The Bioinformatics Market is expected to reach $31.71 billion by 2031, at a CAGR of 13.4% From 2024 to 2031. The growth of this market is attributed to the growth of the biotech and pharmaceutical industries, initiatives supporting genomics research, and the rising need to develop novel drugs/drug molecules. Furthermore, untapped markets in emerging economies, growing clinical applications of genomic technologies, and the increasing use of bioinformatics in agriculture are expected to generate growth opportunities for the players operating in this market.
The demand for biopharmaceuticals is increasing globally. Biotech companies are focused on expanding their production capacities and capabilities to meet the increasing demand and develop new biopharmaceuticals. For instance, in April 2022, FUJIFILM Diosynth Biotechnologies (U.S.) expanded its BioProcess Innovation Center in Research Triangle Park (U.S.), with plans to equip the facility with analytical instrumentation, high-throughput bioprocessing equipment, and automation technologies.
Bioinformatics has many applications in biotechnology, including automatic genome sequencing, prediction of gene function and protein structure vaccine designing, phylogeny, gene identification, understanding gene and genome complexity, and protein structure, functionality, and folding. Similarly, pharmaceutical companies use bioinformatics throughout the drug discovery and development process. Identifying the drug target is a crucial step in the creation of new drugs. Moreover, bioinformatics tools are used for analyzing the data generated from preclinical and clinical trials as the amount of data generated is huge, and the integration of this generated biological data is necessary for the interpretation of results.
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Bioinformatics software helps researchers in analyzing and interpreting vast amounts of diverse genomic data. Bioinformatics is used in genomics for several applications, including genome assembly, functional genomics, comparative genomics, structural genomics, metagenomics, and cancer genomics. There has been a significant increase in funding for genomics research due to increased research activities, which has led to the development of advanced sequencing technologies and bioinformatics tools that have made it possible to analyze vast amounts of genomic data.
Genomics research is crucial in discovering new drugs, developing personalized medicines, and improving researchers’ understanding of disease mechanisms. Therefore, several private organizations and government entities are funding genomics research to improve patient outcomes and strengthen genomics infrastructures. For instance, in July 2021, the National Institutes of Health (U.S.) announced an investment of USD 80 million to support the establishment of the Mendelian Genomics Research Consortium and develop novel methods and approaches to aid researchers in identifying the genetic causes of single gene diseases. Such initiatives generate large amounts of genomics data for which bioinformatics tools are crucial to analyze and interpret this genomics data, driving the market growth.
The analysis of genomic data is a fundamental aspect of bioinformatics. With the advent of high-throughput sequencing technologies, the volume of genomic data has grown exponentially. AI techniques, particularly machine learning algorithms, have proven effective in tasks such as gene prediction, variant calling, and comparative genomics. Deep learning models, such as Convolutional Neural Networks (CNNs) and Recurrent Neural Networks (RNNs), have demonstrated remarkable performance in sequence analysis tasks, including predicting DNA motifs, transcription factor binding sites, and non-coding RNA elements. Pharmaceutical and genomics companies are collaborating to use AI in genomics and genetics. For instance, in November 2020, BioMarin Pharmaceutical Inc. (U.S.) and Deep Genomics (U.S.) entered into a preclinical collaboration to identify oligonucleotide drug candidates in four rare disease indications using The AI Workbench—Deep Genomics’ artificial intelligence drug discovery platform.
The process of drug discovery is both time-consuming and costly. AI is transforming this process by accelerating the identification of potential drug candidates. Virtual screening, wherein AI algorithms predict the binding affinity of compounds to target proteins, has become an essential tool in drug discovery. Additionally, AI has enabled the repurposing of existing drugs for new therapeutic indications, a cost-effective approach to finding novel treatments for diseases. For instance, Insilico Medicine (U.S.) has developed PandaOmics, an AI-driven target discovery platform that uses deep learning models to identify therapeutic targets associated with a particular disease using a combination of omics data analysis, which is further put in the context of prior information obtained from publications, clinical trials, and grant applications.
Plant genomics research is often aimed at reducing the costs associated with producing crops, improving the safety and quality of the food supply, developing superior processing abilities, and enhancing the effectiveness and efficiency of plant breeding practices. These research studies aim to improve plant resistance to biotic and abiotic stress and increase the nutritional quality of plants.
