June 16, 2024
Bioinformatics Market

Bioinformatics Market Is Growing At A CAGR Of 10% By Increasing Investment In Healthcare Data Analytics

Bioinformatics is an interdisciplinary field that develops methods and software tools for understanding biological data, especially when annotating genomes and interpreting the human genome. Bioinformatics helps to manage and analyze life science and biomedical data. It plays a crucial role in various areas including genomic sequencing, drug discovery, personalized medicine, and systems biology. The increasing availability of large and complex biological datasets produced through high-throughput technologies has led to significant growth in the demand for novel computational solutions and technologies for storage, retrieval, and analysis of biological data. Bioinformatics tools and databases help researchers analyze, organize, store, and exchange large amounts of complex molecular and clinical information efficiently.

The Global Bioinformatics Market is estimated to be valued at US$ 25.46 Billion in 2024 and is expected to exhibit a CAGR of 10% over the forecast period from 2024 to 2030.

Rising investment in healthcare data analytics to develop precision medicine and increasing adoption of bioinformatics tools in drug development are the key factors driving the market revenue growth.

Key Takeaways

Key players operating in the bioinformatics 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 players are focusing on new product launches and strategic collaborations to expand their market share.

The demand for bioinformatics is growing significantly with the increasingomic technologies. Growing focus on cost-effective drug discovery and developing personalized medicine through predictive analysis is also propelling the market growth.

The market is expanding globally due to rising R&D activities in genomics and healthcare sectors across major countries such as the US, China, India, Germany, UK, and Japan. Growing healthcare expenditure and investments by governments and private bodies in developing economies will further stimulate the bioinformatics demand over the coming years.

Market Key Trends

One of the key trends in the Bioinformatics Market Demand is increasing integration of artificial intelligence and machine learning capabilities. AI and ML help bioinformatics platform to analyze huge datasets and recognize patterns. This enables more accurate disease prognosis, faster drug discovery processes, and development of precision diagnostics. For example, DeepGenomics integrates machine learning with genomic sequencing data to accelerate drug discovery workflows. Such integration of advanced technologies is expected to transform bioinformatics over the next decade.

Porter’s Analysis

Threat of new entrants: Low startup costs and need for specialized knowledge or technology allow new players to enter the market. However, existing players have established their reputation and customer base which makes it difficult for new players.

Bargaining power of buyers: The buyers have moderate bargaining power as there are many players offering bioinformatics solutions. However, switching costs and need for technology integration with existing IT infrastructure increases buyer dependence on existing vendors.

Bargaining power of suppliers: Existing data providers and technology solution providers have significant influence on pricing and collaboration terms due to their specialized expertise and technology offerings critical for bioinformatics.

Threat of new substitutes: New alternative technologies for storage, analysis and integration of large and complex genomic and healthcare data pose minimal threat currently. However, emerging technologies like AI/ML based solutions provide some degree of substitute options.

Competitive rivalry: Intense competition exists among existing prominent global players due to their superior technical expertise, large customer base and new product additions.

Geographical Regions

North America region accounts for the largest market share currently owing to extensive R&D investments, presence of global pharma companies and databanks.

Asia Pacific region is expected to grow at the fastest pace during the forecast period supported by increasing healthcare expenditures, government focus on biotechnology and growing biopharma industry in countries like China and India.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it