AI in Bioinformatics Global Market Report 2024

The AI in bioinformatics market size has grown exponentially in recent years. It will grow from $2.97 billion in 2023 to $4.3 billion in 2024 at a compound annual growth rate (CAGR) of 44.5%. The growth observed in the historical period can be attributed to several factors, including increased genomic data availability, the rise of precision medicine, a growing demand for biomarker discovery, optimization of clinical trials, and increased collaboration within the field of bioinformatics. These factors collectively contributed to the development and adoption of AI technologies in bioinformatics during that time, facilitating advancements in genomics, personalized medicine, and the optimization of various processes in the biomedical and healthcare domains.

The AI in bioinformatics market size is expected to see exponential growth in the next few years. It will grow to $18.35 billion in 2028 at a compound annual growth rate (CAGR) of 43.8%. The anticipated growth in the forecast period can be attributed to various factors, including the expansion of single-cell technologies, a growing emphasis on multi-omics integration, an increased focus on functional genomics, acceleration of drug repurposing efforts, and the rising adoption of AI in pathology. Noteworthy trends expected in the forecast period encompass the promotion of ethical AI and responsible data use, the development of AI-driven virtual laboratories, the integration of quantum computing in bioinformatics, the utilization of AI in powering clinical trials, and the exploration of blockchain for secure data sharing in the realm of bioinformatics and genomics.

The anticipated increase in the number of clinical trials is poised to propel the growth of AI in the bioinformatics market in the foreseeable future. Clinical trials, which are systematic and carefully designed processes for conducting medical research involving human participants, aim to evaluate the safety, efficacy, and effectiveness of new medical interventions, treatments, drugs, devices, or therapeutic strategies. In the realm of bioinformatics, AI plays a crucial role in analyzing patient data sourced from electronic health records and other platforms to identify potential candidates for clinical trials who meet specific criteria. This application of AI improves recruitment efficiency and targeting in clinical trial processes. According to Xtalks, a Canada-based life science and medical device platform, as of May 2023, there were 452,604 clinical trials registered worldwide on ClinicalTrials.gov, with 64,838 actively seeking participants. The substantial increase from over 365,000 trials reported at the beginning of 2021 underscores the growing significance of clinical trials and, consequently, drives the adoption of AI in the bioinformatics market.

Prominent companies in the AI in bioinformatics market are actively innovating technological advancements on platforms such as Bionl.AI to enhance profitability in the market. Bionl.AI, developed by Bionl Inc., a US-based biomedical and bioinformatics research platform company, represents an all-in-one workspace for exploration, analysis, and visualization. This platform significantly reduces the time required to complete complex tasks, offering a revolutionary solution for biomedical and bioinformatics research. Launched in October 2023, Bionl.AI operates as a no-code solution, enabling researchers, students, and professionals to investigate biomedicine using natural language queries. Leveraging state-of-the-art GenAI models, the platform provides instant insights and makes complex analyses accessible and engaging, exemplifying the integration of AI advancements to streamline and enhance bioinformatics research processes.

In July 2021, Kiromic Biopharma Inc., a leading biotechnology firm based in the United States, completed the acquisition of InSilico Solutions LLP for an undisclosed sum. This strategic move is designed to integrate a team of experts in bioinformatics and artificial intelligence (AI) into Kiromic Biopharma's operations, positioning the company to excel in developing AI technology for identifying optimal biomarkers crucial for immunotherapeutic such as CAR-T cell therapy in treating solid tumors. InSilico Solutions LLP, a US-based provider of bioinformatics and IT solutions leveraging AI, was identified as a valuable asset to enhance Kiromic Biopharma's capabilities in this critical area of research and development.

Major companies operating in the ai in bioinformatics market report are Thermo Fisher Scientific Inc., Eurofins Scientific SE, Dassault Systèmes SE, Illumina Inc., NeoGenomics Laboratories Inc., QIAGEN N.V., SomaLogic Operating Co. Inc., Seven Bridges Genomics Inc., Genialis Inc., SOPHiA GENETICS SA, DNAnexus Inc., Insilico Medicine Inc., Deep Genomics Inc., Biomax Informatics Inc., Ardigen SA, Strand Life Sciences Pvt. Ltd., Genomenon Inc., SourceBio International Limited, Fios Genomics Limited, CelbridgeScience, BlueBee Holding BV, JADBio, Elucidata Corporation, Gnosis DA, DNASTAR Inc., iNDX.Ai, Paige AI Inc.

North America was the largest region in the AI in bioinformatics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the ai in bioinformatics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the ai in bioinformatics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

AI in Bioinformatics refers to the application of artificial intelligence (AI) techniques and algorithms to analyze and interpret biological data. Bioinformatics involves the management and analysis of large and complex biological datasets, such as genomic sequences, protein structures, and other biological information.

The main types of AI in bioinformatics include machine learning, deep learning, and others. Machine Learning (ML) is a subfield of artificial intelligence (AI) that focuses on the development of algorithms and statistical models that enable computer systems to perform tasks without explicit programming. AI in bioinformatics offers various services and software solutions. It is applied across different applications such as genomics, chemoinformatics, drug design, proteomics, DNA sequencing, system biology, transcriptomics, text mining, microarrays, metabolomics, and other domains to facilitate the analysis and interpretation of biological data.

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

The AI in the bioinformatics market includes revenues earned by entities by providing services such as data analysis and interpretation, biomarker discovery services, clinical decision support, diagnostic imaging software, and biomarker discovery tools. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The AI in the bioinformatics market also includes sales of high-performance computing (HPC) clusters, graphics processing units (GPUs), and field-programmable gate arrays (FPGAs). 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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