The global population is increasing rapidly; however, agricultural output is decreasing due to environmental factors. Advancements in genomics and genetics are enabling researchers to study the effects of environmental factors on the genotypic and phenotypic traits of crops and livestock. Moreover, there is a need for improved seed and crop strains that are climate, disease, biotic, and abiotic stress-resistant and provide higher yields and better nutrition, which can be fulfilled by genetically engineering seeds and plants. Genomic research on plants generates vast amounts of data. Bioinformatics tools are used to accurately analyze and interpret this data. Additionally, bioinformatics tools are also used for gene discovery, enabling researchers to develop methods to improve seed quality and incorporate added micronutrients in the plants, benefiting human health.
Based on solutions & services, the bioinformatics market is segmented into knowledge management software, bioinformatics platforms, and services. In 2024, the knowledge management software segment is expected to account for the largest share of 42.2% of the bioinformatics market. Expanding genomic datasets, growing adoption of precision medicine, growing investments in pharmaceutical R&D, and growing research in the application of genomics for several fields, including agriculture, clinical decision-making, and predictive medicine, support a large share of the segment.
The explosion of genomic, omics data, and clinical data has created a need for knowledge management solutions. These solutions integrate diverse data sources, including genomic sequences, experimental results, clinical records, and references from scientific literature, resulting in an integrated and accessible format for efficient data handling, organization, and analysis.
However, the bioinformatics platforms segment is expected to grow at the highest CAGR of 14.9% during the forecast period of 2024-2031. Bioinformatics platforms are essential tools for researchers, institutions, and organizations involved in life sciences, pharmaceuticals, and healthcare. Bioinformatics platforms provide a comprehensive suite of software, tools, and resources that empower scientists to extract meaningful insights from complex biological data, advancing research, drug discovery, and clinical applications. Bioinformatics platforms offer a wide range of functions and features that cater to the diverse needs of researchers and professionals across multiple domains, including genomics, proteomics, structural biology, and epidemiology, among others. The growing research and development activities in genomics, proteomics, structural biology, and epidemiology are expected to drive the segment growth.
Based on application, the bioinformatics market is segmented into genomics, chemoinformatics, proteomics, transcriptomics, metabolomics, and other applications. In 2024, the genomics segment is expected to account for the largest share of 43.9% of the market. The factors contributing to the segment’s large share are the growing amount of genomics data being generated, the application of genomics in chronic disease management, and the growing prevalence of chronic diseases. A substantial amount of genomic data is generated every year due to advancements in sequencing technologies and research initiatives. For instance, according to the National Human Genome Research Institute (U.S.), around 40 exabytes of storage will be required to store the genome-sequence data generated worldwide by 2025. The data leads to more information about genetics to researchers, however, it also presents several challenges in terms of data storage, processing, analysis, and interpretation. This generates a demand for bioinformatics to process, analyze, and interpret large amounts of genomic data.
However, the proteomics segment is expected to grow at the highest CAGR of 15.5% during the forecast period of 2024-2031. The growing research activities to study proteins, the growing disease prevalence, and the need for new protein biomarkers drive the segment growth.
Based on industry, the bioinformatics market is segmented into healthcare, agriculture, veterinary, and other industries. In 2024, the healthcare segment is expected to account for the largest share of the market. This segment's large market share is attributed to the wide applications of bioinformatics in the biotechnology and pharmaceutical industry, the growth of the pharmaceutical and biotech industry, and supportive initiatives for the growth of pharmaceutical and biotech companies. The rapid expansion and initiatives such as investments and provision of grants and funds to pharmaceutical and biotechnology companies for the manufacture and R&D of biopharmaceuticals are leading in demand for bioinformatics tools. For instance, in November 2021, Medical Research Agency (Poland) announced government funding of USD 73.3 million (PLN 300 million) for producing vaccines based on mRNA technology in Poland.
The healthcare segment is also expected to grow at a higher CAGR during the forecast period. The growth of this segment is attributed to the growing prevalence of diseases, the growth of biotech & pharmaceutical industries, and the need for the development of new drugs and biologics.
In 2024, North America is expected to account for 44.5% of the global bioinformatics market. The large share of North America is attributed to the favorable government initiatives for genomics research, growing applications of genomic research, declining cost of sequencing, increasing research investments by pharmaceutical and biopharmaceutical companies, and the growing adoption of precision cancer medicine supported by the increasing cancer prevalence.
