The global bioinformatics market is expected to exhibit strong growth during 2021-2026. Bioinformatics refers to an interdisciplinary scientific field that develops various methods and software tools for analyzing and interpreting biological data. It combines the principles of biology, mathematics, statistics and information technology (IT) to research genomic data and biological networks. It also integrates various tools for information storage, distribution and analysis to facilitate scientific research, along with various software programs for the management, creation, warehousing and mining of data. Owing to this, bioinformatics finds extensive applications in the field of molecular medicines, preventive medicines, drug development, gene therapy and forensic analysis of microbes.
The global market is primarily being driven by the significant advancements in the field of biotechnology. In line with this, the increasing demand for nucleic acid and protein sequencing for proteomics and drug discovery is contributing to the market growth. The collected data and information assists in understanding the nature of molecular mechanisms of diseases, thereby aiding in the development of more efficient diagnostic tests and treatment methods. Furthermore, widespread adoption of bioinformatics in the agriculture sector is also providing a boost to the market growth. The technology is used to study the genetic, proteomic, metabolomic and phenome information of the seeds, which is utilized for developing techniques for improving crop productivity. Additionally, various technological advancements, such as the integration of artificial intelligence (AI) and big data technology in the healthcare sector, is also driving the demand for this technology. Other factors, including the increasing investments by IT companies for the development of bioinformatics solutions, along with the rising preference for personalized medicines across the globe, are projected to drive the market further. Looking forward, IMARC Group expects the global bioinformatics market to grow at a CAGR of around 15% during the forecast period (2021-2026).
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The report has also analysed the competitive landscape of the market with some of the key players being ABM Industries, Agilent Technologies, Biomax Informatics, Data4Cure Inc., Dnaster Inc., Illumina Inc., Life Technologies, PerkinElmer Inc., Qiagen N.V., Quest Diagnostics, Sophia Genetics SA, Thermo Fisher Scientific Inc., Waters Corp, WuXi Nextcode Genomics, etc.
Key Questions Answered in This Report:
The global bioinformatics market size was valued at US$ 9.38 Billion in 2020.
According to the estimates by IMARC Group, the global bioinformatics market is expected to witness a CAGR of 15% from 2021 to 2026.
Significant advancements in the field of biotechnology, along with the growing demand for nucleic acid and protein sequencing for proteomics and drug discovery, represents some of the key drivers for the global bioinformatics market.
The increasing investments by IT companies for the development of bioinformatics solutions, coupled with the rising preferences for personalized medicines, represent some of the key trends in the global bioinformatics market.
Sudden outbreak of the COVID-19 pandemic has led to the increase in the demand of bioinformatics for the development of healthcare-based software solutions, thereby positively influencing the market growth.
On the basis of the product and service, the market has been bifurcated into knowledge management tools, bioinformatics platforms, and bioinformatics services. Currently, bioinformatics platforms hold the majority of the total market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
The key companies in the global bioinformatics market are ABM Industries, Agilent Technologies, Biomax Informatics, Data4Cure Inc., Dnaster Inc., Illumina Inc., Life Technologies, PerkinElmer Inc., Qiagen N.V., Quest Diagnostics, Sophia Genetics SA, Thermo Fisher Scientific Inc., Waters Corp, WuXi Nextcode Genomics, etc.
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