NEW YORK, Aug. 31, 2022 (GLOBE NEWSWIRE) -- A Qualitative Research Study accomplished by Data Bridge Market research's database of 350 pages, titled “Global AI in Bioinformatics Market” with 100+ market data Tables, Pie Charts, Graphs & Figures spread through Pages and easy-to-understand detailed analysis. The AI in Bioinformatics Market Report comes with a broad industry overview of development components, patterns, flows, and sizes. This report also calculates the present and past market values to forecast the potential management of the market during the forecast period between 2022-2029. This research study of AI in Bioinformatics involved extensive use of primary and secondary data sources. This includes the study of various parameters that affect the industry, including government policy, industry environment, competitive landscape, historical data, current trends in the market, technological innovation, upcoming technologies, and technical progress in the related industry.
Data Bridge Market Research analyses that the AI in bioinformatics market is expected to reach the value of USD 37,027.96 million by 2029, at a CAGR of 42.7% during the forecast period.
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Market Overview:-
The reduction in the genetic sequencing cost has enhanced the demand of the market. The rising healthcare expenditure for better health services is also attributed to the growth of the market. The major market players are highly focused on various service launches and service approvals during this crucial period. In addition, the growing demand for bioinformatics and increasing public-private sector funding for bioinformatics are also contributing to the rising demand for the market.
The AI in bioinformatics market is growing in the forecast year due to the rise in market players and the availability of advanced services. Along with this, manufacturers are engaged in R&D activity for launching novel services in the market. The increasing advancements in bioinformatics technology are further boosting the market growth. However, the high cost of instrumentations and cybersecurity concerns in bioinformatics might hamper the growth of the global AI in bioinformatics market in the forecast period.
REPORT METRIC
Forecast Period - 2022 to 2029
Base Year – 2021
Historic Years - 2020 (Customizable to 2014 - 2019)
Some of the major players operating in the AI in bioinformatics market are
- JADBio & Gnosis Data Analysis,
- Fios Genomics,
- SOPHiA GENETICS,
- Biomax Informatics Inc.,
- DNASTAR,
- Ardigen (Parent Company Selvita Group),
- Source BioScience,
- QIAGEN,
- NeoGenomics Laboratories,
- CelbridgeScience,
- Eurofins Scientific,
- Illumina, Inc.,
- Thermo Fisher Scientific, Inc.,
- Insilico Medicine,
- Strand Life Sciences,
- Dassault Systèmes,
- iNDX.Ai,
- Paige AI, Inc.,
- SomaLogic Operating Co., Inc.,
- Elucidata among others
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Recent Developments
- In June 2022, SOPHiA GENETICS, a leader in data-driven medicine, announced from the ESHG Conference in Vienna that it has achieved CE-IVD certification for the analytical functionality supported by its cloud-based SOPHiA DDM™ Platform, an accessory to diagnostic applications. With this certification, the SOPHiA DDM™ Platform is now IVD-ready to support all applications and modules designed for diagnostic purposes in the European Union and other markets recognizing this certification. This has helped the company to increase its global presence in the market.
- In December 2021, JADBio and BioLizard announced their partnership. BioLizard is agile bioinformatics and AI/ML company globally servicing clients in the life sciences, biotechnology and pharmaceutical industries. JADBio is a robust Automated Machine Learning platform that allows intuitive, timely and interactive creation of ML predictive models on BioMedical and Multi-omics data while allowing for knowledge (biomarker signature) discovery through its vast range of reporting and analysis. This has helped the company to expand its products and services portfolio in the market.
Key Drivers:-
Growing demand for bioinformatics
As genomics focused, pharmacology continues to play a greater role in the treatment of various chronic diseases, especially cancer, next-generation sequencing (NGS) is evolving as a powerful tool for providing a deeper and more precise insight into molecular underpinnings of individual tumors and specific receptors. Informatics is essential in biological research, which involves biologists who learn programming, or computer programmers, mathematicians, or database managers to learn the foundations of biology.
Reduction in the genetic sequencing cost
The strong demand for decreasing the cost of genomics and biomarker prediction has contributed to the creation of high-throughput genome sequencing, which often goes by the name next-generation sequencing (NGS). Thousands or millions of sequences in a single bioinformatics cycle are generated simultaneously. Dramatic upgrades to industrial NGS technologies have culminated in dramatic cutbacks in DNA sequencing cost-per-base. Thus recently, the main sequencing techniques have become the key subject of research, with sample design optimization taking a secondary function.
Increasing public-private sector funding for bioinformatics
In order to improve the workflow for bioinformatics, the federal agencies, the public and the private agencies are providing funds in order to carry out bioinformatics projects and to scientists for research purposes. It is important to approach possible funders with a clear proposal and strategy of what is to be achieved in terms of bioinformatics capacity building in the institution as well as the intended outputs and outcomes. Many government bodies and private organizations across the globe are increasingly investing in the field of bioinformatics. These investments have largely resulted in data and technological advancements in bioinformatics services, which, in turn, have improved the quality of these services.
High cost of instrumentation
The cost of the device plays a major factor in the market. The AI based bioinformatics instrument is highly sophisticated and needs high validation and other specification, which increase. Genomics instruments are also equipped with advanced features and functionalities and are thus priced at a premium, ranging between USD 10–20 million. As pharmaceutical companies and research laboratories require many such systems, their capital expenditure on procuring multiple genomic instruments is very high. In the case of small and medium-sized pharmaceutical companies and research laboratories, it is not feasible for them to make such high investments in multiple genomics instruments. Hence, the high cost of AI based equipment is expected to restrain the market growth.
Strategic initiatives of key players
The dramatic rise in the quality of research coupled with increasing research opportunities is because of various strategic initiatives taken by key market players. They are taking initiatives such as product launches, collaborations, mergers, acquisitions and many more over the years and are expected to lead and create more opportunities in the market.
By successfully working with new technology firms to ensure continued growth, creativity and viability in the industry, healthcare product suppliers have a huge opportunity. Health enterprises that implement technology-enabled technologies will explore new modes of goods for patient care, streamline processes and engage patients more.
Companies to discover and develop advanced bioinformatics products and these companies are launching new initiatives and collaborating with other key players to deliver more reliable results and services.
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Key Segmentation:-
Offering
- Services
- Software
- Others
Type
- Machine Learning
- Deep Learning
- Others
Products and Services
- Bioinformatics Services
- Bioinformatics Platforms
- Knowledge Management Tools
Application
- Genomics
- Chemoinformatics & Drug Design
- Proteomics
- DNA Sequencing
- System Biology
- Transcriptomics
- Text Mining
- Microarrays
- Metabolomics
- Others
Sector
- Medical Biotechnology
- Animal Biotechnology
- Plant Biotechnology
- Environmental Biotechnology
- Forensic Biotechnology
- Others
Table of Contents:
Chapter 01: Executive Summary
Chapter 02: scope of the report
Chapter 03: research methodology
Chapter 04: Introduction
Chapter 05: AI in Bioinformatics Market Overview
Chapter 06: AI in Bioinformatics Market Size
Chapter 07: Five Forces Analysis
Chapter 08: AI in Bioinformatics Market Segmentation By Technology
Chapter 09: AI in Bioinformatics Market Segmentation by Application
Chapter 10: Customer Landscape
Chapter 11: AI in Bioinformatics Market Segmentation by End User
Chapter 12: regional landscape
Chapter 13: decision framework
Chapter 14: Drivers and Challenges
Chapter 15: AI in Bioinformatics Market Trends
Chapter 16: Competitive Landscape
Chapter 17: company profiles
Chapter 18: Appendix
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