Bioinformatics market worth $ 21.8 billion by 2026
According to the new market research report “Bioinformatics Market by Product and Service (Knowledge Management Tools, Data Analysis Platforms, Structural Analysis, Functional Analysis, Services), Applications (Genomics, Proteomics), and Industry ( medical, animal, agricultural) – Global Forecast to 2026 “, published by MarketsandMarkets ™, is expected to reach $ 21.8 billion by 2026, up from $ 10.7 billion in 2021, at a CAGR of 15.2% .
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Bioinformatics is the application of computer technology for the management and analysis of biological data. It includes the storage, analysis and dissemination of biological data. Bioinformatics uses computer programs for a variety of applications, including determining the functions of genes and proteins, establishing evolutionary relationships, and predicting three-dimensional shapes of proteins.
Bioinformatics has always had enormous potential when it comes to providing essential support to many areas of scientific research. The COVID-19 pandemic has been a real test for bioinformatics. One of the main areas of interest for each country during the COVID-19 pandemic has been studying and understanding how to stop the spread of the virus. Next-generation sequencing is the fundamental method for investigating the genomes of SARS-CoV-2, which offers basic information about the virus. Bioinformatics pipelines and biological and host-virus interaction databases are essential tools to compute this data and deepen understanding of SARS-CoV-2. Thus, various studies are being undertaken to understand the genetic combination of the virus; these studies are conducted by bioinformatics. In this context, the outsourcing of bioinformatics increased during the pandemic. Due to the evolved and improved bioinformatics capabilities of service providers, scientists have been able to uncover many secrets of SARS-CoV-2, ranging from its identification to its origin (including how it functions and spread), within a short period of time. time.
Bioinformatics services to record the strongest growth in the types market
Based on products and services, the bioinformatics platform market is segmented into knowledge management services, bioinformatics platform, and bioinformatics services. Financial support from government and private organizations for NGS-based projects, advancements in NGS, decreasing sequencing costs and the need for high throughput analysis of a large amount of data generated during sequencing are the main growth factors in this segment. The knowledge management tools segment is expected to account for the largest 39.1% share of the bioinformatics market in 2020. Knowledge management tools are used by researchers to process large volumes of heterogeneous information. This information includes data from experiments and data extracted from available repositories. The functions of knowledge management tools include data management, data warehousing, data mining and information retrieval. These functions help to understand the structure of genes and proteins as well as the effects of mutations by comparing them to available databases.
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Medical biotechnology will hold the largest segment of the bioinformatics platform market
On the basis of application, the market is segmented into medical biotechnology, animal biotechnology, plant biotechnology, environmental biotechnology, forensic biotechnology, another industry. The medical biotechnology segment accounted for the largest 50.3% share of the bioinformatics market in 2020. The development of new databases for drug discovery, the use of bioinformatics for clinical diagnosis and the Increased funding for the development of bioinformatics solutions for clinical diagnostics are primarily driving the use of bioinformatics in clinical diagnostics and contributing to the growth of the medical biotechnology segment in the market.
North America Bioinformatics Market to Dominate the Market During the Forecast Period
North America dominated the bioinformatics platform market in 2020 and is expected to grow at a CAGR of 14.7% during the forecast period. North America’s significant share in the global bioinformatics market can be attributed to such factors as government support for genomics research, presence of major bioinformatics vendors, decrease in sequencing costs, awareness Increased bioinformatics services and increasing number of genomics research activities (and corresponding adoption of bioinformatics) in the region are driving market growth in North America. North America has a favorable funding scenario for research activities. This regional market is characterized by increased government initiatives for reimbursement of genomic testing and a favorable funding scenario for research activities involving the use of bioinformatics technologies.
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Some of the major players operating in the bioinformatics market are Thermo Fisher Scientific, Inc. (United States), Eurofins Scientific (Luxembourg), QIAGEN NV (Netherlands), Agilent Technologies, Inc. (United States) and Illumina , Inc. (United States), Waters Corporation (United States), DNASTAR (United States), NeoGenomics Laboratories (United States), Perkin Elmer, Inc. (United States), GENEWIZ (United States) and BGI Group (China) Waters Corporation (United States), DNASTAR (United States), NeoGenomics Laboratories (United States), Perkin Elmer, Inc. (United States), GENEWIZ (United States) and BGI Group (China ), Fios Genomics (UK), Partek Incorporated (US), SOPHiA Genetics (Switzerland), Source BioScience (UK) and Biomax Informatics AG (Germany) among others.
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