#Bioinformatics Market

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Bioinformatics Is Estimated To Witness High Growth Owing To Increasing Application In Healthcare And Pharmaceuticals

Bioinformatics is a multidisciplinary field that develops methods and software tools for understanding biological data, in particular when annotation, analysis, or prediction are involved. It has applications in different areas of life sciences including molecular biology, genetics, pharmacology, computer science, physics and mathematics. Some of the common areas where bioinformatics tools and platforms are applied include sequence analysis, gene expression, proteomics, drug design, disease diagnosis, drug discovery and personalized medicine. It involves the coding, storage, and analysis of nucleic acid sequences, amino acid sequences, and biomolecular structures. The global bioinformatics market is estimated to be valued at US$ 22.1 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Dynamics: One of the key drivers boosting the growth of bioinformatics market is the increasing applications in healthcare and pharmaceuticals. With the fast paced advancement in biotechnology and genomics, there has been a surge in omics data generated which requires storage, management and analysis capabilities. Bioinformatics tools help researchers understand disease pathways, develop new therapeutic strategies through computational methods. They also aid in analyzing next generation sequencing data for understanding disease mutations, personalized treatment options. Additionally, bioinformatics plays a vital role in reducing time and cost involved in drug discovery and development through in silico techniques like molecular modeling and simulations. This is encouraging pharmaceutical companies to invest more in bioinformatics solutions. SWOT ANALYSIS STRENGTH: Bioinformatics market is growing rapidly due to advancements in AI, machine learning and Big data analytics. This has enabled development of effective bioinformatics tools and software for data integration and analysis of large genomics and proteomics datasets. Growing implementation of EHR and other healthcare IT solutions also provides a strong platform for bioinformatics applications. Increased computational capabilities allow understanding biology at molecular level for development of personalized medicine. WEAKNESS: Lack of trained and skilled workforce remains a challenge for growth of bioinformatics sector. High costs associated with establishment and maintenance of required computing infrastructure is also a barrier. Regulatory issues and data privacy continue to be areas of concern restricting widespread adoption. OPPORTUNITY: Growing R&D investments from pharmaceutical and biotech companies for drug discovery offers significant growth prospects. Increased focus on precision medicine will boost demand for specialized bioinformatics solutions. Also, integration of various 'omics' datasets provide opportunities for developing novel analytics and applications. Adoption in developing regions remains untapped. THREATS: Competition from open source alternatives poses pricing pressure. Healthcare reforms and budget cuts can impact investments. Technological changes can quickly render existing solutions obsolete requiring continued upgradation. Dependence on third party service providers increases risks. KEY TAKEAWAYS The global bioinformatics market size is expected to witness high growth over the forecast period driven by rising genomics research and focus on precision medicine. The global bioinformatics market is estimated to be valued at US$ 22.1 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period of 2023 to 2030.

Regional analysis suggests North America currently dominates owing to presence of many leading pharmaceutical and biotech companies and research institutions. Asia Pacific is anticipated to be the fastest growing region on back of growing R&D spending, government initiatives and increasing adoption of advanced healthcare IT in countries like China and India. Key players operating in the bioinformatics market are The 3M Company, Dow Corning Corporation, Honeywell International, Inc., Indium Corporation, Henkel AG & Co, KGaA, Parker Chomerics, Laird Technologies, Inc., Momentive Performance Materials, Inc., Fuji Polymer Industries, Co. Ltd., and Shin-Etsu Chemical Co. Ltd. The bioinformatics market size for 2024 is estimated to reach US$ 22.1 Bn registering a CAGR of over 10% between 2023-2030.

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Bioinformatics Market - Forecast(2024 - 2030)

Bioinformatics Market Overview

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 Report Coverage                                                                    

The report: “Bioinformatics Market – Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Bioinformatics Market.

By Products & Services: Knowledge Management Tools, Bioinformatics Platforms, and Bioinformatics Services By Application: Genomics, Chemoinformatics & Drug Design, Proteomics, Transcriptomics, Metabolomics, and Others By Sector: Animal Biotechnology, Medical Biotechnology, Forensic Biotechnology, Plant Biotechnology, Environmental Biotechnology, Others By Geography: North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia & New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina & Rest of South America) and Rest of the World (Middle East & Africa)

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.

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.

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 

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The Bioinformatics services market size was USD 2.50 billion in 2021 and is expected to register a revenue CAGR of 15.2% over the forecast period. 

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Bioinformatics market is experiencing a surge in sales across the globe, and it has been considerably boosted by technological advancement.

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The Asia-Pacific Bioinformatics Market is projected to grow at around 17% CAGR during the forecast period, i.e., 2021-26. The growth of the market is driven primarily by the mounting requirements for integrated bioinformatics in proteomic, genomic, & clinical diagnostics, coupled with the surging demand for advanced computational tools in biological research. Furthermore, the extensive presence of organizations providing outsourcing services is also augmenting the growth of the bioinformatics market in Asia-Pacific.

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Bioinformatics Platforms Market is expanding with Dassault Systemes SE acquiring Medidata Solutions to take leverage of Medidata’s cloud-based services to help the development of therapeutic innovations

Developed regions such as North America, typically the U.S. have shown the most promising signs when it comes to the bioinformatics platforms market. This is due to high adoption of new and advanced technology, which is complemented by continuous research and development activates in the region. Similarly, Asia Pacific is witnessing increased interest in the field of bioinformatics platforms due to the presence of skilled personnel.

Bioinformatics Platforms are collections of software applications designed to facilitate the analysis of biological information. The applications and their main functions are divided into three categories, these are Cloning Lines of Action, Gene Regulation, and Gene Function. They all can be combined into one application for better functionality. However, the applications vary depending on the needs of the user and the complexity of the job. Bioinformatics is widely used in research and development activities for either drug discovery, clinical diagnostics, or personalized medicine. Such thorough and highly advanced research activities require collaborative work, in order to leverage the expertise of both private and public organizations. Recently, in October 2020, The Walther Cancer Foundation invested around US$ 11 million to expand collaborative bioinformatics cancer research with Indiana University and Purdue University. Similarly, in January 2021, Curie-Cancer entered into a bioinformatics partnership deal with GenoSplice Technology for the application of cancer genomics. Such partnership and collaboration activities can stimulate growth of the bioinformatics platforms market.

Bioinformatics platforms are usually developed using applications written in C++. The source code is made human-readable to allow users to quickly analyze the data and manipulate it. Examples of these applications include the Illumina Genomics Platform, Gene Array Expression Profiling Software, and Genomics Data Migration Tool. In the recent past, the demand for nucleic acid and protein sequencing has increased massively. This is due to the fact that sequencing cost has reduced substantially, which is complemented by technological advancements. Such positive factors are also augmenting growth of the bioinformatics platforms market.

Recently, in June 2019, Dassault Systemes SE, a French software company, acquired Medidata Solutions, a provider for SaaS-based clinical development software, for US$ 5.8 billion with the aim to take leverage of Medidata’s cloud-based services to help the development of therapeutic innovations and clinical operations performance for pharmaceutical companies.

Good bioinformatics applications should be open source. This means the software should have a collaborative development plan and be collaboratively supported. Currently, there are many open-source applications available. To see what applications are currently out there check out the Bioinet website. Despite all these positive factors, the bioinformatics platforms market is hindered by a lack of well-defined standards and common data formats for the integration of data. Besides, the low availability of user-friendly tools at competitive prices can restrain growth of the bioinformatics platforms market.