by Bioinformatics is an interdisciplinary field that develops methods and software tools for understanding biological data, especially data relating to genomic DNA, RNA, proteins, and small molecules from various perspectives like 3D chemical structure. Bioinformatics tools are used in various fields such as integrated omics analysis, drug discovery, forensic analyses, and personalized medicine. Omics studies involve large-scale experimental analysis of biological markers including genes, RNAs, proteins and metabolites. These studies generate massive amounts of data that need efficient analysis and interpretation, which is only possible through bioinformatics tools and techniques.
The data integration and analysis abilities of bioinformatics help researchers gain valuable insights from omics studies that can aid drug discovery and precision medicine development efforts. With the constantly dropping costs of sequencing technologies, bioinformatics acts as a crucial link between data generation and knowledge extraction.
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
One of the major trends driving growth in the bioinformatics market is the increasing demand for data integration and management solutions. Large volumes of complex biological data are now routinely generated through high-throughput techniques like genomics, proteomics, and metabolomics. However, extracting useful insights from these vast datasets requires robust computing infrastructure and bioinformatics tools that can integrate multi-omics data types and transform raw numbers into biological knowledge. Leading players are focusing on developing platforms and software suites with advanced capabilities for securely storing, visualizing, analyzing and interpreting diverse ‘omics’ data within a unified framework. This is enabling researchers to gain a systems-level perspective of biological processes and disease mechanisms. Besides consolidated data management, another prominent trend is the shift towards cloud-based delivery of bioinformatics solutions. The ubiquitous availability and pay-as-you-go pricing models of cloud platforms are making specialized bioinformatics resources cost-effective and accessible for smaller organizations as well.
Porter’s Analysis
Threat of new entrants: The bioinformatics market requires heavy investment in R&D and technology. This poses high entry barriers for new players to enter the market.
Bargaining power of buyers: There exists a large customer base for bioinformatics solutions like academic research institutions and pharma companies. This gives buyers a moderate level of bargaining power.
Bargaining power of suppliers: A few technology giants dominate the supply of bioinformatics tools and services. This gives them a strong position in negotiations with buyers.
Threat of new substitutes: There are limited substitutes for bioinformatics due to its specialized use in life sciences research. This reduces the threat of substitutes.
Competitive rivalry: The presence of numerous global and regional vendors makes this a highly competitive market. Players differentiate by focusing on specific sectors or delivering unique value.
Key Takeaways
The global Bioinformatics Market Size is expected to witness high growth. Advancements in genomics and biotechnology are expanding the scope of applications for bioinformatics tools. 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: North America dominates the market currently due to heavy investments in omics research by government and private funds. Asia Pacific is anticipated to grow at the fastest pace led by China, India, and other developing nations expanding their research capabilities. Large population base and lower infrastructure costs are attracting global players to establish facilities in the region.
Key players: Key players operating in the bioinformatics market are Illumina, Thermo Fisher Scientific, Eurofins Scientific, Agilent Technologies, Dassault Systèmes. They offer a comprehensive range of software tools for sequence analysis, statistical analysis, database management, and more.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
