Bioinformatics Market 2022-2031
The Bioinformatics Market is all set to create greater strides for the Bioinformatics Market in the upcoming period. Big data analytics is flowing through the veins of the healthcare vertical these days. This practice helps in providing better insights to healthcare practitioners. The healthcare vertical has started depending on analytics’ expertise for deciphering data collected through various sources and monitoring processes’ efficiency.
The global bioinformatics market is exhibiting a 20.40% CAGR from 2022 to 2027, according to a new market study recently released by Persistence Market Research. The market was calculated to be worth US$4.1 bn in 2022 and is estimated to reach US$12.5 bn by 2027, says PMR’s report, titled ‘Global Market Study on Bioinformatics – Asia to Witness Fastest Growth by 2027’.
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The bioinformatics market is driven primarily by the demand for better medical data storage, retrieval, and management systems. Bioinformatics represents a combination of biology and information technology, which is helpful in several medical sectors. Drug discovery and development is a particularly promising area of application of bioinformatics. Bioinformatics methodologies help clinical researchers keep track of previous results much more efficiently and precisely than with conventional methods. This helps drug discovery and development in the long term, by eliminating manual errors in recordkeeping.
Some of the major companies operating in the global bioinformatics market :
- Life Technologies
- Illumina, Inc.
- Agilent Technologies and Active Motif, Inc.
- Bio-Rad Laboratories QIAGEN
- Knome, Inc.
- GE Healthcare
- Quest Diagnostics
- Others
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Bioinformatics also helps in personalization of medicines, a trend picking up strength in the world of healthcare in the last few years. With effective IT systems put in place by healthcare institutes, patient data can be stored and accessed in much more precise ways, helping weed out errors in the process of medicine dispensation.
On the other hand, the market for bioinformatics is restrained severely at present by the lack of trained professionals. Due to the novelty of the field, trained and competent labor is naturally hard to find, but steady acceptance of bioinformatics systems will help manufacturers overcome this roadblock.
Another major restraint holding back the global bioinformatics market is the lack of interoperability between the multiple data formats and programs used by various healthcare institutions. The diversity of data formats has created fragmentation in the global market, which is expected to be solved by the R&D efforts currently underway to bring about uniformity in the bioinformatics systems manufactured by various key players.
Apart from innovation of new products and methodologies, the other key trend observed in the global bioinformatics market is that of mergers and acquisitions. Due to the relatively nascent nature of the global bioinformatics market, there are several small and medium-sized players in the market, leading to a high number of mergers and acquisitions, which will eventually result in a relatively consolidated market.
According to sector, medical biotechnology is the largest segment of the global bioinformatics market and is expected to exhibit a CAGR of 21.60% from 2014 to 2020. Other sectors in the global bioinformatics market include gene therapy, academics, agriculture biotechnology, animal biotechnology, forensic biotechnology, and environmental biotechnology.
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Genomics is the largest application segment of the global bioinformatics market; it is expected to expand at a 22.50% CAGR in the same timeframe. Proteomics, metabolomics, transcriptomics, molecular phylogenomics, and chemoinformatics and drug design are other major applications of bioinformatics and are expected to exhibit steady growth in the forecast period.
Major Highlights of the Bioinformatics Market Report:
- The Bioinformatics Market analysis report offers an in-depth study of the potential market growth opportunities and challenges.
- The report dives deeper into the market and explains the dynamic factors bolstering market growth.
- The report deeply assesses the current, historical market size, market share, and revenue growth rates to offer accurate market projections for the forecast period.
- The report analyzes the Bioinformatics Market presence across major regions of the world.
- It determines the production & consumption capacities and demand & supply dynamics of each regional market.
- The report further illustrates the intense competition among the key market players and highlights their effective business expansion plans and strategies.
- It provides company overview and SWOT analysis of each of the market players.
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