Bioinformatics employs artificial intelligence (AI) and machine learning techniques to analyze biological data like DNA/RNA sequences, protein structure, and gene expression. AI is profoundly transforming genomics research by automating routine tasks and discovering hidden patterns.
The global Bioinformatics Market is estimated to be valued at US$22.1 billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The integration of artificial intelligence is one of the major trends witnessed in the bioinformatics market. AI is transforming biomedical science by automating repetitive tasks and revealing patterns. Machine learning helps analyze huge amounts of genomics data. Deep learning approaches can predict protein structure, gene function and detect rare genetic variants linked with diseases. AI models are trained on vast biological databases and can discover relationships that humans might miss. This has applications in precision medicine by developing disease subtyping, predicting treatment response and novel drug targets. AI is hence empowering researchers to gain novel biological insights at an unprecedented scale and speed.
Strength: Bioinformatics combines biology and information technology to analyze large amounts of biological data. It helps address important problems in medicine, pharmaceuticals, and agriculture.
Weakness: Requires specialized skills and expertise to use complex algorithms and software for analyzing biological data. High initial costs for setting up infrastructure and stringent regulatory approval processes.
Opportunity: Growing need for data integration and analysis in drug discovery, precision medicine, and gene sequencing is driving market growth. Advances in cloud computing and AI are expanding applications of bioinformatics.
Threats: Intense competition among existing players and new entrants. Stringent data privacy and security laws pose compliance challenges. Advancements in general purpose machine learning tools threaten domain-specific bioinformatics solutions.
The global bioinformatics market analysis is expected to witness high growth over the forecast period. The global Bioinformatics Market is estimated to be valued at US$22.1 billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023-2030.
North America currently dominates the market due to presence of major pharmaceutical companies and growing genomics research activities in the region. The market in Asia Pacific is expected to exhibit fastest growth due to increasing R&D investments, clinical trials, and biotechnology research in countries like China and India.
Key players operating in the bioinformatics market are The 3M Company, Dow Corning Corporation, Honeywell International, Inc., Indium Corporation, Henkel AG & Co, KGaA, Parker Chomerics, Laird Technologies, Inc., Momentive Performance Materials, Inc., Fuji Polymer Industries, Co. Ltd., and Shin-Etsu Chemical Co. Ltd. These companies are focusing on new product launches, partnerships, and acquisition strategies to strengthen their market position and benefit from emerging opportunities.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it