ID: MRFR/LS/1664-HCR | February 2021 | Region: Global | 80 pages
Bioinformatics is a branch of computer science that studies gene and protein activities, establishes evolutionary links, and predicts the three-dimensional structures of proteins. The market is expected to grow at a CAGR of 19.8% in the forecast period. However, in the approaching years, high costs of bioinformatics software and services and a scarcity of experienced specialists are projected to stifle industry growth. This technology's rapid acceptance results in a high growth rate. Bioinformatics allows for the storage and analysis of biotechnical data, resulting in various industry breakthroughs. The application of informatics technologies makes drug discovery more efficient.
Bioinformatics is becoming increasingly important to many governments and corporate entities worldwide. These expenditures have mostly resulted in data and technological breakthroughs in bioinformatics services, which has resulted in increased service quality. Scientific discoveries are made due to mining such data, which is used in the study of genetics and genomes. There are several bioinformatics tools on the market.
Bioinformatics technology provides exceptional support for scientific researches. The outbreak of covid 19 is a real test for the bioinformatics market. During the covid 19, the research about the virus is tremendous. The research to stop the spread of the virus is massive. The next generation is possible through bioinformatics technology. With the technology, the medical industry can know the information about the virus and its spread.
With the comprehension of SARS-CoV and bioinformatics, complete details about the virus are available. The outsourcing of bioinformatics is happening at a rapid pace in the forecast period. Bioinformatics technology is an exceptional source for the scientist to extract information about covid. Due to this, the adoption of bioinformatics is rising during this period. Several scientific institutes are using bioinformatics technology. The overall covid 19 analysis of the market shows a surging market trend.
Many governments are increasing their investments in the bioinformatics sectors. The rising investment from the government sector is the crucial driver for the market. Due to the high investments, the technological development in the sector is massive. The services of the medical industry are increasing through the use of the bioinformatics market. Many biopharmaceutical companies are receiving funds from governments and government-aided institutes. It is a crucial driver for the market that will improve the services of bioinformatics. There are plenty of benefits for the market due to governmental help. The quality of the bioinformatics service will be superior in the forecast period.
Further, the awareness about bioinformatics will improve because of the investments. More accessibility and availability of these services will lead to quick adoption. Countries such as the UK and the US are increasing their investment in the bioinformatics market. The rising research and development is a crucial factor that raises the demand for the bioinformatics services market. High research and development will lead to variation and advancement in technology. There are more possibilities for hybrid bioinformatics technology launch in the forecast period. Further, the possibilities for market expansion are high due to these markets drivers.
The focus of bioinformatics services in emerging markets will lead to market growth opportunities. There is plenty of emerging market in bioinformatics. India, Russia, China, South Korea and Taiwan have plenty of growth opportunities for key players. The need for bioinformatics services is high. The emerging markets do not have proper resources for drugs discovery. The biopharmaceutical industry has a massive amount of data. However, there is no reliable source to store it. The launch of bioinformatics in this emerging market will lead to promising growth opportunities. The genomics, drug precision and biopharmaceutical industry developments depend on bioinformatics. More availability of this technology will lead to more market profits.
The well-established market already has a high adoption rate. In the future, demand from the emerging market will help to sustain the demand for bioinformatics technology. The Asia Pacific is the key regional area for higher development and expansion. Penetration of bioinformatics in this region will benefit the overall market growth. It increasing research and developments, the bioinformatics market will boom in upcoming years. Further, with new market acquisitions, the market will become even more powerful. The new product launch will attract end-users from different regions. All these factors will increase bioinformatics growth rate.
NGS technology is rising in many regions. The need for quick and accurate bioinformatics technology is essential. Most of the bioinformatics tool is exceptional. However, the accuracy in bioinformatics is less than NGS. Moreover, many scientists do not know to operate bioinformatics technology. The requirement for user-friendly tools is higher. Most of the bioinformatics tools require high expertise in computer systems. The lack of expertise is a restraining factor in the market. For small pharmaceutical companies, the bioinformatics system is not feasible. The high rate of investment in technology is another drawback for the market. These restraints can decline the demand rate in the forecast period.
The next-generation sequencing technologies have a high potential to store biological data. It can generate a large volume of data. The adoption of NGS technology and other alternatives is a significant challenge for bioinformatics technology. The confidentiality concerns in bioinformatics technology are high.
On the other hand, data analysis and the drug is secure in NGS technologies. It is a serious threat to bioinformatics technology. The poor management of data is a challenging factor that can hinder the market growth rate.
The bioinformatics market trends remain constant in the forecast period. There are few factors the continuously propel the growth of the market. Rising investments provide exceptional demand for the bioinformatics market. The governmental support for the market leads to high growth opportunities in the forecast period.
The research and development in the market will lead to more innovation in the market. The lack of technical skills among scientists is the restraining factor of the market. Further, the rising demand for NGS technologies is another challenge in the market. These factors can affect the overall growth of the market.
North American regions dominate the market with a high demand rate. Also, it holds major bioinformatics market shares. It is a region accountable for more than 45% shares of the market. The presence of leading bioinformatics markets is the crucial reason for high demand.
Governmental initiatives are continuously rising in this region. Bioinformatics technological advancements are massive in this region. Further, the awareness about bioinformatics technology is tremendous in North America. Also, it is a favourable region for more research activities. The market scenario is continuously improving with high growth possibilities.
The competition in the bioinformatics market is increasing forecast period. Market expansion, acquisition, and partnership are the key strategies in the competitive landscape. The bioinformatics and AI adoption will lead to plenty of new growth opportunities in the market. The key players of the market are focusing more on AI technology. It will make bioinformatics technology more efficient.
The bioinformatics market is diversified into Asia Pacific, Europe and North America. North America continues to dominate the bioinformatics market than other regional players. With more awareness and effortless adoption, the demand will be remarkable for the market. Governmental support will enhance the overall bioinformatics market. Further, the skilled experts to handle this technology are high in North America. The Asia Pacific is another region with the highest bioinformatics market growth rate.
The growth of pharmaceutical companies is providing a profitable platform for bioinformatics. The need to store and analyse biotechnical data is massive is high in this region. It is a region that will witness the highest expansion rate. The need for bioinformatics is high. More awareness about the technology can bring favourable changes in the market. Further, Europe has a tremendous amount of healthcare investments for the forecast period. The adoption of IoT is high in Europe. It will lead to more moderate demand for bioinformatics in the forecast period.
The key players of the bioinformatics market are
|Market Size||2027: Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application, Technology and Services and Sector|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Agilent Technologies, Illumina, Inc., QIAGEN N. V, and Thermo Fisher Scientific Inc., Dassault Systèmes, QIAGEN|
|Key Market Opportunities||Joint ventures, strategic alliances, mergers and acquisitions, new product developments along with research and developments|
|Key Market Drivers||Increasing research and development investments, government and private organizations initiatives|
Frequently Asked Questions (FAQ) :
The bioinformatics market is projected grow at approximately 19.8% CAGR during the assessment period (2016-2022).
Increasing global burden of chronic diseases, increasing research and development investments, government and private organizations initiatives, and improved collaborative ties between companies and research institutes are the major tailwinds pushing the growth of the global bioinformatics market.
North America holds the largest share in the global bioinformatics market, followed by Europe and the Asia Pacific, respectively.
Illumina, Inc., Agilent Technologies, QIAGEN N. V, and Dassault Systèmes, Thermo Fisher Scientific Inc., and QIAGEN, are some of the major players operating in the bioinformatics market.
Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies that players operating in the global bioinformatics market adopt to gain a larger competitive advantage.