- The global Bioinformatics Platforms Market is estimated to be valued at US$ 11.41 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Bioinformatics platforms assist in collecting, storing, and analyzing large volumes of biological and medical data for various applications such as gene sequencing, drug discovery, preventive medicine, and personalized medicine. They help in developing targeted therapies and detecting diseases at an early stage.
Market key trends:
One of the key trends in the bioinformatics platforms market is increasing adoption of cloud-based platforms. Cloud computing offers on-demand access to shared pools of diverse IT resources and advanced analytics tools required for processing large biological datasets. It enables researchers to access bioinformatics tools and resources from anywhere, share data and collaborate globally. This boosts research productivity and accelerates biological discoveries. Additionally, increasing R&D investment by pharmaceutical companies and growing focus on target-based drug discovery are some other factors expected to propel the demand for bioinformatics platforms over the forecast period.
Strength: Bioinformatics Platforms help analyze huge amounts of biological and genomic data more efficiently. They reduce the complexity and cost of genomic data analysis and interpretation.
Weakness: Lack of skilled professionals to operate these platforms. High initial costs of setting up the required infrastructure and purchase of platforms.
Opportunity: Growing applications of bioinformatics in drug discovery, precision medicine, biomarker identification etc. Increasing R&D investments and government funding for genomics and precision medicine research.
Threats: Relatively slow adoption rate in underdeveloped and developing countries due to budget constraints. Threat from open source alternatives and in-house development of analytical solutions.
The Global Bioinformatics Platforms Market Size is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing investments in genomic research and precision medicine initiatives. Next-generation sequencing has enabled large-scale genomic analyses leading to a surge in biological and genomic data requiring efficient analysis and management using these platforms.
North America is expected to dominate the global market during the forecast period. High healthcare expenditure, extensive R&D activities in genomics, strong biotechnology industry, and government support for precision medicine initiatives are driving high adoption of bioinformatics platforms in the region. The Asia Pacific region is expected to exhibit the fastest growth rate over the next few years attributed to rising healthcare expenditure, improving research infrastructure, and increasing outsourcing of clinical research to countries like China and India.
Key players operating in the bioinformatics platforms market include Agilent Technologies, Inc., Biomax Informatics AG, DNAnexus, Inc., Genedata AG, Intrexon Bioinformatics Germany GmbH, Illumina Inc., Perkinelmer Inc., Qiagen N.V., Seven Bridges Genomics Inc., and Thermo Fisher Scientific, Inc. Majority of the players are focusing on developing integrated, cloud-based platform solutions to enhance genomic data management, storage and analysis capabilities. In addition, strategic collaborations with research institutions and investments in artificial intelligence are other key business strategies being adopted.