Bioinformatics is an interdisciplinary field that develops computational approaches for analyzing biological and biomedical data. It involves the acquisition, storage, analysis and dissemination of biological data. Bioinformatics applications are utilized extensively in fields of genome sequencing, drug discovery, and personalized medicine. The global bioinformatics market is estimated to be valued at US$ 22.1 Bn in 2024 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:
The integration of big data analytics has accelerated the growth of the global bioinformatics market over the past few years. Bioinformatics generates large volumes of complex datasets on a regular basis through high-throughput genomic and proteomic technologies. Traditional data processing and storage methods are incapable of handling this scale of biological data. Therefore, bioinformatics is leveraging big data analytics tools and techniques to extract meaningful biological insights from these large datasets in a time and cost-effective manner. Big data analytics allows bioinformatics researchers to detect patterns, correlations and anomalies in massive genomic and proteomic data that could lead to development of new diagnostics and therapeutics. This is expected to drive increased adoption of bioinformatics solutions in research and development over the forecast period.
Segment Analysis
The global bioinformatics market is dominated by sequencing subsegment due to increase in sequencing activities in research institutions and diagnostic laboratories. DNA and RNA sequencing are widely applied in clinical diagnostics, molecular pathology, biomarker discovery, and precision medicine. The sequencing sub-segment accounts for over 25% share of the overall bioinformatics market.
Key Takeaways
The Global Bioinformatics Market Share is expected to witness high growth on the back of increasing focus on data-driven drug discovery and precision medicine initiatives.
Regional analysis: The North America region accounts for the largest share in global bioinformatics market. Early adoption of advanced technologies, significant governmental and private investments in research and development activities related to precision medicine and healthcare are driving the North America bioinformatics market. Asia-Pacific region is expected to witness highest growth during the forecast period owing to increase in biomedical research activities, demand for personalized medicine and rising government funding in countries like China and India.
Key players operating in the bioinformatics market include 3M Company, Illumina, Thermo Fisher Scientific, PerkinElmer, Agilent Technologies, GE Healthcare Dharmacon, QIAGEN, Waters Corporation, Sophia Genetics, DNASTAR. 3M Company provides both NGS and Sanger sequencing services along with bioinformatics solutions for data analysis, management and interpretation for clinical and research applications. Illumina is the global leader in sequencing with dominant position in high-throughput sequencing instruments and consumables market. Thermo Fisher Scientific offers a comprehensive portfolio of reagents, instruments and software for DNA sequencing, data analysis, data storage and interpretation for research and clinical use.
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