However, Asia-Pacific is expected to record the highest CAGR of 14.3% during the forecast period of 2024 to 2031. The high growth of the Asia-Pacific bioinformatics market is attributed to the growing pharmaceutical and biotech industry, growth in genomics research, growing use of genetic engineering in the agriculture sector, and favorable government initiatives in Asian countries to develop novel bioinformatics tools.
The pharmaceutical companies in India are developing new chemical and biological entities. For instance, in 2023, the U.S. FDA accepted Glenmark Pharmaceuticals Limited’s (India) investigational new drug (IND) application for potential cancer drug GRC 54276. In addition, the Government of India, in its Union Budget 2023 presentation, advised pharmaceutical companies to focus on research and development. In 2023, the Central Drugs Standard Control Organisation announced that the government is planning to introduce a research-linked incentive program, such as the production-linked incentive (PLI) scheme, to boost research and development of pharmaceutical and biotech products in the country.
The report offers a competitive landscape based on an extensive assessment of the product portfolio offerings, geographic presence, and key strategic developments adopted by leading market players in this market in the last three to four years. The key players profiled in the bioinformatics market are Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Qiagen N.V. (Netherlands), Agilent Technologies, Inc. (U.S.), Dassault Systèmes SE (France), Eurofins Genomic LLC (Germany), Revvity, Inc. (U.S.), Azenta, Inc. (U.S.), and DNAnexus, Inc. (U.S.).
In June 2023, PerkinElmer Inc. (U.S.) launched Signals Research Suite, a unified, cloud-native SaaS platform. It integrates the Revvity Signals Notebook, VitroVivo, and Inventa applications.
In April 2022, PerkinElmer Inc. (U.S.) collaborated with Scitara Corporation (U.S.) for the integration of the PerkinElmer Signals Research Suite informatics platform with Scitara Scientific Integration Platform SIP.
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Particular |
Details |
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Page No |
198 |
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Format |
|
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Forecast Period |
2024-2031 |
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Base Year |
2023 |
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CAGR |
13.4% |
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2031 Market Size (Value) |
$31.71 billion |
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Segments Covered |
By Solutions & Services
By Application
By Industry
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Countries Covered |
North America (U.S., Canada), Europe (Germany, France, U.K., Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of APAC), Latin America (Brazil, Mexico, Rest of LATAM), Middle East & Africa |
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Key Companies |
Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Qiagen N.V. (Netherlands), Agilent Technologies, Inc. (U.S.), Dassault Systèmes SE (France), Eurofins Genomic LLC (Germany), Revvity, Inc. (U.S.), Azenta, Inc. (U.S.), and DNAnexus, Inc. (U.S.) |
The bioinformatics market report covers market sizes & forecasts for knowledge management software, bioinformatics platforms, and services. The bioinformatics market study includes the value analysis of various segments and subsegments of the bioinformatics market at the regional and country levels.
The bioinformatics market is projected to reach $31.71 billion by 2031, at a CAGR of 13.4% from 2024 to 2031.
The knowledge management software segment is estimated to account for the largest share of the bioinformatics market in 2024.
Based on application, the proteomics segment is projected to gain more traction in the bioinformatics market.
The high growth of the bioinformatics market is mainly attributed to the growth of the biotech and pharmaceutical industries, initiatives supporting genomics research, and the rising need to develop novel drugs/drug molecules. Moreover, untapped markets in emerging economies, growing clinical applications of genomic technologies, and the increasing use of bioinformatics in agriculture offer market growth opportunities.
The key players operating in the bioinformatics market are Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Qiagen N.V. (Netherlands), Agilent Technologies, Inc. (U.S.), Dassault Systèmes SE (France), Eurofins Genomic LLC (Germany), Revvity, Inc. (U.S.), Azenta, Inc. (U.S.), and DNAnexus, Inc. (U.S.).
The emerging Asian-Pacific countries are expected to offer significant growth opportunities for the vendors in this market due to the growing pharmaceutical and biotech industry, growth in genomics research, growing use of genetic engineering in the agriculture sector, and favorable government initiatives in Asian countries to develop novel bioinformatics tools.
This report provides pre & post COVID-19 market estimates.
This report provides pre & post COVID-19 market estimates.
This report provides pre & post COVID-19 market estimates.
Published Date: Oct-2013
Published Date: Oct-2022
Published Date: Apr-2023
