Bioinformatics Market Growth & Trends
The global bioinformatics market is expected to reach USD 28.5 billion by 2030, registering a CAGR of 13.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. Growing clinical development of biopharmaceutical and increasing need for three-dimensional drug designing technology are expected to drive the market growth over the next five years.
Furthermore, the development of bioinformatics tools and analysis platforms coupled with the introduction of novel technologies are expected to be high impact rendering factors for the growth of this market. Increasing demand for faster development of novel API and biopharmaceuticals is also expected to enhance the growth of this industry.
Growth in the number of research and development studies in various ‘-omics’ related segments and the need for integration of the large amounts of biological data generated from these studies are also expected to encourage industry players to develop faster, more efficient, and versatile bioinformatics software cum platforms for commercialization.
The bio-content management segment led the market with a revenue share of 39.6% in 2022. High usage rates of bioinformatics tools and software in database management are one of the primary reasons attributed to its large share, as it efficiently provides easy data sharing with external databases and resources and promotes data integration.
Moreover, the sequence and structural analysis platform segment is expected to grow at the fastest CAGR of over 20% over the forecast period owing to the development of next-generation sequencing and expected reduction in the cost of whole genome exome sequencing. These factors are expected to have a significantly positive impact on the overall growth of this market in the next five years.
The cheminformatics segment is expected to expand substantially during the forecast period, wherein increasing demand for biomarker discovery and development is the primary reason for this expected growth. Cost reductions in the drug development process, reduced time for introducing a new drug in the market, and an increase in the success rate of drug discovery by cheminformatics and drug designing are expected to further boost this segment's growth.
Proteomic applications are expected to attract a considerable amount of R&D investment in the near future and witness lucrative growth over the forecast period. Developments in three-dimensional drug development technologies are further expected to boost the growth of this segment.
North America dominated the market and accounted for a revenue share of 43.6% in 2022. The majority of the revenue is generated from the U.S. and Canada, driven by the extensive presence of top research organizations, academic institutions, and bioinformatics businesses in the region. Increasing investments in the research & development of new and innovative technologies related to molecular biology and genome sequencing is expected to boost the regional market.
Asia Pacific is poised to be the fastest-growing regional market with a CAGR of 18.4% during the projection period. The presence of skilled and trained bioinformaticians and the expected strong development of the region’s IT sector are anticipated to enhance the capability of providing outsourcing services to developed economies. Supportive government policies are also expected to drive the growth of this region over the forecast period.
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Bioinformatics Market Report Highlights
- The genomics application segment accounted for a significant revenue share in 2022. Growing demand for pharmacogenomics in drug development and sequence screening and the introduction of technological advancements aimed at managing large sets of genomic data are key factors accounting for this large share.
- The bio-content management segment led the market with a revenue share of 39.6% in 2022. High usage rates of bioinformatics tools and software in database management are one of the primary reasons attributed to its large share, as it efficiently provides easy data sharing with external databases and resources and promotes data integration.
- North America dominated the market and accounted for a revenue share of 43.6% in 2022. The majority of the revenue is generated from the U.S. and Canada, driven by the extensive presence of top research organizations, academic institutions, and bioinformatics businesses in the region.
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Bioinformatics Market Segmentation
Grand View Research has segmented the global bioinformatics market report based on product, application, and region:
Bioinformatics Product Outlook (Revenue, USD Million, 2018 - 2030)
- Bioinformatics Platforms
- Sequence Analysis Platforms
- Sequence Manipulation Platforms
- Sequence Alignment Platforms
- Structural and Functional Analysis Platforms
- Others
- Bioinformatics Services
- Sequencing
- Database Management
- Data Analysis
- Others
- Biocontent Management
- Generalized Biocontent
- Specialized Biocontent
Bioinformatics Application Outlook (Revenue, USD Million, 2018 - 2030)
- Genomics
- Molecular Phylogenetics
- Metabolomics
- Proteomics
- Transcriptomics
- Cheminformatics and drug designing
- Others
Bioinformatics Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- US.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Denmark
- Sweden
- Norway
- Asia Pacific
- Japan
- China
- India
- Australia
- Thailand
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East and Africa
- South Africa
- Saudi Arabia
- UAE
- Kuwait
List of Key Players of Bioinformatics Market
- DNAnexus Inc.
- Seven Bridges Genomics
- BGI Group
- Partek Inc.
- Thermo Fisher Scientific
- Qiagen
- Agilent Technologies
- Illumina
- PerkinElmer
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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