Bioinformatics Market is Expected to Reach Over USD 18 Billion by 2025

Information technology has experienced tremendous growth in the last decade. Perpetually advancing information technology coupled with rising demand for improved healthcare solutions is driving the growth of the global bioinformatics market. Bioinformatics provides benefits namely, increased accuracy, reduced errors, automation of data processing, and reduced turnaround time (TAT). In addition, due to increasing research and development activities in biotechnology, bioscience, pharmaceutical, and life sciences field, the adoption of bioinformatics has grown tremendously since the last decade. Lack of skilled labor for the effective operation of bioinformatics platforms and tools is one of the major factors limiting the growth of the global bioinformatics market. As a result, demand for bioinformatics services is expected to rise during the forecast period.

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The global bioinformatics market is segmented on the basis of the type of platforms, tools, and services. Platforms market is further segmented into sequence manipulation platforms, sequence alignment platforms, structural analysis platforms, and sequence analysis platforms. Of these, the sequence alignment platform segment accounted for the largest share in 2019. The dominance of this market segment was mainly due to a reduction in overall time for processing data, motif finding, phylogenetic analysis, and identification of sequence similarity. Focusing on the lack of skilled personnel to operate platforms and tools, market players are now offering services to process data.

Further, the global bioinformatics market is segmented as applications namely, preventive medicine, molecular medicine, gene therapy, drug development, and others. Molecular medicines include the application of bioinformatics in pharmacogenomics, metabolomics, and pharmacoprotemics. Major companies are investing in research involving pharmacogenomics, metabolomics, and pharmacoprotemics. Thus, the molecular medicine application segment is currently leading the overall bioinformatics market. Whereas, increasing investments on drug discovery and development, and rising application of bioinformatics propels the growth of drug development application segment. Thus, owing to the mentioned factors the drug development application segment is expected to grow at the highest CAGR (%) during the forecast period from 2020 to 2027.

In 2019, North America accounted for the largest market share of over 35% in the global bioinformatics market. Availability of advanced technology and skilled personnel coupled with high adoption rate of bioinformatics in practice are some of the factors that are driving the growth of the bioinformatics market in North America. The Asia-Pacific region is expected to grow at the highest CAGR owing to rapidly developing biotechnology industry on the grounds of swiftly rising biotechnology research and development activities coupled with government support to boost the biotechnology sector in the region. Some of the key market players contributing to the bioinformatics industry include Affymetrix, Inc., Accelrys, Inc., Agilent Technologies, Inc., and GenoLogics Life Sciences Software.

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The global bioinformatics market is segmented as follows:

Bioinformatics Market, by Platforms, Tools, and Services

• Platforms
  • Sequence Manipulation Platforms
  • Sequence Alignment Platforms
  • Structural Analysis Platforms
  • Sequence Analysis Platforms
• Tools
  • General Knowledge Management Tools
  • Specialized Knowledge Management Tools
• Services
  • Data analysis
  • Sequencing services
  • Database & management
  • Other services

Bioinformatics Market, by Applications

• Preventive medicine
• Molecular medicine
• Gene therapy
• Drug development
• Others

Bioinformatics Market, by Geography

• North America
• Europe
• Asia-Pacific
• Rest of the World