Bioinformatics Market to Reach $31.71 Billion by 2031, Driven by Growing Research Activities in Genomics and Rising Need to Develop Novel Drugs/Drug Molecules - Exclusive Report by Meticulous Research®

REDDING, Calif., Sept. 10, 2024 /PRNewswire/ -- According to a new market research report titled, 'Bioinformatics Market Size, Share, Forecast, & Trends Analysis by Solution & Service (Knowledge Management, Sequence Analysis, Data Analysis), Application (Genomics, Metabolomics, Transcriptomics), Industry (Health, Agriculture)?Global Forecast to 2031.

THE BIOINFORMATICS MARKET IS PROJECTED TO REACH $31.71 BILLION BY 2031, AT A CAGR OF 13.4% FROM 2024 TO 2031

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The growth of the biotechnology & pharmaceutical industries, initiatives supporting genomics research, and the rising need to develop novel drugs/drug molecules are key factors driving the growth of the bioinformatics market. However, the interoperability limitations of bioinformatics analytical platforms due to multiple data types restrain the growth of this market.

Furthermore, emerging economies, the growing clinical applications of genomic technologies, and the increasing use of bioinformatics in agriculture are expected to generate growth opportunities for the players operating in this market. However, data privacy & confidentiality concerns and the shortage of skilled bioinformaticians are major challenges impacting market growth.

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Genomics to Generate Lucrative Opportunities for Market Stakeholders

Genomic data encompasses various types of information, including DNA sequences, gene expression levels, epigenetic modifications, and protein interactions. Integration of such diverse data makes it difficult to obtain results that can be used for research or diagnostics. Bioinformatics software helps researchers in analyzing and interpreting vast amounts of diverse genomic data. Bioinformatics is used in genomics applications such as genome assembly, functional genomics, comparative genomics, structural genomics, metagenomics, and cancer genomics.

A substantial amount of genomic data is generated every year due to research initiatives and advancements in sequencing technologies. For instance, according to the National Human Genome Research Institute (U.S.), around 40 exabytes of storage will be required to store the genome-sequence data generated worldwide by 2025. Genomic data provides researchers with information about genetics; however, it also presents several challenges in terms of data storage, processing, analysis, and interpretation, driving the demand for bioinformatics.

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Some of the key recent developments from bioinformatics market players in the genomics space are as follows:

• In 2023, Illumina, Inc. (U.S.) and Nashville Biosciences LLC (U.S.), a wholly owned subsidiary of Vanderbilt University Medical Center (VUMC), signed an agreement with Amgen Inc. (U.S.) for the whole-genome sequencing of nearly 35,000 DNA samples.
• In 2023, QIAGEN Digital Insights (QDI) launched its QIAGEN CLC Genomics Workbench Premium to address the bottlenecks in Next-generation Sequencing (NGS) by speeding up analysis and interpretation in Whole-exome Sequencing (WES), Whole-genome Sequencing (WGS), and large panel-sequencing data.
• In 2022, Illumina, Inc. (U.S.) launched DRAGEN v4.0, a secondary analysis platform with features that enable laboratories to perform precise analysis in key areas such as Pharmacogenomics (PGx), oncology, population genomics, and single-cell sequencing within a single platform.

Bioinformatics Market Analysis: Key Segmental Findings

• By Product: In 2024, the knowledge management software segment is expected to account for the largest share of 42.2% of the bioinformatics market. However, the bioinformatics platforms segment is expected to grow at the highest CAGR during the forecast period of 2024-2031.
• By Application: In 2024, the genomics segment is expected to account for the largest share of the market. However, the proteomics segment is expected to grow at the highest CAGR of 15.5% during the forecast period of 2024-2031. 
• By End Use Industry: In 2024, the healthcare segment is expected to account for the largest share of the market. The healthcare segment is also expected to grow at a higher CAGR during the forecast period.

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Geographic Analysis:

North America to Dominate the Global Market

Based on geography, the bioinformatics market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of 44.5% of the bioinformatics market. The North America bioinformatics market is projected to reach $14.18 billion by 2031.

North America's dominant position in the bioinformatics market is attributed to government initiatives supporting genomics research, the growing applications of genomic research, the declining costs of sequencing, pharmaceutical and biopharmaceutical companies' increasing research investments, and the growing adoption of precision medicine due to increasing cancer prevalence.

In 2024, the U.S. is expected to account for the major share of the bioinformatics market in North America. The country's large market share is mainly attributed to increasing government support and spending aimed at improving the country's genome sequencing infrastructure, rising R&D investments of pharmaceutical & biopharmaceutical companies, and the growing acceptance of personalized medicine and personalized cancer treatments.

Asia-Pacific: The Fastest-growing Regional Market

Asia-Pacific is projected to register the highest CAGR of 14.3% during the forecast period. In 2024, China is expected to account for the largest share of the bioinformatics market in Asia-Pacific. The region is witnessing growth in its biotech and pharmaceutical industries, which is driving the demand for bioinformatics solutions in the field of drug discovery and development. Furthermore, the growing adoption of bioinformatics solutions in Asia-Pacific is driven by the growing number of clinical trials, increasing genomics research activities due to favorable public and private initiatives, the growing use of genetic engineering in the agriculture sector, and favorable initiatives supporting the adoption and development of novel bioinformatic tools. For instance, in January 2023, Pacific Biosciences of California, Inc. (U.S) collaborated with the University of Tokyo, Graduate School of Medicine to study the use of long-read sequencing and novel bioinformatics methods to gain a better understanding of genetic causes of certain rare diseases in the Japanese population.

