According to FutureWise analysis, the market for Bioinformatics to reach US$ 28,930.87 million by 2028 and is projected to expand at a CAGR of 15.2%.
A scientific subdiscipline known as bioinformatics, which is connected to genetics and genomics, uses computer technology to gather, store, analyze, and share biological data and information, such as DNA and amino acid sequences or annotations about those sequences. Databases that organize and index this biological data are used by researchers and medical professionals to better understand health and disease and in some circumstances, as a component of patient care. Data analysis in the era of information and the Internet can be compared to the role of bioinformatics in biological research. Previously, accessing the information presented the biggest obstacle. That hurdle has been significantly lowered by developments in reading DNA sequences.
By using algorithms and software, bioinformatics is mostly used to derive knowledge from biological data. Bioinformatics is frequently used in the analysis of genomics, proteomics, 3D protein structure modelling, image analysis, drug creation, and many other fields. Precision and preventive medicine, which are primarily concerned with creating strategies to avoid, control, and treat terrifying infectious diseases, are two areas where bioinformatics is widely applied. Bioinformatics' primary goal is to improve understanding of biological processes.
FutureWise Market Research has published a report that provides an insightful analysis of bioinformatics market trends that are affecting the overall market growth. This report will provide a detailed analysis of market share, regional insights, and competitor analysis that includes stature of key manufacturers operational in this industry. According to the analysis conducted by FutureWise research analysts, the bioinformatics market is estimated to register a considerable growth rate over the forecast period. This report lists the market segments and potential prospects available across this industry, in addition providing crucial information on the total valuation currently held by the industry. Moreover, this report will assist key management individuals in an organisation to enhance their decisions pertaining to business expansion as well as strategic changes for increasing customer base.
Major players included in the Bioinformatics Market are:
- Thermo Fisher Scientific
- Eurofins Scientific
- Illumina
- Perkinelmer, Inc.
- Qiagen Bioinformatics
- Agilent Technologies
- Dnastar
- Waters Corporation
- Sophia Genetics
- Partek
- Biomax Informatics AG
- Wuxi Nextcode
- Beijing Genomics Institute (BGI)
(Note: The list of the major players will be updated with the latest market scenario and trends)
Recent developments by key players in Bioinformatics Market:
In March 2022- Rio was introduced by ARUP as a bioinformatics pipeline and analytics platform for better, quick results from tests using next-generation sequencing.
In June 2022- LatchBio, a biotechnology research startup in California, developed an end-to-end bioinformatics platform for managing large amounts of biotech data in order to speed up scientific research.
Investigations and clinical trial techniques, such as those used in medication development, yield crucial data. High throughput screening and target identification are two additional essential applications that produce a lot of data and demand efficient analysis. The field of bioinformatics is constantly working to create new tools that can manage enormous and complex data volumes. These technologies accelerate the delivery of critical data to end users. This attracts businesses in the pharmaceutical and biotechnology sectors to utilize these technologies to handle their data, which boosts the bioinformatics market. The number of OMICS (genomics, proteomics, and metabolomics) research projects are constantly increasing, which contributes to the expansion of the bioinformatics applications used in such projects. Because of OMICS technology, there will likely be a surge in the demand for data analysis and storage. When it comes to gathering, processing, categorizing, and describing data in proteomics and genomics, the bioinformatics platform and methodology are crucial. Moreover, bioinformatics can be beneficial for forensic research, transcriptomics, next-generation sequencing (NGS), gene coding, and other disciplines. The field of bioinformatics is developing and becoming more and more recognized as an integrated tool. For instance, HPC (High-Performance Computing) systems are improving to suit the demands of bioinformatics by developing new hardware and software technologies. Techniques for manipulating bioinformatics data aid in the development of more precise prognoses and treatments for serious diseases. It is now possible to learn every element of cellular biology and follow the development of individual cells because to the advent of HPCs and technical advancements. This development brought on by bioinformatics tools is expected to present market participants with possibilities to generate revenue for this target market. However, Lack of qualified workers is one of the issues hindering the development of the bioinformatics industry. Due to the enormous amount of data that needs to be processed, the tools used in bioinformatics can currently only be used by highly skilled end users. Personnel who are qualified and skilled are required for this. The high operating expenses for the instruments are also a result of the complexity of the work done by bioinformatics software. The consequent need for training for those who do the activity limits the expansion of the bioinformatics market