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The bioinformatics market size is forecast to increase by USD 13.20 billion, at a CAGR of 16.59% between 2023 and 2028. The market is experiencing a transformation due to several factors. Firstly, the cost of genetic sequencing declines, democratizing access to this technology and fueling innovation across industries. Secondly, there's a notable uptick in the demand for protein sequencing, driven by advancements in personalized medicine and biotechnological research. Additionally, emerging techniques for genome analysis revolutionize our understanding of genetics and pave the way for new diagnostic and therapeutic applications. These interconnected trends underscore a paradigm shift in genetic research and healthcare, with implications for precision medicine and drug development. As the barriers to entry diminish and technology evolves, the landscape of genetic sequencing and analysis continues to evolve, offering new opportunities for scientific discovery and commercialization.
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In the rapidly advancing landscape of healthcare, genome sequencing stands at the forefront, driving breakthroughs in understanding virus variability and unraveling intricate transmission chains. The bioinformatics market, fueled by innovative NGS technologies and cutting-edge genomics instruments from companies like BGI and NanoString, offers a comprehensive suite of solutions. From unraveling RNA mysteries to deciphering complex transcriptomics data, organizations like Indivumed GmbH and Strand Life Sciences provide robust diagnostic methods. Amidst global health challenges, partnerships with entities such as Brunei’s Ministry of Health and Healthcare Global Enterprises are pivotal in implementing effective public health control and containment measures. In this era of precision medicine, the bioinformatics market serves as the backbone, empowering researchers to combat viruses and elevate healthcare standards. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Reduction in the cost of genetic sequencing notably drives the market growth during the forecast period. Advanced genomic sequencing technologies such as NGS have significantly reduced the cost of performing sequential studies and provide high-variant detection power and sensitivity by enabling multiple sequencing. For example, NGS can determine millions of fragments per run and provide cost benefits by avoiding running multiple sequencing cycles.
Additionally, the reduced equipment costs increase the propensity of R&D, positively impacting the growth of the global market. Furthermore, factors such as the advent of NGS, deoxyribonucleic acid (DNA) microarray, and CRISPR have brought a paradigm shift in genomic sequencing and editing procedures by enabling targeted and high-throughput sequencing and multiplexing. Hence, such factors drive market growth for during the forecast period.
The development of sophisticated tools for NGS is an emerging bioinformatics market trend influencing market growth. A key tool used for DNA sequencing is Oxford Nanopore MinION, which helps identify virus mutations and track their evolutionary history by enabling real-time, on-site DNA sequencing.
Furthermore, although DNA sequencing technologies are developing rapidly as well as have increased the availability of robust commercial platforms, analyzing the data obtained through NGS remains an enormous task. Various companies now offer commercial solutions for NGS, which address the issues associated with the scale of analysis and the need for command-line computer languages. Hence, such market trends and analysis boost the market.
A shortage of trained laboratory professionals is a major challenge hindering the growth of the market during the forecast period. Like any other field, the field of medical laboratory science is affected by severe workforce shortages with personnel shortages raising concerns about laboratory staff workload and turnover. Additionally, personnel turnover is also an increasing problem. Processes involved require careful application of reagents and handling of apparatus.
Moreover, the interpretation of results becomes increasingly important, as well as researchers must be aware of what analysis to conduct and how to correlate it with the overall objective of the experiment. For example, before beginning a protein crystallization experiment, researchers must consider the molecular weight of the protein, the buffer solution required for the experiment, and the stability of the protein. Therefore, such a shortage of trained professionals impedes market growth during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Agilent Technologies Inc.:- The company offers NGS and CGH data analysis and variant interpretation.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the molecular phylogenetics segment will be significant during the forecast period. Molecular phylogenetics is a branch that involves the use of molecular data to study the evolutionary relationships among species. This technique revolutionizes the field of biology by providing a more accurate and detailed understanding of the relationships among living organisms. Molecular phylogenetics is an important tool that plays a significant role in many research areas, including drug discovery, disease diagnosis, and conservation biology, in the global market.
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The molecular phylogenetics segment was valued at USD 3.98 billion in 2018. By studying the evolution of proteins and enzymes, researchers can identify potential drug targets and develop more effective drugs with fewer side effects, which has led to the development of new treatments for a wide range of diseases, including cancer, malaria, and HIV. Additionally, molecular phylogenetics is used in many other research areas. Hence, such applications boost the segment growth during the forecast period.
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North America is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. A major factor driving the growth of the market in North America is the increasing prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases. It is a leading region in the global market, with a significant market share. The region is driven by the growing demand solutions from research organizations and pharmaceutical companies. The North American region has a well-established healthcare industry, advanced research infrastructure, and many top-tier research universities contributing to regional market growth.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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The market is experiencing exponential growth, fueled by advancements in clinical diagnostics, exemplified by companies like NeoGenomics Laboratories and SOPHiA Genetics. Partek Incorporated and CanCoGen are at the forefront of big data analysis, harnessing vast datasets to uncover disease biomarkers and inform therapeutic strategies. Vaccines, including those targeting SARS-CoV-2, benefit from molecular biology and Nucleic acid sequencing techniques from companies like HostSeq and VirusSeq. Gene therapy innovations are facilitated by the availability of animal and human cell lines from ATCC. The Gates and Melinda Foundation support database development initiatives, essential for managing biological materials and driving product innovations. This dynamic market thrives on collaboration, innovation, and the convergence of diverse technologies.
Market Scope |
|
Report Coverage |
Details |
Page number |
178 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 16.59% |
Market Growth 2024-2028 |
USD 13.20 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
13.85 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 44% |
Key countries |
US, Germany, UK, Canada, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Agilent Technologies Inc., Azenta Inc., Bio Rad Laboratories Inc., Biomax Informatics AG, DNASTAR Inc., Eurofins Scientific SE, Fios Genomics Ltd., Genedata AG, Geneva Bioinformatics SA, Illumina Inc., Partek Inc., Perkin Elmer Inc., Precigen Inc., QIAGEN NV, Quest Diagnostics Inc., Seven Bridges Genomics Inc., Source BioScience, Thermo Fisher Scientific Inc., Waters Corp., and ZS Associates Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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