Chomerics, Laird Technologies, Inc., Momentive Performance Materials, Inc., Fuji Polymer Industries, Co. Ltd., and Shin-Etsu Chemical Co. Ltd. Key players focus on introducing intelligent algorithms and user friendly tools for storage, processing and analysis of large biological datasets to gain competitive edge in the industry
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it