The bioinformatics market is expected to grow at a compound annual growth rate of 19.36% over the forecast period to reach a market size of US$37.029 billion in 2026 from US$10.728 billion in 2019.
Bioinformatics is the use of computational and analytical tools to gather and analyse biological data. The use of computer programmes to discover gene and protein functions, establish evolutionary connections, and forecast the three-dimensional structures of proteins is known as bioinformatics.
Bioinformatics is becoming crucial since massive volumes of data generated by techniques such as protein and nucleic acid sequencing necessitate data interpretation and management for medical applications and future research. As a result, growing demand is projected to propel the bioinformatics market throughout the forecast period.
However, expensive bioinformatics software and service prices, as well as a scarcity of experienced specialists, are anticipated to impede industry expansion in the coming years.
Many governments and private companies across the globe are making substantial investments in bioinformatics to enable high-quality solutions and services through data and the latest technologies. For instance, with a EUR 20 million investment, the UK government formed a new alliance named COVID-19 Genomics UK Consortium (COG-UK) in March 2020 to sequence the genomes of SARS-CoV-2 the virus that is causing the ongoing COVID-19 pandemic. The NHS, Public Health Agencies, the Wellcome Sanger Institute, and several academic institutions comprise the COVID-19 Genomics UK Consortium (COG-UK). Such factors are anticipated to drive the growth of the bioinformatics market.
With the introduction of sophisticated next-generation sequencing (NGS) technology, there is a growing demand for rapid and accurate bioinformatics tools that are simple to use. The majority of experimental researchers are not bioinformaticians. As a result, the availability of user-friendly tools is critical for using bioinformatics platforms. Many bioinformatics applications necessitate extensive computer skills, owing to a lack of a suitable user interface. Genomics instruments are also outfitted with advanced features and functions, and as a result, they are priced at a premium, ranging from USD 10–20 million. Since pharmaceutical companies and research institutes require a large number of such devices, the financial investment in acquiring many genomic instruments is substantial. Small and medium-sized pharmaceutical companies and research facilities cannot afford to make such large expenditures in numerous genomics equipment.
Impact of Covid-19:
The COVID-19 is anticipated to have a negative influence on bioinformatics market growth since the pandemic affected supply chains and industrial operations all across the world. As a result, manufacturing capacity and bioinformatics supply will be reduced, which is likely to stifle market growth.
|Market size value in 2019||US$10.728 billion|
|Market size value in 2026||US$37.029 billion|
|Growth Rate||CAGR of 19.36% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Application, Biological Data, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Ayasdi, Inc., SciGenome Labs Pvt. Ltd, TeselaGen, Hybrigenics, Era7 Information Technologies, Lumenogix, Agilent Technologies, Thermo Fisher Scientific, DNAnexus, Biobase|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the bioinformatics market?
A1. The global bioinformatics market is expected to grow at a CAGR of 19.36% over the forecast period.
Q2. What will be the bioinformatics market size by 2026?
A2. The bioinformatics market is expected to reach a total market size of US$37.029 billion in 2026.
Q3. What is the size of the global bioinformatics market?
A3. Bioinformatics Market was valued at US$10.728 billion in 2019.
Q4. How is the global bioinformatics market segmented?
A4. The global bioinformatics market has been segmented by application, biological data, and geography.
Q5. What factors are anticipated to drive the bioinformatics market growth?
A5. Rising initiatives from government and private organizations are the vital factor escalating the bioinformatics market growth.
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Value Chain Analysis
5. Bioinformatics Market Analysis, By Application
5.2. Drug Discovery
5.3. Personal and Preventive Medicine
5.4. Crop Improvement and Insect Resistance
6. Bioinformatics Market Analysis, By Biological data
7. Bioinformatics Market Analysis, By Geography
7.2. North America
7.2.1. United States
7.3. South America
7.5. Middle East and Africa
7.5.2. Saudi Arabia
7.6. Asia Pacific
7.6.5. South Korea
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.2. SciGenom Labs Pvt. Ltd.
9.4. Era7 Bioinformatics
9.5. Agilent Technologies
9.6. Thermo Fisher Scientific
9.8. Strand Life Sciences
9.9. Phalanx Biotech Group
9.11. Illumina Inc.
9.12. Qiagen NV
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