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.
Market Segmentation
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.
Regional Analysis
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.