Pune, India, December, 2022/MRFR Press Release/- Market Research Future published a Half-Cooked research report on “Global Bioinformatics Market Research Report - Forecast to 2030” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2030.
Global Bioinformatics Market is accounted to register a CAGR of 14.50% during the forecast period and is estimated to reach USD 26.8 Billion by 2030.
Bioinformatics is an interdisciplinary field that combines biology, computer science, and statistics to analyze and interpret biological data. It involves the development and application of computational methods, algorithms, and tools to store, retrieve, organize, and analyze large volumes of biological information, particularly genetic and genomic data. Bioinformatics plays a crucial role in various areas of biological research, including genomics, proteomics, transcriptomics, metagenomics, and systems biology. It aims to understand the structure, function, and interactions of biological molecules such as DNA, RNA, and proteins, as well as the complex biological systems they comprise.
The Global Bioinformatics Market has been segmented based on Application, Technology, And Services.
Based on Application, the market is segmented into Genomics, Chemoinformatics, Drug Design, Transcriptomics, Molecular Phylogenetics, Proteomics, and Metabolomics. The dominance of the Genomics category in the Bioinformatics market can be attributed to the significant advancements in DNA sequencing technologies and the increasing demand for genome analysis and personalized medicine.
Based on the Technology And Services, the market is segmented into Data Warehousing, Sequence Analysis, and Sequence Manipulation. The Data Warehousing category dominates Bioinformatics primarily focuses on the analysis and interpretation of biological data rather than data warehousing. However, data management and storage solutions are integral to the field to handle the vast amounts of biological data generated.
The Global Bioinformatics Market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Global Bioinformatics Market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Global Bioinformatics Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World's Global Bioinformatics Market comprises of Middle East, Africa, and Latin America.
In 2023, the North American bioinformatics market reached USD 4.8 billion, capturing a share of approximately 45.80%, and is projected to experience a substantial compound annual growth rate (CAGR) during the study period. The market's expansion is driven by the increasing demand for innovative drug research and development, supported by government and commercial financing initiatives. Furthermore, the adoption of bioinformatics tools and modern technology in Canada and Mexico is expected to boost the regional market.
Europe holds the second-largest market share in the bioinformatics industry. The region's growth is attributed to the growing need for bioinformatics tools for precise and rapid analysis of biomarkers in drug discovery programs, aiding in toxicity detection during medication development. Moreover, governments in European Union countries are prioritizing initiatives that emphasize the benefits of bioinformatics and increasing funding for research and development, which further supports the bioinformatics industry.
The Asia Pacific bioinformatics market is anticipated to exhibit the highest CAGR from 2023 to 2030. The availability of skilled bioinformaticians and the region's growing IT sector are expected to enhance its capability to provide outsourcing services to more developed nations. Additionally, supportive government initiatives are poised to drive growth in this region throughout the projected period.
Key Findings of the Study
- The Global Bioinformatics Market is expected to reach USD 26.8 Billion by 2030, at a CAGR of 14.50% during the forecast period.
- The North American bioinformatics market reached a value of USD 4.8 billion, holding a significant market share of approximately 45.80%. It is projected to experience a substantial compound annual growth rate (CAGR) throughout the study period, driven by the increasing demand for innovative drug research and development, along with financial support from commercial and government initiatives.
- Based on the Application, the Market has been segmented into Genomics holding the largest market in 2023.
- Agilent Technologies, Illumina Inc, QIAGEN N. V., Thermo, Fisher Scientific Inc, and Dassault Systèmes.
Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Bioinformatics Market Research Report