New York, USA, March 09, 2023 (GLOBE NEWSWIRE) -- Bioinformatics Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Bioinformatics Market Information by Technology And Services, Application and Region - Forecast till 2030", the Market Size was valued at USD 10.4 billion in 2022 and is projected to grow from USD 11.9 Billion in 2023 to USD 26.8 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 14.50% during the forecast period (2023 - 2030).
Bioinformatics Market Dynamics
The bioinformatics market is expanding as a result of rising demand for protein sequencing. The process of identifying the amino acid sequence in all or a portion of the proteins included in DNA, from which specific functions, activities, origin, or localization of the protein are identified, is known as protein sequencing. A subfield of computer science called bioinformatics investigates the functions of genes and proteins, identifies evolutionary relationships, and forecasts the three-dimensional structures of proteins. An extraordinary amount of biological data has been produced by the human genome project and other sequencing endeavors. The growing need for data analysis and interpretation must be met, and bioinformatics, a dynamic field of study, is in charge of doing so. The use of computing and analysis tools to collect and understand biological data is known as bioinformatics. This field of study combines biology, mathematics, and computer science. Data management is a function of bioinformatics in contemporary biology and medicine. A computational discipline called bioinformatics examines biological molecule sequences.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 26.8 Billion |
| CAGR | 14.50% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Application, Technology and Services |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising demand for integrated data, nucleic acid and protein sequencing |
| The increasing use of target-based medication development by pharmaceutical and biotechnology companies, improvements in clinical mass spectrometry and analytical methods |
The demand for integrated data, increased demand for nucleic acid and protein sequencing due to declining sequencing costs, and increased demand for proteomics and genomics applications are all contributing to the anticipated significant growth of the global bioinformatics market in the years to come. Moreover, market expansion is anticipated to be fueled by government and private sector initiatives, medicinal research and development, and other factors. Nevertheless, a lower-rate scarcity of skilled workers, common data formats, and user-friendly technologies is anticipated to hinder the market over the forecast period.
Due to less onerous regulations and data requirements, regulatory policies in the Asia Pacific region are also more flexible and business friendly. Manufacturers will be obliged to increase their attention to emerging markets as competition in existing areas heats up. On the other hand, it is anticipated that growing market opportunities for bioinformatics solution developers will result from increased demand for integrated solutions and systems, integration of artificial intelligence and machine learning in healthcare, and increased investment by software companies in the development of bioinformatics solutions.
The capacity to store biological data is quite high for the next-generation sequencing methods. It has the capacity to produce a lot of data. A major hurdle for bioinformatics technology is the adoption of NGS and other alternatives. The use of bioinformatics raises serious privacy problems.
On the other side, NGS technologies offer data analysis and medication security. The technique of bioinformatics is seriously threatened. Poor data management is a difficult issue that might slow the market's rate of expansion.
Covid 19 Impact
The use of bioinformatics technology greatly aids scientific study. The bioinformatics market is being put to the test by the Covid 19 epidemic. The study of the virus is extensive during COVID 19. The virus is the subject of extensive study to inhibit its spread. Bioinformatics technology makes it possible to create the future generation. The medical sector can get information on the virus and its spread thanks to technology.
The knowledge of SARS-CoV and bioinformatics has allowed for the comprehensive knowledge of the virus. Throughout the projection period, bioinformatics outsourcing is progressing quickly. The use of bioinformatics technologies by scientists to gather knowledge about covid is extraordinary. As a result, bioinformatics use is increasing at this time.
A number of academic institutions use bioinformatics technology. A rising market trend is evident from the market's overall covid 19 analysis.
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Market Trends
The projection period sees no change in the market trends for bioinformatics. There are just a few things that keep the market growing. The bioinformatics market is seeing remarkable demand due to rising investments. The market is supported by the government, which creates chances for rapid expansion throughout the projection period.
More innovation will be brought to the market as a result of market research and development. The market is constrained by scientists' lack of technical expertise. Another obstacle in the market is the growing demand for NGS technology. The market's overall growth may be impacted by several elements.
Competitive Analysis
Throughout the anticipated term, there will be more rivalry in the bioinformatics industry. The three main competing tactics are market growth, acquisition, and collaboration. Many new market expansion prospects will result from the application of AI and bioinformatics. The major market participants are paying closer attention to AI technology. It will increase the effectiveness of bioinformatics technologies.
Key Players:
- QIAGEN N. V.
- Agilent Technologies
- Illumina Inc.
- Thermo Fisher Scientific Inc.
- Dassault Systèmes
- QIAGEN
Segmentation
By Application, the market has been divided into Genomics, Chemoinformatics, Drug Design, Transcriptomics, Molecular Phylogenetics, Proteomics and Metabolomics.
By Technology And Services the market is segmented into Data Warehousing, Sequence Analysis and Sequence Manipulation
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Regional Analysis
North America, Europe, and Asia Pacific make up the bioinformatics market. The bioinformatics market is still dominated by North America relative to other regional competitors. The market will see extraordinary demand with increased awareness and easy implementation.
Government assistance will improve the bioinformatics market as a whole. Furthermore, North America has many highly qualified people that can manage this technology. Another area with the fastest pace of development for the bioinformatics industry is Asia Pacific.
The expansion of pharmaceutical firms is giving bioinformatics a successful foundation. In this area, there is a critical requirement to store and analyze large amounts of biotechnological data. It is an area that will have the fastest pace of expansion. Bioinformatics is highly necessary.
Increased technological knowledge may lead to positive market shifts. Also, Europe will be making significant expenditures in the healthcare sector during the projection period. In Europe, IoT adoption is quite high. In the predicted term, it will result in a more modest demand for bioinformatics.
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