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The bioinformatics market size is forecast to increase by USD 8,535.52 million at a CAGR (Compound Annual Growth Rate) of 13% between 2022 and 2027. The growth of the market depends on several factors, including the reduction in the cost of genetic sequencing, increasing demand for protein sequencing, and emerging techniques for genome analysis. Its market research and growth report also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the market growth analysis report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 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.
The advances and the completion of the Human Genome Project (HGP) in 2003 have led to a significant reduction in the cost of genetic sequencing. The reduced cost increases 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 has 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 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 and forecasting strategies.
Global Market Customer Landscape
Vendors 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.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
Market Analysis
Private and government organizations collaborate extensively in the field of molecular biology, leveraging vast databases and sophisticated software tools for drug design and development. Common data formats facilitate the exchange of information, particularly related to RNA and peptide sequences. Cutting-edge technologies like next-generation sequencing (NGS) and genetic engineering enable innovative approaches to research and development. Despite the significant budget required for novel drug discovery, advancements in proteomic and metagenomic approaches offer promising avenues. Healthcare technologies are continually evolving, supported by genomic and proteomic research studies. Emerging fields such as gene therapy are reshaping the landscape of drug development, emphasizing the importance of interdisciplinary collaboration in advancing biological data and molecular biology.
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 3,541.59 million in 2017 and continued to grow until 2021. 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.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. In 2020, several countries in North America were compelled to impose lockdowns to contain the spread of the disease. The COVID-19 outbreak drove the regional market owing to the increasing need for genomic testing and research activities to treat patients with COVID-19 in many North American countries, including the US, Canada, and Mexico, in 2020. The emergence of the COVID-19 pandemic caused by SARS-CoV-2 has presented the scientific community in the region with an urgent need to understand all the aspects of this novel virus.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Bioinformatics Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13% |
Market growth 2023-2027 |
USD 8,535.52 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
12.86 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 44% |
Key countries |
US, Canada, Germany, UK, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, 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 forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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