Bioinformatics Industry Overview
The global bioinformatics market size was valued at USD 10.1 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 13.7% from 2023 to 2030.
Growing demand in the process of novel drug R&D and private and public funding initiatives to support R&D activities are expected to be the key factors driving the market during the forecast period. Furthermore, the introduction of user-friendly and readily available bioinformatics software such as RasMol, AUTODOCK, BALL, and Bioclipse, and growing market usage of these tools for the accurate and effective analysis of biomarkers discovery programs that assist in toxicity detection during the initial stage of the drug development process are expected to drive industry growth over the forecast period.
Gather more insights about the market drivers, restrains and growth of the Bioinformatics Market
Bioinformatics software and tools are being used as integrated solutions that provide algorithms and statistical methodologies for data analysis and help integrate data management and analysis for applications such as next-generation sequencing, genomic and proteomic structuring, modeling, and three-dimensional drug designing. Increasing R&D initiatives in the proteomics and genomics market, including other related ‘-omics’ fields, are further expected to support market growth to meet data storage and analysis demands.
According to an article published by Stanford Medicine in January 2022, research conducted by Stanford scientists showed that a DNA sequencing technique could sequence a human genome in about 8 hours. Such developments can boost demand for genomics and, consequently, the bioinformatics sector. Bioinformatics data storage and analysis applications are capable of storing a large amount of genomic and proteomic information to facilitate research activities in fields ranging from aging and carcinogenesis to preventive therapy for genetic diseases. This factor is also expected to significantly contribute to the growth of this industry over the forecast period.
The COVID-19 pandemic has significantly impacted the bioinformatics market. Researchers and physicians resorted to bioinformatics to help them comprehend the virus and create diagnostic tests and cures. As a result, the demand for bioinformatics tools and services showed a noticeable surge during this period.
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- The global proteomics market size was estimated at USD 24.29 billion in 2023 and is projected to grow at a CAGR of 13.10% from 2024 to 2030.
- The global genomics market size was valued at USD 32.65 billion in 2023 and is projected to witness a compound annual growth rate (CAGR) of 16.5% from 2024 to 2030.
Bioinformatics Market Segmentation
Grand View Research has segmented the global bioinformatics market report based on product, application, and region:
Bioinformatics Product Outlook (Revenue, USD Million, 2018 - 2030)
- Bioinformatics Platforms
- Bioinformatics Services
- Biocontent Management
Bioinformatics Application Outlook (Revenue, USD Million, 2018 - 2030)
- Genomics
- Molecular Phylogenetics
- Metabolomics
- Proteomics
- Transcriptomics
- Cheminformatics and drug designing
- Others
Key Companies profiled:
- DNAnexus Inc.
- Seven Bridges Genomics
- BGI Group
- Partek Inc.
- Thermo Fisher Scientific
- Qiagen
- Agilent Technologies
- Illumina
- PerkinElmer
Key Bioinformatics Company Insights
Industry participants are involved in the R&D of genetic and proteomic sequencing to enhance DNA and RNA sequencing capabilities to reduce genome sequencing costs. The development of next-generation sequencing technologies is expected to drive the bioinformatics industry over the forecast period. For instance, in March 2021, Agilent Technologies Inc. introduced a highly customizable and robust system ‘SureSelect’ for the analysis of human exome.
In another instance, in January 2020, Charles River Laboratories Inc. collaborated with Fios Genomics to gain access to the latter’s expertise in biology and bioinformatics. Furthermore, in January 2021, Illumina announced the launch of a cloud-based bioinformatics platform, as well as the Pan-Cancer IVD Test to improve its cancer detection efforts.
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