DUBLIN--(BUSINESS WIRE)--The "Bioinformatics Market by Product & Service (Knowledge Management Tools, Data Analysis Platforms, Structural Analysis, Functional Analysis, Services), Applications (Genomics, Proteomics), & Sector (Medical, Animal, Agricultural) - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global bioinformatics market is projected to reach USD 21.8 billion by 2026 from USD 10.7 billion in 2021, at a CAGR of 15.2% during the forecast period.
Bioinformatics is the application of computer technology for the management and analysis of biological data. It includes storage, analysis, and dissemination of biological data. Bioinformatics uses computer programs for a variety of applications, including determining gene & protein functions, establishing evolutionary relationships, and predicting the three-dimensional shapes of proteins. However, high costs of bioinformatics software and services and a dearth of skilled professionals are likely to challenge market growth in the coming years.
Medical biotechnology to hold the largest segment of the market
Based on the sector, the market is segmented into medical biotechnology, animal biotechnology, plant biotechnology, environmental biotechnology, forensic biotechnology, another sector. The medical biotechnology segment accounted for the largest share of 50.3% of the bioinformatics market in 2020.The development of new databases for drug discovery, the use of bioinformatics for clinical diagnostics, and the increased funding for the development of bioinformatics solutions for clinical diagnostics are primarily driving the use of bioinformatics in clinical diagnostics and contributing to the growth of the medical biotechnology segment in the market.
Genomics segment to hold the largest share of the component market
Based on application, the bioinformatics market is segmented into genomics, chemoinformatics & drug design, proteomics, transcriptomics, metabolomics, and other applications. The genomics segment accounted for the largest market share of 36.9% in 2020. The increasing use of pharmacogenomic research for the development of precision medicine, the growing favorable funding scenario for genomic research, and the increasing partnerships and collaborations between various life sciences and informatics companies for the development of advanced bioinformatics tools and software are the major factors contributing to the growth of the bioinformatics market for genomics.
The US to dominate the bioinformatics market in North America
North America dominated the bioinformatics market, with a share of 45.0% in 2020, followed by Europe and the Asia Pacific, and Rest of World. North America has been among the frontrunners in developing bioinformatics services in the healthcare industry. The bioinformatics market in the US is expected to offer growth opportunities in the coming years owing to the increasing incorporation of EHR in the hospitals. Many major global players are also based in the US, owing to which the country has become a center of innovation in the bioinformatics market.
Market Dynamics
Drivers
- Increasing Public-Private Sector Funding for Bioinformatics
- Increasing Demand for Personalized Medicine
- Increasing Pharmaceutical and Biotechnology R&D Expenditure
- Decreasing Costs of Genome Sequencing
Restraints
- High Equipment Costs
Opportunities
- Lucrative Opportunities in Emerging Markets
- Adoption of Blockchain Technology and Cloud Computing
- Integration of Machine Learning and Ai in Healthcare
- Investments by Leading It Companies in the Development of Bioinformatics Solutions
Challenges
- Management of Large Data Volumes
- Lack of Interoperability and Multiplatform Capabilities
- Growing Competition from In-House Development and Publicly Available Tools
- Shortage of Skilled Bioinformatics Professionals
Companies Mentioned
- Agilent Technologies, Inc.
- Astalake Biosystems
- Beijing Genomics Institute (Bgi)
- Biomax Informatics Ag
- Biosystems Immunolab plc.
- Dnastar
- Eurofins Scientific
- Fios Genomics
- Genewiz (A Brooks Life Sciences Company)
- Genuity Science (Formerly Known as Wuxi Nextcode)
- Illumina, Inc.
- Jadbio
- Medgenome Labs Ltd.
- Microsynth
- Neogenomics Laboratories
- Nucleome Informatics Pvt. Ltd.
- Partek
- Perkin Elmer, Inc.
- Petdx
- Psomagen, Inc. (Formerly Known as Macrogen Corp.)
- Qiagen N.V.
- Sophia Genetics
- Source Bioscience
- Thermo Fisher Scientific, Inc.
- Waters Corporation
For more information about this report visit https://www.researchandmarkets.com/r/yov5eg
