Bioinformatics is the combination of biology and information technology. The global bioinformatics market is a field of study stately including computer sciences, molecular biology, biotechnology, statistics, and engineering. It is particularly used to manage and to analyze large sets of data.
The global Bioinformatics market size is expected to reach close to USD 8,442.9 Million by 2029 with an annualized growth rate of 14.7% through the projected period.
After the completion of Human Genome Project and the Human Proteome Project, there were changes in the profiling of proteomic and genomic analysis, this has given a new dimension to the growth of global bioinformatics market. Other factors like government spending on R&D initiatives, growing demand for tools and platform for data management are also affecting and implementing growth in the market.
The largest share in the global bioinformatics market is medical biotechnology. This large share has been attributed to increasing in drug discovery and development process for development of new safe and effective drugs at a low cost in the bioinformatics industry. The global bioinformatics market is further segmented into proteomics, genomics, drug design, chemo informatics, molecular phylogenetic, transcriptomics, metabolomics in that genomics is going to be the leading market in the next five years.
Biotechnology with technological and process advancements primarily tends to create job opportunities in various countries, resulting, the government is mainly focusing on the growth of the biotechnology industry. Prominent players in the global bioinformatics market are more focused on maintaining their position, they are investing in research and development projects.
Key Development in the global bioinformatics market
- In January 2018, Thermo Fisher Scientific introduced Ion GeneStudio S5 Series (next generation sequencers)
- In November 2017, Biomillenia collaborated with QIAGEN for the use of Microbial Genomics Pro Suite
- In August 2017, Agilent Technologies and Eurofins Genomics collaborated for the expansion of SureVector
Key company profile in the Global Bioinformatics Market report Thermo Fisher Scientific Inc., Eurofins Scientific, QIAGEN N.V., Agilent Technologies Inc., Illumina Inc., Waters Corporation, NeoGenomics Laboratories, Perkin Elmer Inc., Fios Genomics, and Source BioScience, Qiagen, Affymetrics, Geneva Bioinformatics SA Illumina, Agilent technologies, and Perkinelmer, Accelrys Inc, Affymetrix Inc, CLC bio A/S
Geographically, the global bioinformatics market is segmented into North America, South America, Asia-Pacific, Europe, Middle East, and Africa. Due to the increasing demand of bioinformatics for genomics and proteomics research, increases in research funding, technological advancement, and a large number of count of market players in the region, North America dominates the global bioinformatics market. Whereas Asia-Pacific is expected to grow by 20% by end of 2020. Factors which are responsible for the growth is increasing research on drug discovery and increasing use of bioinformatics in academia.
Large amount of data generated is complex to understand, this complexity might give wrong assumptions or unwanted information. Data dissemination is a major challenge for the growth of the global bioinformatics market. The generated data is also posing a challenge regarding data storage and data annotation. Reimbursement hurdles for the manufacturer and high-capital investment are another challenges for the market right now.
Major players in the bioinformatics industry are helping in elevating the demand and working on a higher growth application of bioinformatics in drug discovery. Increasing bioinformatics supports in clinical diagnostics and development. The crucial need for integrated bioinformatics systems in genomics and proteomics is also into improvising the operational process and revealing the scope to grow in a specific area of the market.
Bioinformatics Market Scope
|Forecast Unit||Value (USD)|
|Segment Covered||by Product & Service, By Applications, By Connected Devices, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and South Africa|
|Key Players Profiled||Qiagen, Affymetrics, Geneva Bioinformatics SA Illumina, Agilent technologies, and Perkinelmer, Accelrys Inc, Affymetrix Inc, CLC bio A/S|
Key segments of the Bioinformatics Market
by End User, 2019 to 2029 (USD Million)
- Academics and Research Centers
- Pharmaceutical and Biotechnology Industries
- Forensics Laboratories
by Service Type, 2019 to 2029 (USD Million)
- Drug Development
- Molecular Medicine
- Microbial Genome Applications
- Gene Therapy
- Veterinary Science
- Forensic Analysis
by Applications, 2019 to 2029 (USD Million)
- Chemoinformatics & Drug design
- Other Applications
Region Overview, 2019 to 2029 (USD Million)
- North America
- United States of America
- the Netherlands
- The United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Rest of South America