Bioinformatics Market to Grow by USD 13.2 Billion (2024-2028), Lower Genetic Sequencing Costs Drive Revenue, Report Highlights AI's Role in Transformation - Technavio

NEW YORK, Nov. 29, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The global bioinformatics market size is estimated to grow by USD 13.2 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 16.59% during the forecast period. Reduction in cost of genetic sequencing is driving market growth, with a trend towards development of sophisticated bioinformatics tools for NGS. However, shortage of trained laboratory professionals poses a challenge. Key market players include Agilent Technologies Inc., Azenta Inc., Bio Rad Laboratories Inc., Biomax Informatics AG, DNASTAR Inc., Eurofins Scientific SE, Fios Genomics Ltd., Genedata AG, Geneva Bioinformatics SA, Illumina Inc., Partek Inc., Perkin Elmer Inc., Precigen Inc., QIAGEN NV, Quest Diagnostics Inc., Seven Bridges Genomics Inc., Source BioScience, Thermo Fisher Scientific Inc., Waters Corp., and ZS Associates Inc..

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Key Market Trends Fueling Growth

The Bioinformatics market is thriving with trends like Precision Medicine and Genome Sequencing leading the way. NGS technologies and genomics instruments from companies like Illumina, Thermo Fisher Scientific, and Agilent Technologies are driving down equipment costs. Transcriptomics, Personalized Medicine, and Drug Discovery are also key areas of focus. NeoGenomics Laboratories, Fios Genomics, Partek Incorporated, SOPHiA Genetics, Source BioScience, and others are innovating in the field. Viruses, including SARS-CoV-2, are a significant area of research using platforms like HostSeq and VirusSeq. Public health control relies on diagnostic methods, database development, and containment measures. Companies like ATCC, Qiagen, and CanCoGen provide biological materials for research. Gene therapy and drug development continue to advance, with big data analysis and protein sequencing in Proteomics and Genomics playing crucial roles. Molecular biology and disease biomarkers guide therapeutic strategies. Vaccines and diagnostic methods are in high demand. Virus variability and transmission chains are ongoing concerns. Big data analysis and database development are essential for understanding and combating these challenges. 

Bioinformatics plays a crucial role in the Next-Generation Sequencing (NGS) market by providing advanced tools and software for analyzing the vast amounts of data generated through NGS technologies. The rapid development of DNA sequencing technologies has led to an increase in commercial platforms, making biological data more accessible. However, the analysis of this data is a significant challenge due to its scale. Several companies offer commercial solutions to address this issue, providing users with user-friendly interfaces instead of command-line computer languages. Bioinformatics tools employ mathematical and statistical approaches to organize, analyze, and interpret genomic, cellular, and molecular data. These tools are essential in diagnostics, epidemiological research, and medical treatment, making Bioinformatics an indispensable component of the NGS market. 

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Market Challenges

• The Bioinformatics market is experiencing significant growth due to the increasing demand for precision medicine and genome sequencing. However, high equipment costs associated with NGS technologies and genomics instruments pose a challenge. Companies like NeoGenomics Laboratories, Fios Genomics, Partek Incorporated, SOPHiA Genetics, Source BioScience, and others are innovating to address these costs. Precision medicine, personalized medicine, and drug discovery are key applications driving market growth. With the rise of viruses like SARS-CoV-2, the need for faster diagnostic methods and vaccine development is crucial. Companies like Illumina, HostSeq, VirusSeq, CanCoGen, and others are developing innovative sequencing technologies for viruses and RNA. Molecular biology research platforms are essential for understanding transmission chains, virus variability, and containment measures. Big data analysis, database development, and gene therapy are also critical areas of focus. Companies like ATCC, Qiagen, Thermo Fisher Scientific, Agilent Technologies, and others are investing in product innovations and biological materials to meet the demands of this dynamic market. In summary, the Bioinformatics market is poised for growth, driven by the need for precision medicine, genome sequencing, and drug discovery. Challenges include high equipment costs and the need for faster, more accurate diagnostic methods. Companies are investing in innovation to address these challenges and meet the demands of scientific research and public health control.
• Bioinformatics involves intricate processes that necessitate the careful application of reagents and handling of apparatus. Interpreting results is a crucial aspect, requiring researchers to choose appropriate analyses and correlate them with experiment objectives. Protein research experiments, such as crystallization, demand consideration of factors like protein molecular weight, buffer solutions, and protein stability. Medical laboratory science faces workforce shortages, making expertise in protein research experiments essential for successful outcomes.

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Segment Overview 

This bioinformatics market report extensively covers market segmentation by

1. Application 
• 1.1 Molecular phylogenetics
• 1.2 Transcriptomic
• 1.3 Proteomics
• 1.4 Metabolomics
2. Product 
• 2.1 Platforms
• 2.2 Tools
• 2.3 Services
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Molecular phylogenetics- Molecular phylogenetics is a key application within bioinformatics, utilizing molecular data to examine the evolutionary links among species. This technique has transformed the field of biology by offering a more precise and comprehensive understanding of living organisms' relationships. In the global bioinformatics market, molecular phylogenetics plays a pivotal role in various research domains, including drug discovery, disease diagnosis, and conservation biology. For instance, it is extensively used to study viral evolution, enabling researchers to trace the evolution of viruses and comprehend their origins and dissemination. This knowledge is essential for creating effective vaccines and antiviral treatments for evolving infectious agents like RNA viruses. Another application of molecular phylogenetics is in the conservation of endangered species. By examining genetic relationships among endangered species populations, scientists can assess their genetic diversity and the threats they face. This data informs conservation initiatives, such as breeding programs and habitat protection. Moreover, molecular phylogenetics is valuable in drug discovery by analyzing protein and enzyme evolution. This leads to the identification of potential drug targets and the development of more effective drugs with fewer side effects. As a result, new treatments have emerged for a wide range of diseases, including cancer, malaria, and HIV. Beyond these applications, molecular phylogenetics is employed in numerous other research areas, such as plant and animal evolution, disease spread tracking, and investigating the origins of life on Earth. The widespread use of this technique in bioinformatics has led to numerous advancements and a deeper comprehension of the natural world. Consequently, the factors mentioned above are expected to fuel the growth of molecular phylogenetics in the global bioinformatics market throughout the forecast period.

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Research Analysis

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Market Research Overview

The Bioinformatics market is experiencing significant growth due to the increasing adoption of precision medicine and personalized treatment approaches. The market encompasses various areas including genome sequencing, transcriptomics, and proteomics. NGS technologies and genomics instruments are driving down equipment costs, making these technologies more accessible. Virus research is a key application area, with a focus on understanding transmission chains, virus variability, and developing diagnostic methods and vaccines. Companies are investing in research platforms and database development for big data analysis. Molecular biology techniques such as nucleic acid and protein sequencing are also crucial. Key applications include drug discovery, clinical diagnostics, and public health control. Notable developments include the use of SARS-CoV-2 RNA and DNA sequencing for virus tracking and understanding transmission dynamics. Product innovations from companies like Illumina, Thermo Fisher Scientific, Qiagen, and Agilent Technologies are driving advancements in this field. The market also includes providers of biological materials and services such as NeoGenomics Laboratories, Fios Genomics, Partek Incorporated, SOPHiA Genetics, Source BioScience, CanCoGen, and ATCC.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Molecular Phylogenetics
• Transcriptomic
• Proteomics
• Metabolomics
• Product
• Platforms
• Tools
• Services
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

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SOURCE Technavio