Bioinformatics Global Market Report 2024

The bioinformatics market size has grown rapidly in recent years. It will grow from $14.86 billion in 2023 to $16.9 billion in 2024 at a compound annual growth rate (CAGR) of 13.7%. The growth observed during the historical period can be attributed to several key factors. These include significant advancements in genomic sequencing technologies, substantial growth in the field of biomedical research, increased focus on drug discovery and development, the emergence of personalized medicine, and applications in agriculture and biotechnology. These factors collectively contributed to the expansion of the genomics and biotechnology market.

The bioinformatics market size is expected to see rapid growth in the next few years. It will grow to $28.27 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. Anticipated growth in the upcoming forecast period is driven by several key factors. These include significant advancements in omics technologies, the growing influence of artificial intelligence (AI) and machine learning, the integration of data with cloud computing, robust developments in biomarker discovery and diagnostics, and the increasing trend of interdisciplinary collaboration. Moreover, several noteworthy trends are expected to shape the market, such as the proliferation of genomic data, the expanding realm of personalized medicine, the accelerated utilization of machine learning and AI, and the ongoing evolution of drug discovery and development processes. These factors collectively contribute to the market's projected growth in the forecasted period.

The bioinformatics market is experiencing substantial growth driven by the increasing demand for protein sequencing. Protein sequencing is a crucial process that involves determining the amino acid sequence within DNA-encoded proteins, enabling the understanding of protein functions, activities, origins, and localizations. This method is essential for revealing amino acid distribution and protein structure. Advancements in clinical mass spectrometry and analytical techniques, coupled with the widespread adoption of target-based drug development in the pharmaceutical and biotechnology sectors, are contributing to the growing demand for protein sequencing. For example, in 2021, the number of protein sequences in UniProtKB, a publicly accessible protein sequence and functional information database, reached approximately 190 million.

The primary categories of products and services within the field of bioinformatics encompass knowledge management tools, data analysis platforms, and a range of associated services. Knowledge management tools serve as essential technologies for organizations, enabling the sharing of information both internally and externally. Bioinformatics applications span various domains, including metabolomics, molecular phylogenetics, transcriptomics, proteomics, chemoinformatics, and genomics. These applications find use across diverse industries, including pharmaceuticals, animal studies, agriculture, forensic science, and other end-user segments.

The bioinformatics market research report is one of a series of new reports that provides bioinformatics market statistics, including bioinformatics industry global market size, regional shares, competitors with a bioinformatics market share, detailed bioinformatics market segments, market trends and opportunities, and any further data you may need to thrive in the bioinformatics industry. This bioinformatics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The bioinformatics market is set to witness substantial growth, driven by the expanding pharmaceutical industry. The pharmaceutical sector, responsible for drug discovery, development, and production, both in public and private domains, relies heavily on bioinformatics. It enhances the drug development process, reduces costs, and elevates the efficacy and safety of drug therapies. In 2021, reports from IQVIA Inc., a US-based pharmaceutical company, estimated that total pharmaceutical expenditure in the US would reach between $380 and $400 billion by 2025, up from $359 billion in 2020. This projection reflects a compound annual growth rate of 0-3%. Thus, the flourishing pharmaceutical industry acts as a growth catalyst for the bioinformatics market.

A notable constraint on the bioinformatics market is the lack of interoperability among various data formats. The diverse data formats come with structural disparities, and numerous protein databases employ different representations for proteins. Additionally, varied data models, such as object data models or relational data models, contribute to inconsistent data formatting. The issue of interoperability arises when researchers attempt to integrate data from multiple databases presented in distinct formats. Various data formats, including Compressed Row Storage (CRS), Sparse Vector, Avro, Parquet, and ORC (Optimized Row Compressed), create challenges. As reported by Pharmaphorum, approximately 80% of researchers' time is consumed by data grooming, leaving only 20% for actual data analysis. This imbalance results from non-standardized file types and inconsistent data formatting, with each new program generating a unique data format. Interoperability problems stemming from the use of various data formats are affecting the growth of the bioinformatics market.

Businesses in the bioinformatics market are significantly boosting their investments in the research and development of nanopore sequencing technology. This innovative technology, known as nanopore sequencing, stands out as a single-molecule DNA sequencing method that eliminates the need for Polymerase Chain Reaction or chemical sample labeling. It operates by passing ionic current through minuscule nanopores, where it measures current changes caused by biological molecules traversing or approaching these nanopores. This data collection approach is pivotal for bioinformatics, offering advantages like high throughput, cost-effectiveness, and the provision of longer reads for analysts. In 2021, Oxford Nanopore Technologies successfully raised $705.56 million in an IPO, which aimed to support the scaling of commercial and manufacturing operations and the continued advancement of nanopore technology.

Major companies within the bioinformatics market are focusing on the expansion of bioinformatics platforms to effectively manage vast biotech data, facilitating accelerated scientific discovery. These comprehensive platforms are software solutions that encompass a complete suite of tools and services tailored for biological data management and analysis. For instance, in June 2022, LatchBio, a US-based biotechnology research startup, unveiled an all-encompassing bioinformatics platform tailored to handle large-scale biotech data, promoting quicker scientific breakthroughs. This platform simplifies collaborative data analysis and visualization for a broad spectrum of professionals, including biologists, bioinformaticians, and computational biologists.

In May 2022, ZS Associates, a US-based management consulting and technology firm, executed the acquisition of Intomics A/S for an undisclosed sum. This strategic acquisition aims to reinforce ZS Associates' commitment to drug discovery, enhancing drug development success rates and diversifying its service offerings. Intomics A/S, headquartered in Denmark, specializes in bioinformatics and systems biology, aligning seamlessly with the broader goals of ZS Associates.

Major companies operating in the bioinformatics market include Agilent Technologies Inc., Illumina Inc., QIAGEN NV, Affymetrix Inc., Thermo Fisher Scientific Inc., BGI Group, Dassault Systems SE, Eurofins Scientific SE, Bruker Corporation, Biomax Informatix AG, DNASTAR Inc., Partek Inc., Geneva Bioinformatics SA, Perkinelmer Inc., Accelrys Inc., Nonlinear Dynamics SA, Quest Diagnostics Inc., Sophia Genetics SA, Waters Corporation, Permin Elmer Inc., Celera Corporation, Tripos Inc., Helicos Biosciences Incorporation, IBM Life Sciences, Applied Biologicals Materials Inc., Life Technologies Corporation, GNS Healthcare Inc., DNAnexus Inc., Intrexon Bioinformatics Germany GmbH, Syapse Inc.

North America was the largest region in the bioinformatics market in 2023. Western Europe was the second largest region in the bioinformatics market analysis. The regions covered in the bioinformatics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the bioinformatics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The bioinformatics market includes revenues earned by entities by providing solutions which combine computer programming, information engineering, mathematics, and statistics to analyze biological data for drug discovery and preclinical studies. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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