REDDING,
Calif., May 15, 2024 /PRNewswire/ -- According to
a new market research report titled, 'Bioinformatics
Market Size, Share, Forecast, & Trends Analysis by
Solutions & Services (Knowledge Management, Sequence Analysis,
Data Analysis) Application (Genomics, Metabolomics,
Transcriptomics) Industry (Health, Agriculture) – Global Forecast
to 2031,' published by Meticulous Research®,
the bioinformatics market is expected to grow at a CAGR of 13.4%
from 2024 to reach $31.71 billion by
2031.
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Genomic data is incredibly voluminous, as it involves
information about thousands of genes across multiple individuals or
species. Genomes contain several elements, such as genes,
regulatory regions, non-coding RNAs, and repetitive sequences.
Analyzing and interpreting these components is difficult without
proper tools and software. Moreover, the data generated from
multi-omics fields, including transcriptomics, metabolomics, and
proteomics, needs bioinformatic tools and software to collect,
analyze, and interpret this data. Globally, there is an increase in
research and development activities in multi-omics which leads to
the adoption of bioinformatics tools and services.
The growth of the global bioinformatics market is attributed to
the growth of the biotech and pharmaceutical industries,
initiatives supporting genomics research, and the rising need to
develop novel drugs/drug molecules. Moreover, untapped markets in
emerging economies, growing clinical applications of genomic
technologies, and the increasing use of bioinformatics in
agriculture offer market growth opportunities.
AI in Personalized Medicine a Prominent Trend in
Bioinformatics Market
The integration of AI and bioinformatics has accelerated the
development of personalized medicine, which involves tailoring
medical treatments to an individual's genetic makeup and other
biomarkers. AI-driven predictive models can assess a patient's risk
of developing specific diseases and recommend personalized
treatment plans, optimizing patient outcomes and reducing
healthcare costs.
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Companies are focused on the development of personalized
medicine using AI. For instance, in 2022, Sanofi S.A. (France) collaborated with Exscientia plc
(U.K.), an AI-driven precision medicine company, to develop around
15 novel small molecule candidates for oncology and immunology
applications. These molecule candidates are being developed using
Exscientia's AI platform and actual patient samples.
The key players profiled in this market study are Illumina, Inc.
(U.S.), Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann-La Roche
Ltd. (Switzerland), Qiagen N.V.
(Netherlands), Agilent
Technologies, Inc. (U.S.), Dassault Systèmes SE (France), Eurofins Genomic LLC (Germany), Revvity, Inc. (U.S.), Azenta, Inc.
(U.S.), and DNAnexus, Inc. (U.S.). The report also includes an
extensive assessment of the product portfolios, geographic
presence, and key strategic developments of the leading market
participants over the past years. The bioinformatics market has
recently witnessed several new product launches and
enhancements.
The global bioinformatics market is segmented by solutions &
services (knowledge management software, bioinformatics platforms
[sequence analysis & alignment platforms, functional &
structural analysis platforms, and other bioinformatics platforms],
services [data storage & database management services and data
analysis services]), application (genomics, chemoinformatics,
proteomics, transcriptomics, metabolomics and other applications),
industry (healthcare, veterinary, agriculture and other
industries), and geography. The study also evaluates industry
competitors and analyzes the market at the regional and country
levels.
Based on solutions & services, the bioinformatics market is
segmented into knowledge management software, bioinformatics
platforms, and services. In 2024, the knowledge management software
segment is expected to account for the largest share of
42.2% of the bioinformatics market. However, the
bioinformatics platforms segment is expected to grow at the highest
CAGR during the forecast period. Bioinformatics platforms are
essential tools for researchers, institutions, and organizations
involved in life sciences, pharmaceuticals, and healthcare.
Bioinformatics platforms provide a comprehensive suite of software,
tools, and resources that empower scientists to extract meaningful
insights from complex biological data, advancing research, drug
discovery, and clinical applications. Bioinformatics platforms
offer a wide range of functions and features that cater to the
diverse needs of researchers and professionals across multiple
domains, including genomics, proteomics, structural biology, and
epidemiology, among others. The growing research and development
activities in genomics, proteomics, structural biology, and
epidemiology are expected to drive the segment growth.
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Based on application, the bioinformatics market is segmented
into genomics, chemoinformatics, proteomics, transcriptomics,
metabolomics, and other applications. In 2024, the genomics segment
is expected to account for the largest share of 44% of the
bioinformatics market. This segment's large market share is
attributed to the growing amount of genomics data being generated,
the application of genomics in chronic disease management, and the
growing prevalence of chronic diseases. The increased focus on the
study of cancer genomics to analyze the genomic alterations in
cancer cells to identify potential driver mutations, predict
treatment responses, and assist in developing targeted therapies
has created a demand for bioinformatics tools to analyze and
interpret genomic data. The growing prevalence of cancer globally
further supports the segment's large share. For instance, the
International Agency for Research on Cancer estimated that
globally, the number of new cancer cases is estimated to increase
to around 24 million by the year 2030 from 19 million cases in
2020.
Based on industry, the bioinformatics market is segmented into
healthcare, agriculture, veterinary, and other industries. The
healthcare segment is expected to grow at a higher CAGR during the
forecast period of 2024 to 2031. The growth of this segment is
attributed to the growing prevalence of diseases, the growth of
biotech & pharmaceutical industries, and the need for the
development of new drugs and biologics.
Geographically, in 2024, North
America is expected to account for the largest share of
44.5% of the bioinformatics market. The North America bioinformatics market is
estimated to be worth USD 6.0
billion in 2024. The large share of North America is attributed to the favorable
government initiatives for genomics research, growing applications
of genomic research, declining cost of sequencing, increasing
research investments by pharmaceutical and biopharmaceutical
companies, and the growing adoption of precision cancer medicine
supported by the increasing cancer prevalence.
However, Asia-Pacific
bioinformatics market is expected to record the highest CAGR during
the forecast period of 2024 to 2031.
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Scope of the Report:
Bioinformatics Market Assessment, by Solutions &
Services
- Knowledge Management Software
- Bioinformatics Platforms
- Sequence Analysis & Alignment Platforms
- Functional & Structural Analysis Platforms
- Other Bioinformatic Platforms
(Other bioinformatic platforms include Pathway Analysis,
Network Analysis, Phylogenetic Analysis, Data Visualization, Among
others)
- Services
- Data Storage and Database Management Services
- Data Analysis Services
Bioinformatics Market Assessment, by Application
- Genomics
- Chemoinformatics
- Proteomics
- Transcriptomics
- Metabolomics
- Other Applications
(Other applications include system biology and computational
biology, among others)
Bioinformatics Market Assessment, by Industry
- Healthcare
- Agriculture
- Veterinary
- Other Industries
(Other industries include environmental sciences, forensics
sciences, and energy, among others)
Bioinformatics Market Assessment, by Geography
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- Japan
- China
- India
- Rest of APAC (RoAPAC)
- Latin America
- Brazil
- Mexico
- Rest of Latin America
(RoLATAM)
- Middle East & Africa
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Related Blogs:
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Research
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