Bioinformatics Market Insights: Opportunities and Challenges
The global bioinformatics market was valued at USD 10.1 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 13.7% from 2023 to 2030. Several key factors are driving this growth, including the increasing demand for bioinformatics tools and software in novel drug research and development (R&D), as well as both private and public funding initiatives that are aimed at supporting R&D activities. Additionally, the introduction of user-friendly bioinformatics software such as RasMol, AUTODOCK, BALL, and Bioclipse has played a significant role in expanding the market. These software tools are widely used for the accurate analysis of biomarker discovery programs, which help in detecting toxicity during the early stages of the drug development process.
Advancements in DNA sequencing are also contributing to the growth of the bioinformatics market. For example, a study published by Stanford Medicine in January 2022 demonstrated a DNA sequencing technique capable of sequencing a human genome in about 8 hours. Such breakthroughs enhance the demand for genomics, thereby driving the bioinformatics sector. Bioinformatics applications in data storage and analysis are crucial for managing large volumes of genomic and proteomic data, which facilitate research in various fields, including aging, carcinogenesis, and genetic disease prevention. This growing capacity to store and analyze vast amounts of data is expected to significantly contribute to market expansion over the forecast period.
Gather more insights about the market drivers, restrains and growth of the Bioinformatics Market
Product Insights
In terms of product categories, the bio-content management segment held the largest market share in 2022, accounting for 39.6% of the total market revenue. This can be attributed to the widespread use of bioinformatics tools in database management. These tools facilitate efficient data sharing with external databases and resources, thereby promoting data integration across various platforms. Genetic sequence analysis platforms are also poised to experience significant growth, driven by the increased demand for whole-genome sequencing and exome sequencing technologies, which have become more affordable due to reduced sequencing costs.
Bioinformatics is governed by various guidelines set by organizations such as the Human Genome Variation Society (HGVS), the Genomic Data Commons (GDC), and the Minimum Information About a Microarray Experiment (MIAME). Compliance with these standards ensures improved data compatibility, sharing, and collaboration. A noteworthy example of collaboration in this field occurred in April 2022, when ATCC entered into a partnership with Qiagen to share sequencing data from its collection of animal and human cell lines. This partnership aims to create a comprehensive database to aid in the development of therapeutic targets and the understanding of new diseases, which is crucial for both the pharmaceutical and biotechnology industries.
The bioinformatics market is divided into three primary product categories: bioinformatics platforms, bioinformatics services, and bio-content management. Among these, the bioinformatics services segment is expected to grow at the fastest rate, with a projected CAGR of 14.6% during the forecast period. Genomics has been the primary application area for bioinformatics, focusing on the analysis of entire DNA sequences. The increasing availability of genetic data, especially through next-generation sequencing (NGS) technologies, is driving demand for bioinformatics services, both in genomic research and clinical applications.
For instance, in July 2021, the National Institute of Technology in Rourkela, India, launched the Centre for Bioinformatics and Computational Biology (CBCB). This center focuses on the development of biomarkers and therapeutic strategies for various diseases using big data analytics, further boosting bioinformatics research and market growth, particularly in emerging markets.
The bioinformatics platforms segment is also expected to experience significant growth, driven by the increasing volume and complexity of biological data, the growing demand for personalized medicine, and the rise of cloud computing. The adoption of cloud-based platforms in bioinformatics enables better data sharing and collaboration between academic institutions, research organizations, and healthcare providers. Additionally, advancements in sequencing technologies continue to propel the demand for bioinformatics platforms.
Furthermore, the introduction of new and innovative technologies is expected to drive market expansion. For example, in June 2022, My Intelligent Machines (MIMs) launched software designed for drug development in oncology. Similarly, in March 2022, ARUP launched Rio, a bioinformatics analytics platform that streamlines results for next-generation sequencing tests. These developments highlight the increasing integration of bioinformatics into drug discovery and diagnostic workflows, further contributing to the market’s growth.
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