Bioinformatics is defined as the combination of biology and information technology. Computer software tools are used in bioinformatics for creation, management and development of database. It is also used in data warehousing, data mining and communication networking. In addition, it is widely used in the management of biological information in the field of medical research and development of drugs.
The global bioinformatics market is estimated to account for US$ 46,261.2 Mn in terms of value by the end of 2027.
Global Bioinformatics Market: Drivers
Significant growth in the pharmaceutical sector is expected to propel growth of the global bioinformatics market over the forecast period. For instance, according to The European Federation of Pharmaceutical Industries and Associations’ Key Data 2019, the pharmaceutical sector in Europe was valued at US$ 139, 287 million in 2000, which increased to US$ 284, 028 million (est.) in 2018.
Moreover, various advantages of bioinformatics are also expected to aid in growth of the market. Various advantages of bioinformatics include, convenient and accurate verification of biological data, and storage and access to a large amount of data. Bioinformatics also helps in fast sequence search through algorithm. In addition, bioinformatics is also used in the field of biotechnology such as blue biotechnology, green biotechnology, red biotechnology, white biotechnology, and bioeconomics. It is cost effective and includes pharmacogenomics, drug productions, genetic testing, and gene therapy.
North America held dominant position in the global bioinformatics market in 2019, accounting for 35.9% share in terms of value, followed by Europe and Asia Pacific, respectively.
Figure 1: Global Bioinformatics Market Share (%) Value, By Region, 2019
Global Bioinformatics Market: Restraints
High capital investment is expected to hinder growth of the global bioinformatics market. Moreover, lack of skilled professionals and low adoption of bioinformatics in emerging economies is also expected to limit the market growth.
|Base Year:||2019||Market Size in 2019:||US$ 10,391.4 Mn|
|Historical Data for:||2016 to 2019||Forecast Period:||2020 to 2027|
|Forecast Period 2020 to 2027 CAGR:||20.5%||2027 Value Projection:||US$ 46,261.2 Mn|
Active Motif, Inc., Illumina, Inc., Life Technologies, Affymetrix, Inc., Agilent Technologies, Bio-Rad Laboratories, Inc., Qiagen, Knome, Inc., GE Healthcare, Geneva Bioinformatics SA, Quest Diagnostics, bitBiome, Inc., Intomics, Advanced BioInformatics GmbH, and Fios Genomics Ltd.
|Restraints & Challenges:||
The global bioinformatics market was valued at US$ 10,391.4 Mn in 2019 and is forecast to reach a value of US$ 46,261.2 Mn by 2027 at a CAGR of 20.5% between 2020 and 2027.
Figure 2: Global Bioinformatics Market Value (US$ Mn), 2016 – 2027
Market Trends/Key Takeaways
Grants for R&D in bioinformatics is expected to propel growth of the global bioinformatics market. For instance, in August 2020, Addex Therapeutics, a clinical-stage pharmaceutical company, and the Swiss Institute of Bioinformatics were awarded a US$ 656 thousands Innosuisse grant to apply computational approaches developed by Swiss Institute of Bioinformatics to identify new therapeutic indications for ADX10061, a potent and selective dopamine D1 receptor antagonist.
Moreover, adoption of bioinformatics in R&D of COVID-19 is also expected to aid in growth of the market. For instance, August 2020, researchers from University of Pennsylvania, U.S., reported that a new bioinformatics approach to studying the pathogenesis of COVID-19, by uncovering the differentially expressed genes and cell signaling pathways that cause the disease characteristics.
Global Bioinformatics Market: Competitive Landscape
Major players operating in the global bioinformatics market include, Active Motif, Inc., Illumina, Inc., Life Technologies, Affymetrix, Inc., Agilent Technologies, Bio-Rad Laboratories, Inc., Qiagen, Knome, Inc., GE Healthcare, Geneva Bioinformatics SA, Quest Diagnostics, bitBiome, Inc., Intomics, Advanced BioInformatics GmbH, and Fios Genomics Ltd.
Global Bioinformatics Market: Key Developments
Major players in the global bioinformatics market are focused on R&D to expand their product portfolio. For instance, in June 2020, Intomics announced that the company is a part of the newly funded translate project on personalized diabetes treatment. As part of the TRANSLATE project funded by the Innovation Fund Denmark, Intomics will develop a new software platform facilitating personalised treatment of diabetes patients.
Major players in the market are also focused on raising funds to enhance their market share. For instance, in September 2020, bitBiome, Inc. raised US$ 6.6 million in a Series B financing from previous and new investors including The University of Tokyo Edge Capital Partners, Universal Materials Incubator, and other Japan-based venture capital firms.
Bioinformatics software and tools are being used as integrated solutions that provide algorithms and statistical procedures for data analysis and integration. Bioinformatics is used in data warehousing, data mining and communication networking along with management of biological information in the field of medical research and development of drugs. Major advantages associated with the use of bioinformatics in healthcare industry comprises of convenient and accurate verification of biological data, and storage and access to a large amount of data. Increasing adoption of bioinformatics in pharmaceutical industry along with increasing investment in research and development is anticipated to propel the market growth during the forecasted period.
Key features of the study: