BIOINFORMATICS MARKET ANALYSIS

The global bioinformatics market is estimated to be valued at US$ 22.1 Bn in 2023 and is expected to exhibit a CAGR of 21.0% during the forecast period (2023-2030).  

Analysts’ Views on Global Bioinformatics Market:

The factor boosting the growth of the global bioinformatics market is growing investments in the biology and information technology sectors. Moreover, government all around the world is taking constant efforts for the development of the global bioinformatics market. The bioinformatics tools and software are mostly used for cutting down the extra cost and expenses related to the drug development process. This factor is supporting the growth of the global bioinformatics market.

Figure 1. Global Bioinformatics Market Share (%), By Product Type, 2023

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Global Bioinformatics Market – Drivers

Significant growth in the pharmaceutical sector

Significant growth in the pharmaceutical sector is expected to propel the growth of the global bioinformatics market over the forecast period. For instance, according to The European Federation of Pharmaceutical Industries and Associations’ Key Data 2020, the pharmaceutical sector in Europe was valued at US$ 199, 287 million in 2020, which increased to US$ 310, 000 million (est.) in 2021.

Various advantages of bioinformatics

Various advantages of bioinformatics are also expected to aid in growth of the market, 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 algorithms. For instance, according to an article published in the International Journal of PharmTech Research in June 2020, bioinformatics is 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 production, genetic testing, and gene therapy.        

Figure 2. Global Bioinformatics Market Share (%), By Region, 2023

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Global Bioinformatics Market- Regional Analysis

Among region, North America is estimated to hold a dominant position in the global bioinformatics market over the forecast period. North America is estimated to hold 35.9% of the market share in 2023. Its establishes a database from the information to develop and deliver high-value digital biology content for biotechnology, which are the primary factors driving the growth of the bioinformatics market. For instance, in April 2022, ATCC (American Type Culture Collection) a nonprofit, global biological resource center and standards organization and the leading developer and supplier of bioinformatics announced an agreement with QIAGEN is a provider of sample and assay technologies for molecular diagnostics, applied testing, academic and pharmaceutical research. to provide them with sequencing data from its collection of animal and human cell lines and biological materials. Qiagen is expected to establish a database from the information to develop and deliver high-value digital biology content for the biotechnology and pharmaceutical industries, enabling the use of authenticated biological data sets to uncover new disease pathways and discover novel therapeutic targets. Such developments in the North America are adding to the growth of the studied market.

Global Bioinformatics Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are faced with problems with the transportation of things from one place to another.

However, the COVID-19 pandemic had a positive impact on the global bioinformatics market. The COVID-19 outbreak affected the market's growth adversely in its preliminary phase. Thus, as per the analysis, the market is expected to follow the same trend over the post-pandemic phase due to emerging strains of the SARS-CoV-2 virus and an increase in research and development activities. For instance, in November 2021, Illumina, a biotechnology company, headquartered in the U.S., donated sequencing consumables and cloud-based bioinformatics to Canadian COVID-19 projects. The donations were to support the HostSeq and VirusSeq projects of Canada's COVID-19 Genomics Network, or CanCoGen. Thus, such initiatives by the market players are anticipated to support the market's growth during the forecast period.

Global Bioinformatics Market Segmentation:

The global bioinformatics market report is segmented into product type, application, and region.

By Product Type, the market is segmented into bioinformatics platforms and bioinformatics services. Out of which, the bioinformatics platforms segment is expected to hold a dominant position in the global bioinformatics market during the forecast period, owing to establishing a database from the information to develop and deliver high-value digital biology content for biotechnology.

By Application, the market is segmented into genomics, chemoinformatics and drug design, proteomics, transcriptomics, metabolomics, molecular phylogenomics, and others. Out of which, the genomics segment is expected to dominate the market over the forecast period, owing to the study of the total or part of the genetic or epigenetic sequence information of organisms.

Among all the segmentations, the product type segment is expected to dominate the market over the forecast period, owing to the development and delivery of high-value digital biology content.

Global Bioinformatics Market- Cross Sectional Analysis:

Bioinformatics platforms segment is dominant during the forecast period in North America region, this is attributed to new research across the region. For instance, according to an article published in Research Gate journal in June 2022, network analysis in bioinformatics using microarray platforms has emerged to identify Delhi eGovernance Society (DEGs) or pathways using biological knowledge and expression data relevant to cancer. The gene interaction network and its accompanying analyses are thought to play a role in searching for high-scoring subnetworks. Gene expression profiling employing microarray technology has offered a wide range of potential therapeutic applications in cancer, from examining tumor formation mechanisms to discovering gene signatures with predictive and prognostic value and finding effective tumor targets.

Global Bioinformatics Market: Key Developments

On April 13, 2023, Agilent Technologies Inc., which delivers complete scientific solutions, helping customers achieve superior outcomes in their labs, clinics, and business, announced the launch of the Agilent SureSelect Cancer CGP Assay designed for somatic variant profiling for a broad range of solid tumor types. The pan-cancer assay design is based on an NGS panel comprising 679 genes globally curated from leading cancer databases and in partnership with key clinical cancer researchers. The assay workflow is efficient, automatable, and flexible, making tumor molecular profiling more accessible to the broad clinical research community.

In July 2021, the National Institute of Technology, Rourkela (NIT-R), India, launched its Center for Bioinformatics and Computational Biology (CBCB), which helps develop novel disease biomarkers and therapeutic strategies using big data analysis. Thus, the launch of such centers using computational biology in developing countries is boosting market growth.

In January 2021, Life Technologies is a global biotechnology tools company providing premier systems, consumables, and services for scientific researchers announced the acquisition of Compendia Bioscience, a preeminent cancer bioinformatics company widely used by the pharmaceutical industry to identify novel gene targets for drug discovery and development. Its deep oncology expertise and high-value, proprietary assets enhance Life's diagnostic development capabilities across multiple platforms, including next-generation sequencing, qPCR, and proteome analysis.

In January 2021, Affymetrix, Inc., which enables the flexible throughput analysis of genotyping, chromosome copy number variations and gene expression, announced an expanded licensing program that makes some of its most recently issued patents, as well as early patents in microarrays. The patents include intellectual property in areas such as DNA and protein arrays, scanner/detector technology, and microfluidics, as well as a broadened portfolio of patents related to the use of beads to measure nucleic acids or peptide binding for genomic analysis.

In April 2021, Bio-Rad Laboratories develops, manufactures, and markets a broad range of innovative products and solutions for the life science research and clinical diagnostic markets, has purchased the next-generation sequencing technology firm GnuBIO platform is an innovative desktop sequencer which incorporates all the functions of DNA sequencing into a single, integrated system.

Global Bioinformatics Market: Key Trends

Grants for R&D in bioinformatics

Grants for R&D in bioinformatics from regulatory authorities 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 the Swiss Institute of Bioinformatics to identify new therapeutic indications for ADX10061, a potent and selective dopamine D1 receptor antagonist.

Global Bioinformatics Market: Restraint

Shortage of user-friendly tools

Shortage of user-friendly tools is expected to hinder the growth of the global bioinformatics market. For instance, according to an article published in the National Library of Medicine in June 2020, the field of bioinformatics is expanding at an enormous rate and has an increasingly central role in biological research, medicine, and other diverse facets of human life.

Key market players are focusing on manufacturing user-friendly tools.

Global Bioinformatics Market - Key Players

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.

*Definition: Bioinformatics is defined as the combination of biology and information technology. Computer software tools are used in bioinformatics for the creation, management, and development of databases. 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 the development of drugs.