Bioinformatics involves the collection, storage, retrieval, manipulation, and modelling of biological and genetic data to gain a better understanding of living systems. It utilizes various computational techniques such as data mining, machine learning and artificial intelligence to analyze large biological datasets and discover new biological knowledge. Bioinformatics tools and platforms allow researchers to manage, analyze and interpret complex biological and biomedical data into useful information and knowledge. They have applications in diverse domains such as drug discovery, genomics, transcriptomics, proteomics, and epigenomics.
The global bioinformatics market is estimated to be valued at US$ 22.1 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The integration of big data analytics and information technology with bioinformatics is driving the market growth significantly. Bioinformatics produces massive amounts of high-dimensional and heterogeneous biological data that requires sophisticated computational techniques and infrastructure for effective analysis. The emergence of cutting-edge technologies like cloud computing, machine learning and artificial intelligence are empowering researchers and industry players to store, manage, analyze and interpret large and complex biological datasets. This is helping them gain deeper insights into biological processes and make groundbreaking discoveries related to disease pathogenesis, targeted therapies and personalized medicine. Such innovations are supporting drug discovery and development, precision and regenerative medicine and boosting the growth of the overall bioinformatics market.
Segment Analysis
The global bioinformatics market is segmented on the basis of applications into genomic applications, drug discovery and development, molecular medicine, diagnostics, agricultural biotechnology and others. The diagnostics applications segment dominates the market and is expected to witness high growth over the forecast period. Growing applications of bioinformatics in molecular diagnostics of diseases like cancer is driving the growth of this segment.
Key Takeaways
The global Bioinformatics Market Size is expected to witness high growth over the forecast period of 2023 to 2030 driven by increasing applications of bioinformatics in drug discovery, personalized medicine and molecular diagnostics. The global bioinformatics market is estimated to be valued at US$ 22.1 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Regional analysis shows that North America currently dominates the global bioinformatics market however Asia Pacific is expected to witness fastest growth. The North America region currently has the largest share in the global bioinformatics market driven by the presence of key market players and growing research in the fields of omics along with precision medicine. However, Asia Pacific region is expected to witness highest growth over the forecast period owing to increasing government funding for genomic research and increasing adoption of bioinformatics tools in countries like China and India.
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Key players operating in the market are The Apache Software Foundation , NCBI, European Molecular Biology Laboratory (EMBL), Thermo Fisher Scientific Inc., Illumina Inc, QIAGEN, Intrexon, Agilent Technologies, Genevia, Dassault Systemes.
Key players operating in the bioinformatics market are focusing on partnerships and collaborations with research organizations as well as acquisition activities to expand their product portfolio. For instance in 2022, Thermo Fisher Scientific acquired GENEWIZ, a leading provider of genomics services and software to expand its capabilities in next-generation sequencing, NGS bioinformatics and gene synthesis. Such strategic initiatives by key players are expected to boost the growth of the global bioinformatics market over the forecast period.
Explore more related article on this topic: https://www.ukwebwire.com/bioinformatics-market-growth-is-driven-by-growing-demand/
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