Northbrook, IL 60062 -- (SBWIRE) -- 05/26/2023 -- Bioinformatics Market by Product & Service (Knowledge Management Tools, Bioinformatics Platforms, Data Analysis, Structural Analysis, Services), Applications (Genomics, Proteomics, Transcriptomics), & Sectors (Medical, Animal) - Global Forecast to 2027", was valued at USD 10.1 billion in 2022 and is projected to reach USD 18.7 billion by 2027, at a CAGR of 13.0%.

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"Bioinformatics services to register the highest growth in the type market"
Based on products & services, the market is segmented into knowledge management services, bioinformatics platform, and bioinformatics services. Government Fundings and private bodies for NGS-based projects, advancement in technology of genome sequencing, decreased sequencing costs, and big data in healthcare are the major factors driving the growth of this market. The knowledge management tools segment accounted for the largest share of 36.3% of the bioinformatics market in 2021. Knowledge management tools are used to manage large volumes of heterogeneous information. It is generally the data from experiments and the data retrieved from available from various secondary sources.

"The genomics segment accounted for the largest share of the bioinformatics market"
Based on application, the market is segmented into genomics, chemoinformatics & drug design, proteomics, transcriptomics, metabolomics, and other applications. The genomics segment accounted for the largest share of 36.9% of the bioinformatics market in 2021. The increasing use of genomic research for the development of precision medicine and drug development, the rise in the funding opportunities for genomic research, and growth strategies between various life sciences and informatics companies for the development of advanced bioinformatics solutions and services are the major factors that contribute to the rising values of the bioinformatics market for genomics.

"Medical biotechnology to hold the largest segment of the market"
Based on the sector, the market is segmented into medical biotechnology, animal biotechnology, plant biotechnology, environmental biotechnology, forensic biotechnology, and other sectors. In 2021, the medical biotechnology segment accounted for the largest share of 50.3% of the bioinformatics market. The new databases for drug discovery, the use of bioinformatics solutions for clinical diagnostics, and the rising funds for the development of bioinformatics solutions for drug discovery & clinical diagnostics are primarily contributing to the growth of the medical biotechnology segment in the market.

"North American bioinformatics market to dominate the market during the forecast period"
North America dominated the bioinformatics market in 2021 and is expected to grow at an 12.7% CAGR during the forecast period. The North America holds large share in the global bioinformatics market owing to factors such as government support for genomic research, presence of top key players in the region, reduced cost of sequencing, increased awareness of bioinformatics services, and increased number of genomic research activities (and the corresponding adoption of bioinformatics) in the region are driving the growth of the bioinformatics market in North America.

Driver: Increasing public-private sector funding for bioinformatics

Many government bodies and private organizations across the globe are investing in the field of bioinformatics. These investments leads to technological advancements in bioinformatics services, which, in turn, have improved the quality of these services. For instance, in 2016, the European Molecular Biology Laboratory (EMBL), an intergovernmental organization and pioneer in bioinformatics research, received funds from the Biotechnology and Biological Sciences Research Council, British Heart Foundation, Cancer Research UK, the European Commission, European Molecular Biology Organization, the European Research Council, the Foundation of the National Institutes of Health, Bill & Melinda Gates Foundation, the Human Frontier Science Program, Innovate UK, International Policy Governance Organization, the Medical Research Council, the National Institutes of Health, National Science Foundation, Parkinson's UK, Research Councils UK, and Wellcome, for R&D in the field of bioinformatics.

Restraint: High Equipment Costs

Advancements in the NGS technologies, have led to increasing need for quick and accurate bioinformatics tools that can be easily operated. Scientists involved in experimental research are not necessarily bioinformaticians. Therefore, the availability of user-friendly tools is important for the use of bioinformatics platforms. Many bioinformatics tools require advanced computer expertise, mainly because they lack a suitable user-friendly interface.

Genomics instruments are also equipped with advanced features and functionalities come with 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. For small and medium-sized pharmaceutical companies and research laboratories, it is not possible for them to make such high investments in multiple genomics instruments

Opportunity: Lucrative opportunities in emerging markets

markets like India, China, Brazil, Russia, Taiwan, and South Korea, offer high growth opportunities for the major players offering bioinformatics products and services.

The dominance of these emerging economies in terms of R&D investments from global players is expected to provide major opportunities for the growth of genomics, transcriptomics, personalized medicine , drug discovery & clinical diagnostics , and other markets in the coming years. Also, regulatory policies in the Asia Pacific are more adaptive in nature due to fewer stringent regulations and less data requirements. The increasing competition in mature markets will further compel manufacturers to focus on emerging markets.

Challenges:

1. Management of large data volumes
2. Lack of interoperability and multiplatform capabilities
3. Growing competition from in-house development and publicly available tools
4. Shortage of skilled bioinformatics professionals

Key Market Players:

Some of the prominent players operating in the bioinformatics market are Thermo Fisher Scientific, Inc. (US), Eurofins Scientific (Luxembourg), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (US), and Illumina, Inc. (US), Waters Corporation (US), DNASTAR (US), NeoGenomics Laboratories (US), Perkin Elmer, Inc. (US), GENEWIZ (US) and BGI Group (China), Partek Incorporated (US), SOPHiA Genetics (Switzerland), Source BioScience (UK), and Biomax Informatics AG (Germany) among others.

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Recent Developments:
. In October 2022, Illumina, Inc. and AstraZeneca formed a strategic research collaboration to expedite the discovery of therapeutic targets by combining their strengths in AI-based genome interpretation and genomic analysis tools with industry knowledge. The cooperation would assess if a framework made of both these technologies can boost target discovery yield and confidence in order to identify prospective therapeutics based on human omics insights.

· In September 2022, Thermo Fisher Scientific joined the Pennsylvania Biotechnology Center (PABC) as a founding sponsor of both the Philadelphia-based B+Labs incubator and the PABC site in Doylestown, Pennsylvania, where emerging life science enterprises can accelerate their progress to commercialization.

· In January 2021, BGI and the Ministry of Health of Brunei expanded their partnership to carry out extensive cooperation in public health emergency response and public health testing screening and diagnostic services, including reproductive health, personalized drug guidance, early cancer screening, and detection of unknown pathogens by using BGI's cutting-edge sequencing technology.

· In January 2020, Charles River Laboratories, Inc. entered into a partnership with Fios Genomics to gain access to the expertise of Fios Genomics in the field of bioinformatics, statistics, and biology.

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