Adoption of blockchain technology and cloud computing provides opportunities

by Arthur · January 6, 2023

DUBLIN, 6 January 2023 /PRNewswire/ — “Bioinformatics Market by Product and Service (Knowledge Management Tools, Bioinformatics Platforms, Data Analysis, Structure Analysis, Services), Applications (Genomics, Proteomics, Transcriptomics) and Sectors (Medical, Animal) – Global Forecast to 2027” report has been added ResearchAndMarkets.com’s Offering.

Research and marketing logo

The global bioinformatics the market was valued at USD 10.1 billion in 2022 and is expected to reach USD 18.7 billion by 2027, at CAGR of 13.0% in the forecast period. The growth of bioinformatics the market is driven by the increasing public and private sector funding to bioinformatics, increasing demand for personalized medicine, increasing pharmaceutical and biotech R&D spending and reduced costs of genome sequencing. However, the high cost of equipment is hindering the growth of this market.

The bioinformatics services segment is estimated to be the fastest growing segment during the forecast period

Based on product and services, the bioinformatics market is segmented into knowledge management tools, bioinformatics platforms and bioinformatics services. In 2021, the knowledge management tools segment accounted for the largest share of 36.3% of the bioinformatics market. The large share of this segment is attributed to the growing demand for knowledge management tools to handle large amounts of data generated in life science research and drug discovery. However, the bioinformatics services segment is estimated to be the fastest growing segment during the forecast period. The need to reduce sequencing costs and manage growing data volumes, as well as the increasing government funding for genomics research, is responsible for the growth of this market segment.

Medical biotechnology to hold the largest segment of the market

Based on the sector, the market is segmented into medical biotechnology, animal biotechnology, plant biotechnology, environmental biotechnology, forensic biotechnology and other sector. The medical biotechnology segment accounted for the largest share of 50.3% of the bioinformatics market in 2021. The new databases for drug discovery, the application of bioinformatics for clinical diagnostics and the increased funding opportunities to launch bioinformatics solutions for clinical diagnostics are important factors driving the growth of the the medical biotechnology segment of the market.

The genomics segment has the largest share of the component market

Based on application, the bioinformatics market is segmented into genomics, chemoinformatics and drug design, proteomics, transcriptomics, metabolomics, and other applications. The genomics segment accounted for the largest market share of 36.9% in 2021. The increasing use of pharmacogenomics research for the development of precision medicine, the increasing favorable funding scenario for genomic research, and the increasing partnerships and collaborations between various life science and informatics companies for the development of advanced bioinformatics tools and software are the major factors contributing to the growth of the genomics bioinformatics market.

The US will dominate the bioinformatics market in North America

North America dominated the bioinformatics market, with a share of 45.1% in 2021, followed by Europe and Asia Pacificand the rest of the world. North America has been among the frontrunners in the development of bioinformatics services in the health sector. The bioinformatics market in the United States is expected to offer growth opportunities in the coming years due to the increasing incorporation of EHRs in hospitals. Many major global players are also based in the USA, due to which the country has become a center for innovation in the bioinformatics market.

Market dynamics

Drivers

Increase public and private funding for bioinformatics
Increasing demand for personalized medicine
Increasing R&D expenditure on pharmaceuticals and biotechnology
Reducing cost of genome sequencing

Limitations

Possibilities

Lucrative opportunities in emerging markets
Adoption of Blockchain Technology and Cloud Computing
Integration of machine learning and artificial intelligence in the healthcare system
Investments from leading IT companies in the development of bioinformatics solutions

Challenges

Handling of large data volumes
Lack of interoperability and multi-platform features
Increasing competition from internal development and publicly available tools
Lack of skilled professionals in bioinformatics

Industry trends

Key topics covered:

1. Introduction

2 Research methodology

3 Summary

4 Premium Insights

5 Market overview

6 Bioinformatics market, by product and service
6.1 Introduction
6.2 Knowledge management tools
6.2.1 Generalized tools for knowledge management
6.2.2 Specialized tools for knowledge management
6.3 Bioinformatics platforms
6.3.1 Data analysis platforms
6.3.2 Structural and functional analysis platforms
6.3.3 Other bioinformatics platforms
6.4 Bioinformatics Services
6.4.1 Sequencing Services
6.4.2 Data Analysis Services
6.4.3 Drug Discovery Services
6.4.4 Differential Gene Expression Analysis Services
6.4.5 Database and administration services
6.4.6 Other bioinformatics services

7 Bioinformatics market, upon application
7.1 Introduction
7.2 Genomics
7.3 Chemoinformatics and drug design
7.4 Proteomics
7.5 Transcriptomics
7.6 Metabolomics
7.7 Other Applications

8 Bioinformatics market, by sector
8.1 Introduction
8.2 Medical biotechnology
8.2.1 Drug discovery and development
8.2.2 Clinical diagnostics and personalized medicine
8.2.3 Reproductive health
8.3 Animal biotechnology
8.4 Plant biotechnology
8.5 Environmental biotechnology
8.6 Forensic biotechnology
8.7 Other sectors

9 Bioinformatics market, by region

10 Competitive landscape

11 Company profiles

12 Appendix

Companies mentioned

Agilent Technologies, Inc.
Astalake Biosystems
Beijing Genomics Institute (BGI)
Biomax Informatics AG
Biosystems Immunolab PLC.
Dnastar
Eurofins Scientific
Fios Genomics
Genewiz (A Brooks Life Sciences Company)
Genuity Science (formerly Wuxi Nextcode)
Illumina, Inc.
Jadbio
Medgenome Labs Ltd.
Microsynth
Neogenomics Laboratories
Nucleome Informatics Pvt. Ltd.
Party
Perkinelmer, Inc.
Petdx
Psomagen, Inc. (formerly Macrogen Corp.)
Qiagen NV
Sophia Genetics
Source Bioscience
Thermo Fisher Scientific, Inc.
Waters Corporation

For more information on this report, visit https://www.researchandmarkets.com/r/thb7kn

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We bring you the latest data on international and regional markets, key industries, top companies, new products and the latest trends.

Media contact:

Research and markets
Laura Woodsenior manager
[email protected]

For EST office hours Call +1-917-300-0470
For US/CAN toll free call +1-800-526-8630
For GMT office hours call +353-1-416-8900

US Fax: 646-607-1904
Fax (outside the US): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

Cision

See original content: https://www.prnewswire.com/news-releases/bioinformatics-global-market-report-2022-adoption-of-blockchain-technology-and-cloud-computing-presents-opportunities-301714711.html

SOURCE Research and markets