The report "Bioinformatics Market by Product & Service (Knowledge Management Tools, Bioinformatics Platforms, Data Analysis, Structural Analysis, Services), Applications (Genomics, Proteomics, Transcriptomics), & Sectors (Medical, Animal) - Global Forecast to 2027", was valued at USD 10.1 billion in 2022 and is projected to reach USD 18.7 billion by 2027, at a CAGR of 13.0%.
Bioinformatics is a rapidly emerging market in the healthcare industry. Bioinformatics is the science of using computers to analyze and interpret biological data. It is used to understand and analyze genetic information, identify potential drugs and treatments, and predict disease progression and outcomes.
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Bioinformatics has become increasingly important in healthcare due to the development of new technologies and the ability to collect and store massive amounts of data. Healthcare providers rely on bioinformatics to identify trends in patient care, assess genetic risk factors, and develop treatments.
The market is also driven by increasing investments in healthcare data analytics and artificial intelligence. Governments, hospitals, and private companies are investing heavily in bioinformatics to improve health outcomes and reduce costs.
Bioinformatics is an emerging market with a lot of potential for growth. As the technology continues to mature, it will open up new opportunities for healthcare providers and patients. The ability to use data to tailor treatments and predict outcomes will revolutionize the way healthcare is delivered.
TOP BIOINFORMATICS MARKET PLAYER
Some of the prominent players operating in the bioinformatics market are Thermo Fisher Scientific, Inc. (US), Eurofins Scientific (Luxembourg), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (US), and Illumina, Inc. (US), Waters Corporation (US), DNASTAR (US), NeoGenomics Laboratories (US), Perkin Elmer, Inc. (US), GENEWIZ (US) and BGI Group (China), DNASTAR (US), Partek Incorporated (US), SOPHiA Genetics (Switzerland), Source BioScience (UK), and Biomax Informatics AG (Germany) among others.
THERMO FISHER SCIENTIFIC, INC. (US)
Thermo Fisher Scientific, Inc. is the leading player in the bioinformatics market. The company mainly develops technologically advanced bioinformatics solutions to outstand its offerings. It invests into organic and inorganic growth strategies like acquisitions to strengthen its market presence.
PERKINELMER, INC. (US)
PerkinElmer is one of the leading players in the global bioinformatics market. The company provides data analytics, computing, and scientific application software services. PerkinElmer competes in this market based on services offered, price, technological innovation, operational efficiency, product differentiation, product availability, quality, and reliability. The company has a strong geographical presence in the Americas, Europe, Asia, and Africa.
PerkinElmer has a strong sales and distribution network in more than 150 countries for its products and services. These factors are expected to help PerkinElmer stay competitive in the bioinformatics market.
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ILLUMINA, INC. (US)
Illumina, Inc. is holds strong position in the bioinformatics market. Illumina has a wide range of product and service portfolio for the end users in this market, a well-established distribution network, and has geographic presence worldwide. With its diverse product offerings, the company is expected to witness high growth in this market.
“North American bioinformatics market to dominate the market during the forecast period”
North America dominated the bioinformatics market in 2021 and is expected to grow at an 12.7% CAGR during the forecast period. The North America holds large share in the global bioinformatics market owing to factors such as government support for genomic research, presence of top key players in the region, reduced cost of sequencing, increased awareness of bioinformatics services, and increased number of genomic research activities (and the corresponding adoption of bioinformatics) in the region are driving the growth of the bioinformatics market in North America.
Recent Developments:
· In October 2022, Illumina, Inc. and AstraZeneca formed a strategic research collaboration to expedite the discovery of therapeutic targets by combining their strengths in AI-based genome interpretation and genomic analysis tools with industry knowledge. The cooperation would assess if a framework made of both these technologies can boost target discovery yield and confidence in order to identify prospective therapeutics based on human omics insights.
· In September 2022, Thermo Fisher Scientific joined the Pennsylvania Biotechnology Center (PABC) as a founding sponsor of both the Philadelphia-based B+Labs incubator and the PABC site in Doylestown, Pennsylvania, where emerging life science enterprises can accelerate their progress to commercialization.
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