The global bioinformatics market is projected to grow at a CAGR of 14.5%. The global bioinformatics market is projected to reach USD 13.50 billion in 2023 from USD 7.73 billion in 2018, at CAGR of 14.5%. Growing demand for nucleic acid and protein sequencing, applications of bioinformatics in proteomics and drug discovery, clinical diagnostics and personalized medicine are the major factors driving the growth of the bioinformatics market. On the other hand, lack of well-defined standards and common formats for data integration are the major factor restraining market growth.
By product & service, the knowledge management segment is expected to account for the largest share in 2018. On the basis of product and service, the global bioinformatics market is divided into knowledge management tools, bioinformatics platforms, and services. In 2018, the knowledge management tools segment is expected to account for the largest share of the global bioinformatics market due to the large amount of sequencing data that is being processed in the research and clinical space.
The metabolomics segment is expected to grow at the highest CAGR during the forecast period. On the basis of applications, the global bioinformatics market is divided into genomics, chemoinformatics and drug design, proteomics, transcriptomics, and metabolomics.The metabolomics segment is expected to account for the highest growth rate in the bioinformatics market during the forecast period.
The rising application of metabolomics in various disease-related projects and support from the government in the form of funding is positively affecting market growth.
The medical biotechnology segment is expected to grow at the highest rate during the forecast period. On the basis of sector, the global bioinformatics market is divided into medical biotechnology, academics, animal biotechnology, agricultural biotechnology, environmental biotechnology, and forensic biotechnology.The medical biotechnology is subsegmented into drug discovery & development, clinical diagnostics & precision medicine, reproductive health.
In 2023, the medical biotechnology segment is expected to account for the highest growth of the bioinformatics market. The rising adoption of bioinformatics tools in pharma and clinical applications is driving market growth.
Asia Pacific is expected to grow at the highest rate during the forecast period. By region, Asia Pacific is expected to account for the highest growth of the bioinformatics market by 2023, followed by North America. The high growth of Asia Pacific market is primarily attributed to rising penetration of cutting-edge research and clinical laboratory technologies and increasing public- and private-sector investments in genomics, proteomics, and related technologies.
Break-up profile of primaries: • By Company Type- Tier 1-45%, Tier 2-40% and Tier 3-15% • By Designation- C-level-41%, D-level-30% and Others-29% • By Region- North America-36%, Europe-30%, Asia Pacific-21%, and RoW-13%
The key players in the bioinformatics market are Thermo Fisher Scientific (US), Illumina Inc (US), Agilent Technologies (US), QIAGEN (Netherlands), BGI (China), Wuxi NextCODE (China), Eurofins Scientific (Luxembourg), Waters Corporation (US), Sophia Genetics (Switzerland), Partek (US), and DNASTAR (US).
Research Coverage: The bioinformatics market in this report is segmented by product & service, applications, sectors, and region. The study tracks and analyzes competitive developments such as product launches, collaborations, agreements, partnerships, and acquisitions, and profiles key players and core competencies in the bioinformatics market.
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The report provides insights on the following pointers: • Market Penetration: Comprehensive information on portfolios offered by the top players in the global bioinformatics market • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and product launches in the bioinformatics market • Market Development: Comprehensive information about lucrative emerging markets—the report analyzes the markets for bioinformatics products across regions • Market Diversification: Exhaustive information about new products, untapped geographies, and recent developments in the global bioinformatics market • Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of the key players in the bioinformatics market
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