The global Bioinformatics Platforms Market is estimated to be valued at US$ 11.41 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Bioinformatics platforms provide software tools for storing, retrieving and analyzing biological data such as gene sequences and macromolecular structures. They allow scientists and researchers to understand biological processes and functions more efficiently. With the increasing use of big data analytics in life sciences, data analytics has emerged as the fastest growing segment in the bioinformatics platforms market.
Bioinformatics platforms are used for biological data integration, data warehousing, data mining and knowledge management. They support various applications like genomics, cheminformatics, transcriptomics, and proteomics. With the reduction in cost of DNA sequencing, these platforms play a vital role in processing the huge amount of genomic data generated.
Market key trends:
One of the key trends in the bioinformatics platforms market is the increasing integration of artificial intelligence and machine learning capabilities. Vendors are focusing on developing platforms equipped with advanced algorithms to gain insights from large and complex datasets. This is allowing researchers to speed up drug discovery process and precision medicine initiatives. Moreover, growing focus on developing open-source, cloud-based platforms is also driving the demand as it provides easy accessibility to genomic data. The increasing investment by pharmaceutical and biotechnology companies in bioinformatics is further fueling the adoption of these platforms.
Segment Analysis
The bioinformatics platforms market is segmented into knowledge management tools, data analysis platforms, and other tools. The knowledge management tools segment dominated the market in 2023 and is expected to continue its dominance over the forecast period. This is because knowledge management tools offer user-friendly interfaces for large-scale data storage and help researchers retrieve relevant data in an organized manner for analysis.
Key Takeaways
The Global Bioinformatics Platforms Market Size is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing investment in bioinformatics research and growing demand for integrated bioinformatics solutions.
Regional analysis
North America dominated the global market in 2023 and is expected to continue its dominance over the forecast period. This is due to increased biotechnology and pharmaceutical R&D spending and well-established healthcare infrastructure in the region. Asia Pacific is anticipated to exhibit the highest growth rate during the forecast period due to rising government funding for bioinformatics research and growing genomic research in countries such as China and India.
Key players
Key players operating in the bioinformatics platforms market are Agilent Technologies, Inc., Biomax Informatics AG, DNAnexus, Inc., Genedata AG, Intrexon Bioinformatics Germany GmbH, Illumina Inc., Perkinelmer Inc., Qiagen N.V., Seven Bridges Genomics Inc., and Thermo Fisher Scientific, Inc. The market is highly consolidated with the top 5 players accounting for over 50% of the total market share.
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