Bioinformatics Market worth $21.8 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 21, 2021 /PRNewswire/ -- According to the new market research report "Bioinformatics Market by Product & Service (Knowledge Management Tools, Data Analysis Platforms, Structural Analysis, Functional Analysis, Services), Applications (Genomics, Proteomics), & Sector (Medical, Animal, Agricultural) - Global Forecast to 2026", published by MarketsandMarkets™, 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%.
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The Bioinformatics is the application of computer technology for the management and analysis of biological data. It includes storage, analysis, and dissemination of biological data. Bioinformatics uses computer programs for a variety of applications, including determining gene & protein functions, establishing evolutionary relationships, and predicting the three-dimensional shapes of proteins.
The Bioinformatics has always had huge potential when it comes to providing essential support to many areas of scientific research. The COVID-19 pandemic was a real-life test for bioinformatics. One of the major focus areas for every country during the COVID-19 pandemic has been to study and understand how to halt the progress of the virus. Next-generation sequencing is the fundamental method for investigating SARS-CoV-2 genomes, which offers basic information about the virus. Bioinformatics pipelines and biological & host-virus interaction databases are the critical tools for calculating such data and furthering comprehension of SARS-CoV-2. Thus, various studies are being undertaken to understand the genetic combination of the virus; these studies are driven by bioinformatics. In this context, the outsourcing of bioinformatics has increased during the pandemic. Due to the evolved and upgraded bioinformatics capabilities of service providers, scientists have been able to uncover numerous secrets of SARS-CoV-2, ranging from its identification to its origin (including its functioning and spread), in a short time span.
Bioinformatics services to register the highest growth in the type market
Based on products & services, the Bioinformatics platforms 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 in 2020. Knowledge management tools are used by researchers to handle large volumes of heterogeneous information. This information includes the data from experiments and the data retrieved from available repositories. Functions of knowledge management tools include data management, data warehousing, data mining, and information retrieval. These functions help in understanding the structure of genes and proteins alongside the effects of mutations by comparing them with available databases.
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Medical biotechnology to hold the largest segment of the Bioinformatics platforms 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 in 2020. The development of new databases for drug discovery, the use of bioinformatics for clinical diagnostics, and the increased funding for the development of bioinformatics solutions for clinical diagnostics are primarily driving the use of bioinformatics in clinical diagnostics and contributing to the growth of the medical biotechnology segment in the market.
North American bioinformatics market to dominate the market during the forecast period
North America dominated the Bioinformatics platforms 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 market in North America. North America has a favorable funding scenario for research activities. This regional market is characterized by increased government initiatives for the reimbursement of genomic testing and favorable funding scenario for research activities involving the use of bioinformatics technologies.
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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.
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