Initiatives are being undertaken to advance genomics and genetics research in Asia-Pacific, supporting the adoption of bioinformatics solutions in the region. For instance, in 2021, Illumina, Inc. (U.S.) and Sequoia Capital (China) launched Sequoia Capital China Intelligent Healthcare Genomics Incubator, powered by Illumina, Inc. (U.S.). The focus of this company is to support start-ups in the country to make advancements in genomics.

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Germany Continues to Dominate the Bioinformatics Market in Europe

In 2024, Germany is expected to account for the largest share of the bioinformatics market in Europe. Factors such as the increasing number of sequencing projects, the rising prevalence of cancer, and growing research for the development of biopharmaceuticals contribute to the country's large market share. Germany is one of the world's leading clinical trial and pharmaceutical innovation hubs in Europe. The country is the second-largest exporter of medicinal products and is one of the top pharmaceutical producers worldwide. In response to the global demand for personalized medicine, Germany has also evolved into one of the main suppliers of novel biopharmaceuticals. Furthermore, companies in Germany have moved their focus from small-molecule drugs toward the development and production of complex biological compounds that are produced with the help of a multitude of organisms. Biologics account for a considerable share of the pharmaceutical market in Germany due to their high therapeutic potential.

Bioinformatics Market: Competition Analysis

This report offers a competitive analysis based on an extensive assessment of the leading players' product portfolios, geographic presence, and key growth strategies adopted over the past 3?4 years. Major companies in the bioinformatics market have implemented various strategies to expand their product offerings and global footprints and augment their market shares. The key strategies followed by leading companies in the bioinformatics market include product launches, expansions, mergers & acquisitions, agreements, collaborations, and partnerships. The key players operating in the bioinformatics market include Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Qiagen N.V. (Netherlands), Agilent Technologies, Inc. (U.S.), Dassault Systèmes SE (France), Eurofins Genomic LLC (Germany), Revvity, Inc. (U.S.), Azenta, Inc. (U.S.), and DNAnexus, Inc. (U.S.).

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Bioinformatics Industry Overview: Latest Developments from Key Industry Players

• In March 2023, Illumina, Inc. (U.S.) launched Connected Insights, a cloud-based software that enables tertiary analysis of clinical NGS data. Connected Insights is designed to streamline interpretation and reporting from a range of assay types, enabling labs to scale the use of NGS and reduce turnaround time.
• In January 2023, QIAGEN N.V. (Netherlands) launched its QIAGEN CLC Genomics Workbench Premium to remove bottlenecks in Next-generation Sequencing (NGS) by speeding up analysis and interpretation in Whole-exome Sequencing (WES), Whole-genome Sequencing (WGS), and large panel-sequencing data.
• In August 2023, DNAnexus, Inc. (U.S.) collaborated with BigOmics Analytics (Switzerland), a biomedical data analysis company, to offer Omics playground of BigOmics on the DNAnexus precision health data platform for helping customers understand large-scale proteomics and transcriptomics data.
• In August 2022, Thermo Fisher, Inc. (U.S.) launched next-generation sequencing analysis software Oncomine Reporter Dx and Oncomine Dx Express Test for use in clinical laboratories, expanding access to precision oncology biomarker testing.

The report provides a competitive dashboard summarizing the market positionings of the 22 profiled market players in four quadrants, namely Industry Leaders, Differentiators, Emerging Companies, and Vanguards. These companies are positioned based on various parameters, including revenue, depth of offerings, brand equity, geographic presence, innovation, and organic & inorganic growth strategies. Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann?La Roche Ltd. (Switzerland), Agilent Technologies, Inc. (U.S.), and Dassault Systemes SE (France) are positioned in the industry leaders quadrant.

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Scope of the Report:

Bioinformatics Market Assessment?by Solution & Service

• Knowledge Management Software
• Bioinformatics Platforms
  • Sequence Analysis & Alignment Platforms
  • Functional & Structural Analysis Platforms
  • Other Bioinformatics Platforms

(Note: Other bioinformatics platforms include pathway analysis, network analysis, phylogenetic analysis, and data visualization.)

• Services
  • Data Storage & Database Management Services
  • Data Analysis Services

Bioinformatics Market Assessment?by Application

• Genomics
• Chemoinformatics
• Proteomics
• Transcriptomics
• Metabolomics
• Other Applications

(Note: Other applications include system biology and computational biology.)

Bioinformatics Market Assessment?by Industry

• Healthcare
• Agriculture
• Veterinary
• Other Industries

(Note: Other industries include environmental sciences, forensic sciences, and energy.)

Bioinformatics Market Assessment?by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia-Pacific (APAC)
  • Japan
  • China
  • India
  • Rest of APAC (RoAPAC)
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America (RoLATAM)
• Middle East & Africa

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Bioinformatics Market Research Summary -

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