As per new market research that’s titled ‘Bioinformatics Market Size, Share, Forecast, & Trends Analysis by Solutions & Services (Knowledge Management, Sequence Analysis, Data Analysis) Application (Genomics, Metabolomics, Transcriptomics) Industry (Health, Agriculture) – Global Forecast to 2031, the bioinformatics market is anticipated to progress at a CAGR of 13.4% till 2031 in order to reach $31.71 billion.
The fact is that the genomic data happens to be very voluminous, as it happens to involve data pertaining to thousands of genes that are spread across multiple individuals as well as species. Genomes go on to contain several elements, such as genes, regulatory regions, repetitive sequences, and non-coding RNAs. Evaluating as well as interpreting these elements happens to be quite difficult sans proper software or tools, Furthermore, the data that is generated due to multi-omics fields such as metabolomics, proteomics, and transcriptomics requires bioinformatic tools and even software to collect, evaluate, and interpret. Across the world, there is a surge in R&D activities across multi-omics that has led to the adoption of bioinformatic services as well as tools.
The growth when it comes to the global bioinformatics market can indeed be attributed to the progress of the biotech as well as the pharmaceutical industries, certain steps supporting genomics research, and also the growing need to come up with novel drugs or drug molecules. Furthermore, the untapped markets when it comes to emerging economies, gaining clinical applications in terms of genomic technologies as well as the increasing use of bioinformatics within the agriculture space, go on to offer market growth opportunities.
The AI and also bioinformatics integration has sped-up the development of customized medicine, which happens to involve customized medical treatments for individuals genetic makeup as well as other biomarkers. AI-led predictive models can go on to evaluate a patient’s risk when it comes to developing specific diseases and also recommend customized treatment plans, optimizing the outcomes of patients and decreasing healthcare costs.
Companies happen to be focused as far as the development of personalized medicine is concerned by way of using AI. For example, in 2022, Sanofi S.A.-France went on to collaborate with Exscientia plc-UK, which is an AI-driven precision medicine company, in order to develop almost 15 novel small molecule candidates in terms of oncology and immunology applications. These molecule candidates happen to be being developed by way of Exscientia’s AI platform and even actual patient samples.
The major players that have been profiled in this market study happen to be Illumina, Inc. from the U.S., Thermo Fisher Scientific Inc. again from the U.S., F. Hoffmann-La Roche Ltd. from Switzerland, Qiagen N.V. from the Netherlands, Agilent Technologies, Inc. from the U.S., Dassault Systèmes SE from France, Eurofins Genomic LLC from Germany, Revvity, Inc., Azenta, Inc., and DNAnexus, Inc. from the U.S.
The report also goes on to have an extensive evaluation of the product portfolios, their geographic location, and the prominent strategic developments of leading market participants across the past years. The bioinformatics market has gone on to witness several new product launches as well as enhancements recently.
It is well to be noted that the global bioinformatics market happens to be segmented by way of solutions and services such as knowledge management software, bioinformatics platform that includes sequence analysis and also alignment platforms plus structural analysis and functional platforms and also others, services such as data storage and data base management as well as data analysis, applications like chemoinformatics, genomics, proteomics, metabolomics, transcriptomics, etc., and also industry that is based on veterinary, healthcare, agriculture, as well as other industries, and finally geography.
The study goes on to evaluate the industry competitors and, at the same time, analyze the market, which exists at both regional and national levels.
When we take into account solutions & services, the bioinformatics market happens to be segmented into bioinformatics platforms, knowledge management software, as well as services. In 2024, the knowledge management software segment is most likely going to account for the largest share, i.e., 42.2% of the overall bioinformatics market.
But when we talk of bioinformatics platforms, the segment is anticipated to grow at the highest CAGR across the forecast period. Bioinformatics platforms happen to be essential tools as far as researchers, institutions, pharmaceuticals, healthcare setups, and organizations involved in life sciences are concerned. Bioinformatics platforms go on to offer a comprehensive suite in terms of software, tools and resources that goes on to empower scientists to go ahead and extract meaningful insights from complex biological data, thereby advancing research, drug discovery, as well as clinical applications.
The fact is that the bioinformatics platforms happen to offer a broad variety of functions and features that go on to cater to the very distinct and diverse needs of researchers as well as professionals throughout several domains such as proteomics, genomics, structural biology, and epidemiology, among others. The progressing research and development scenarios in genomics, structural biology, proteomics, and epidemiology are anticipated to drive the growth of the segment.
On the basis of application, the bioinformatics market happens to be segmented into chemoinformatics, genomics, proteomics, metabolomics, and transcriptomics, as well as other applications.
In 2024, genomics segment is most likely to account for the for the largest share- 44% of the bioinformatics market. This can be attributed to the rising amount of genomic data that is being generated, the genomics application in chronic disease management, as well as the growing prevalence when it comes to chronic diseases. The growing focus in terms of the study of cancer genomics so as to evaluate the genomic alterations within the cancer cells to identify driver mutations, anticipate treatment responses, and also assist in developing targeted therapies has gone on to create a demand as far as the bioinformatics tools go so as to analyze as well as interpret genomic data.
It is worth noting that the growing prevalence of cancer throughout the globe further goes on to support the segment’s large share. For example, the International Agency for Research on Cancer went on to estimate that globally, the number of new cancer cases is indeed estimated to rise to almost 24 million by 2030. This figure was almost 19 million cases in 2020.
As far as the industry is concerned, the bioinformatics market happens to be segmented into healthcare, veterinary, and agriculture, as well as other industries. The healthcare segment is most likely expected to see growth at a higher CAGR across the forecast period between 2024 and 2031. The growth when it comes to this segment can be very well attributed to the rising prevalence of diseases, the growth that is anticipated in the pharma and biotech industries, and the requirement for new drug and biologics development.
In terms of geography, in 2024, North America is anticipated to comprise the majority of the share of 44.5% of the bioinformatics market, which is estimated to be around $6 billion.
The major share of this market can be attributed to government initiatives that are indeed very favorable in terms of genomics research, growing applications as far as genomics research is concerned, and also declining costs in terms of sequencing, not to mention the growing adoption of precision care cancer medicine that is supported by growing cancer prevalence.
But when we talk of the Asia-Pacific bioinformatics market, it is indeed expected to record the highest CAGR between 2024 and 2031.
