Bioinformatics Market by Products & Services (Bioinformatics Platforms, Knowledge Management Tools, and Bioinformatics Services), Applications (Genomics, Proteomics, Metabolomics, Transcriptomics, and Drug Development), End User (Medical Biotechnology, Animal Biotechnology, Agricultural Biotechnology, Environmental Biotechnology, and Forensic Biotechnology) – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+Reports, the global bioinformatics market was pegged at ~US$ 22.24 billion in 2020. The market is expected to witness a CAGR of ~14.2% from 2021 to 2031.
Factors attributing to the growth of the bioinformatics market include rising investment and funding for the R&D activities associated with genomics and proteomics; increasing demand for nucleic acid and protein sequencing; and increasing application in blockchain technology and cloud computing. However, factors such as lack of well-defined standards and challenges in managing & handling large volumes of data, and the dearth of skilled professionals are likely to restrain the market growth to a certain extent.
Acquisition of potential bioinformatics solution providers is one of the key inorganic growth strategies being followed by the major players operating in this market. For instance, in June 2020, Illumina acquired BlueBee, a Netherlands-based bioinformatics company focused on downstream data analysis, management, and collaboration. Further, in May 2020, Insightful Science acquired Cytapex, a bioinformatics contract research organization (CRO) that helps customers analyze flow cytometry data with greater speed and accuracy.
To grow organically, the companies are focusing on launching novel and advanced bioinformatics solutions. Large data sets built by multiple ongoing researches have prompted many bioinformatics companies to launch platforms, software, and services that can be used by researchers to find breakthroughs. For instance, in January 2021, Illumina launched Pan-Cancer IVD Test, a cloud-based bioinformatics platform. Similarly, in August 2020, M2GEN launched Bioinformatics Support Services focused on the oncology field. The ORIEN Avatar Program, an extensive, oncology clinico-genomics dataset is used by the company to provide bioinformatics support services.
As the speed of data generation is increasing, the management of large volumes of data is becoming a challenge. Moreover, the shortage of skilled bioinformatics professionals, different formats for data storage, and the lack of user-friendly tools at lower prices are some of the challenges faced by the bioinformatics market.
Regionally, Asia-Pacific is anticipated to grow at a higher CAGR during the forecast period. Factors attributing to the growth of the bioinformatics market in this region include increasing R&D activities, rising healthcare spending, and increasing awareness regarding the use of cutting-edge technologies such as bioinformatics. Moreover, government initiatives and new platform & solution launches in this region are playing a key role in fueling the market growth. For instance, in April 2020, the All India Council for Technical Education (AICTE) launched the COVID-19 national bioinformatics online hackathon to develop apps, websites for states in India.
Some of the prominent players operating in the global bioinformatics market include Thermo Fisher Scientific Inc., Illumina, Inc., QIAGEN, PerkinElmer Inc., Agilent Technologies, Inc., Eurofins Genomics LLC, DNASTAR, Biomax Informatics AG, Partek Inc., and Psomagen, Inc., among others.
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