Bioinformatics Market size was valued at $8.3 billion in 2020, growing at a CAGR of 12.4% during the forecast period 2021-2026. The recording, annotation, storage, analysis, and retrieval of nucleic acid sequence, protein sequence, and structural information are all covered by bioinformatics. Proteomics is the study of proteomes on a vast scale. A proteome is a collection of proteins made by a living creature, system, or biological milieu. Single nucleotide polymorphisms (SNPs) is a useful tool for determining the genetic basis of disease. In genome-wide association studies and fine-scale genetic mapping initiatives, these variants can be utilized as markers. Bioinformatics applications include molecular therapeutics, metabolomics, and proteomics, to name a few. It's also used in genetics and genomics research. The combination of biology and information technology is referred to as "bioinformatics." Computer software tools are used in bioinformatics to create, administer, and develop databases. Data warehousing, data mining, and communication networking all use it. Furthermore, it is frequently utilized in the field of medical research and medication development for the management of biological data. The worldwide bioinformatics market is predicted to develop owing to the high frequency of chronic diseases. According to the American Cancer Society, it was expected to have 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the United States year 2019.
Bioinformatics Market Segment Analysis – By Products & Services
Based on Products & Services, Bioinformatics Market is segmented into Knowledge Management Tools, Bioinformatics Platforms, and Bioinformatics Services. The Bioinformatics Platforms segment is accounted for the largest revenue market share in 2020 for Bioinformatics Market owing to an increase in platform applications and the demand for better tools in drug development. This trend is expected to continue during the projected period. The study of evolutionary history, development, and relationships among organisms using molecular sequence or structural data is known as molecular phylogenetics (DNA, RNA, or proteins). The Knowledge Management Tools segment is poised to grow with the fastest CAGR of 13.6% in the forecast period 2021-2026. Researchers utilize knowledge management technologies to deal with vast amounts of diverse data. This data comprises both experimental data and data acquired from publicly available repositories. Data management, data warehousing, data mining, and information retrieval are all functions of knowledge management technologies. By comparing them to available databases, these functions aid in understanding the structure of genes and proteins, as well as the implications of mutations.
Bioinformatics Market Segment Analysis – By Sector
Based on Sector, Bioinformatics Market is segmented into Animal Biotechnology, Medical Biotechnology, Forensic Biotechnology, Plant Biotechnology, Environmental Biotechnology, Others. In 2020, the medical biotechnology segment accounted for the largest revenue market share for Bioinformatics Market. The use of bioinformatics in clinical diagnostics is primarily driven by the development of new databases for drug discovery, the use of bioinformatics for clinical diagnostics, and increased funding for the development of bioinformatics solutions for clinical diagnostics, all of which are contributing to the growth of the medical biotechnology segment in the market. Metabolomics is the study of all or a large number of biological metabolites on a global scale. Metabolomics, like other types of functional genomics research, generates a lot of data. Handling, processing, and analyzing this data is a significant undertaking that necessitates the use of sophisticated mathematical, statistical, and bioinformatics software. The Animal Biotechnology segment is predicted to grow with the fastest CAGR of 13.8% in the forecast period 2021-2026. In the veterinary sciences, it has become an essential tool for both basic and applied research. Bioinformatics has advanced veterinary research by introducing new tools for identifying vaccination targets based on the sequencing of biological data from organisms.
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Bioinformatics Market Segment Analysis – By Geography
Based on Geography, North America Bioinformatics accounted for the 35% revenue share in 2020. The bioinformatics market in this region is growing owing to the government funding for genetic research, the existence of prominent bioinformatics providers, decreasing sequencing prices, improved awareness of bioinformatics services, and an increase in the number of genomic research activities. It has a good funding scenario for research activities. This regional market is characterized by increased government initiatives for genomic testing reimbursement and a favorable financing scenario for bioinformatics research activities. A large number of healthcare investments in the European region is expected to fuel the bioinformatics market. Furthermore, the increased adoption of IoT technologies in this industry is likely to have a beneficial impact on regional market growth. With a EUR 20 million investment, the UK government started the COVID-19 Genomics UK Consortium (COG-UK) in March 2020 to sequence the genomes of SARS-CoV-2, the virus responsible for the current COVID-19 pandemic, using whole-genome sequencing (WGS). The NHS, Public Health Agencies, the Wellcome Sanger Institute, and numerous university institutions make up the COVID-19 Genomics UK Consortium (COG-UK).
Bioinformatics Market Drivers
The Occurrence Of Rare Diseases Is Projected To Upsurge Market Growth:
The World Health Organization (WHO) estimates that there are 5,000 to 8,000 different rare diseases in Europe, with 27 million to 36 million people affected. Similarly, new diseases are emerging in other parts of the world that do not yet have a specific prescription treatment. As a result, there is a critical need for novel vaccines and treatments to treat these diseases. These rare diseases, it appears, necessitate a lot of data analytics for diagnosis and treatment, which mostly necessitates bioinformatics and other research methodologies.
The Evolution Of Big Data Technology Is Fueling Bioinformatics Advancement:
Big data has risen to prominence in practically every industry, with a slew of government and private companies using it to boost their bottom lines. In today's world, technology is rapidly evolving, allowing for precise predictive analysis. This steady advancement in big data is fueling the rise of bioinformatics since it allows for a closer examination of current medical issues and the development of new approaches for better treatment.
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Bioinformatics Market Challenges
High-Priced Equipment May Impede Market Expansion:
With the development of sophisticated NGS technology, there is an increasing demand for user-friendly, fast, and accurate bioinformatics tools. Bioinformaticians do not make up the bulk of experimental research scientists. As a result, providing user-friendly tools for using bioinformatics platforms is crucial. Because of the lack of a user-friendly interface, many bioinformatics applications require advanced computer abilities. Genomics instruments are also more expensive, ranging from USD 10 million to USD 20 million, because of their extensive features and functions. Pharmaceutical businesses and research institutions spend a lot of money on various genomic equipment since they need so many of them. Small and medium-sized pharmaceutical businesses and research facilities are unable to make such large investments in various genomics equipment due to financial constraints.
Bioinformatics Market Segment Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Bioinformatics Market. Bioinformatics Market top 10 companies include:
Agilent Technologies Inc.
Biomax Informatics AG
Dassault Sytemes Biovia Corp
Bruker Corporation
Qiagen, Illumina Inc.
Permin Elmer Inc.
Applied Biologicals Materials
Fios Genomics
Partek Incorporated
SOPHiA Genetics
Acquisitions/Product Launches:
In April 2020, Healthcare Global Enterprises and Strand Life Sciences unveiled StrandAdvantage500, a Next-Generation Sequencing (NGS)-based assay that examines cancer-relevant genetic changes from DNA and RNA obtained from a patient's tumor in one integrated workflow.
Key Takeaways
A single nucleotide polymorphism, or SNP (pronounced "snip"), is a difference in the DNA sequence at a single place between individuals. DNA is made up of a chain of four nucleotide bases: A, C, G, and T.
The rise in bioinformatics platform application can be ascribed to an increase in demand from life science companies for structural identification and customization. This, in turn, would aid in the development of drugs and the assessment of their therapeutic effects. Furthermore, as drug research and discovery become more efficient and safe, the demand for new tools in drug development grows. As a result, the bioinformatics market is likely to grow in the future.
A detailed analysis of the main players functioning in the Bioinformatics Market's Strengths, Weaknesses, and Opportunities will be provided in the report.
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