Growing demand for nucleic acid and protein sequencing, increasing initiatives by private and government organizations, accelerating growth in proteomics and genomics, and increasing research in molecular biology and drug discovery. Owing to the above factors, the global bioinformatics market is expected to experience rapid growth during the forecast period.
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Bioinformatics is the application of computer technology for the management and analysis of biological data. It includes storage, analysis, and dissemination of biological data.
Based on products & services, the market is segmented into knowledge management services, bioinformatics platform, and bioinformatics services. Financial support from the government and private bodies for NGS-based projects, advancements in NGS, decreased sequencing costs, and the need for high-throughput analysis of a large amount of data generated during sequencing are the major factors driving this segment’s growth. The knowledge management tools segment is expected to account for the largest share of 39.1% of the bioinformatics market
Based on the application, the market is segmented into medical biotechnology, animal biotechnology, plant biotechnology, environmental biotechnology, forensic biotechnology, another sector. The medical biotechnology segment accounted for the largest share of 50.3% of the bioinformatics market.
North America dominated the bioinformatics market in 2020 and is expected to grow at a 14.7% CAGR during the forecast period. The large share of North America in the global bioinformatics market can be attributed to factors such as government support for genomic research, presence of leading bioinformatics providers, decreased cost of sequencing, increased awareness of bioinformatics services, and increased number of genomic research activities (and the corresponding adoption of bioinformatics) in the region are driving the growth of the bioinformatics market in North America.
Key Market Players
Some of the prominent players operating in the bioinformatics market are Thermo Fisher Scientific, Inc. (US), Eurofins Scientific (Luxembourg), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (US), and Illumina, Inc. (US), Waters Corporation (US), DNASTAR (US), NeoGenomics Laboratories (US), Perkin Elmer, Inc. (US), GENEWIZ (US) and BGI Group (China) Waters Corporation (US), DNASTAR (US), NeoGenomics Laboratories (US), Perkin Elmer, Inc. (US), GENEWIZ (US) and BGI Group (China), Fios Genomics (UK), Partek Incorporated (US), SOPHiA Genetics (Switzerland), Source BioScience (UK), and Biomax Informatics AG (Germany) among others.
Expected Revenue Growth:
The global bioinformatics market is projected to reach USD 21.8 billion by 2026 from USD 10.7 billion in 2021, at a CAGR of 15.2%.
Thermo Fisher Scientific, Inc. is the leading player in the bioinformatics market. The company primarily develops technologically advanced bioinformatics solutions to enhance its service offerings. It also focuses on strategic acquisitions to strengthen its market presence.