Bioinformatics Market is projected to reach USD 18.7 billion by 2027, at a CAGR of 13.0%. according to a new report by MarketsandMarkets™. The use of computer technology to comprehend and utilise biological and biomedical data effectively is known as bioinformatics. It is the field responsible for storing, analysing, and interpreting the Big Data gathered during clinical settings or as a result of life science investigations. The growth of the bioinformatics market is driven by the increasing public and private-sector funding for bioinformatics, growing demand for personalized medicine, increasing pharmaceutical and biotechnology RD expenditure, and decreasing cost of genome sequencing. However, the high cost of equipment is hindering the growth of this market.
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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.
Bioinformatics Market Dynamics:
Drivers: 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 RD in the field of bioinformatics.
Restraints: 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.
Opportunities: 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 RD 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.
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Challenges: Patient data confidentiality concerns
The rapid technological adoption in next-generation sequencing (NGS) technologies have generated a large volume of biological data, and with the rapid influx of data there is growing adoption of NGS. Data analysis is necessary, as a lot of information is still not researched in genome analysis. Hence, data after the process of bioinformatics analysis carries huge importance and can be reused. The current solutions offered in the market do not adequately solve the challenges of data management in bioinformatics.
"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.
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.
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