by Market Overview:
The global Bioinformatics Platforms Market is estimated to be valued at US$ 11.41 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Bioinformatics platforms refer to integrated suit of tools used for storage, analysis and interpretation of biological data, especially genetic and genomic data. These platforms provide computational techniques for analyzing and organizing biological data. They help in tasks like DNA and RNA sequencing, protein structure analysis, drug discovery and development and understanding biological processes at molecular level. Owing to increasing biomedical research activities around the world and advancements in sequencing technologies, demand for bioinformatics platforms is growing significantly.
Market key trends:
One of the major trends in this market is growing adoption of cloud computing. Cloud-based bioinformatics platforms provide storage, analysis and visualization of large and complex biological data sets through web-based or remote server interfaces. They eliminate the need for infrastructure setup and maintenance which reduces overall costs. Growing preference of researchers for pay-per-use cloud solutions is propelling the demand for cloud-based bioinformatics platforms. Other trends include integration of artificial intelligence for analyzing biological data, development of open-source platforms and predictive analytics for studying diseases at molecular level.
Porter’s Analysis
Threat of new entrants: Low capital requirements for bioinformatics software and data analysis tools have reduced barriers for new entrants. However, established players have significant resources and customer lock-ins limiting opportunities for new players.
Bargaining power of buyers: Buyers have moderate bargaining power given many solution providers and customization possibilities. However, switching costs and lack of awareness limits options.
Bargaining power of suppliers: A few universities and research centers provide necessary algorithms, databases and technology. This gives them bargaining power over commercial users of bioinformatics.
Threat of new substitutes: Alternatives like in-house development pose threats. However, specialized tools and data integration capabilities of platforms reduce risk of substitution in the long run.
Competitive rivalry: Presence of large global players and growing number of regional startups has increased competition. Price wars and consolidation can be expected with growing market adoption.
Key Takeaways
The Global Bioinformatics Platforms Market Size is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing investments in genomic research and big data analytics in healthcare.
North America dominated the market in 2023 with over 35% share due to extensive R&D, presence of leading players and supportive government policies. Asia Pacific is anticipated to exhibit fastest growth through 2030 supported by India and China’s focus towards precision medicine and biotech hubs.
Key players operating in the bioinformatics platforms market are Agilent Technologies, Inc., Biomax Informatics AG, DNAnexus, Inc., Genedata AG, Intrexon Bioinformatics Germany GmbH, Illumina Inc., Perkinelmer Inc., Qiagen N.V., Seven Bridges Genomics Inc., and Thermo Fisher Scientific, Inc.
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