The global bioinformatics industry is experiencing significant growth, creating lucrative growth opportunities for players. To capitalize on emerging opportunities to providers of bioinformatics solutions including Agilent Technologies, Active Motif, Inc., Qiagen, Life Technologies, Knome Inc., and Illumina, Inc. are employing different strategies.
New bioinformatics tools and software are making their way into the market as companies look to meet evolving needs of customers. The market is also witnessing a rise in partnerships, acquisitions, collaborations, and mergers as industry players eye footprint expansion.
For instance, in April 2023, Agilent Technologies, a global leader in analytical and clinical laboratory technologies, partnered with Theragen Bio to advance bioinformatic solutions for cancer genomic profiling in South Korea. The new partnership is aimed to combine Theragen Bio’s localized analysis software and Agilent’s SureSelect Cancer CGP assay to transform translational research and improve precision oncology.
Similarly, in February 2024, Metabolon, a prominent leader in providing metabolomics solutions, introduced a new integrated bioinformatics platform to enable customers to leverage the company’s biochemistry experience. The new bioinformatics platform seamlessly integrates a comprehensive suite of tools and features, including pathway analysis, principal component analysis (PCA), biomarker lenses, volcano plots, and clustering, partial least squares-discriminant analysis (PLS-DA).
According to a recent report published by Coherent Market Insights, the global bioinformatics market size is estimated to be valued at US$ 83.9 billion in 2030, up from US$ 22.1 billion recorded in 2023. Global demand for bioinformatics solutions will likely grow at a prolific CAGR of 21% throughout the assessment period.
Prominent factors shaping growth of the bioinformatics industry include rapid expansion of the pharmaceutical sector and increasing research on molecular biology and drug discovery. Similarly, growing awareness about the benefits of bioinformatics will likely fuel sales through 2030.
Bioinformatics tools are being increasingly used for applications like genomics, molecular phylogenomics, and drug discovery due to their numerous benefits. For instance, many pharmaceutical and biotech companies leverage bioinformatics for drug discovery and development. This is expected to play a key role in fostering market growth during the forecast period.
Increasing investments by government and private organizations in gene research is another major growth shaping factor. Furthermore, advancements in genomics and integration of novel technologies like AI and ML in bioinformatics are expected to contribute to market growth.
“Growing demand for bioinformatics in drug discovery, precision medicine, and biomarker identification for diseases like cancer and neurodegenerative disorders is set to boost the global market during the assessment period,” says a lead analyst at Coherent Market Insights.
Regionally, North America, spearheaded by the United States, dominates the global bioinformatics market, holding a market share of around 35.9% in 2023. This can be attributed to increasing usage of bioinformatics across industries like pharmaceuticals, agriculture, environmental science, and biotechnology. Similarly, presence of leading bioinformatics solution providers, growing popularity of precision medicine, and favorable government support are expected to boost the North American bioinformatics market.
